Thanks to the law on state regulation of mining adopted in Russia, the digitalization of the country’s economy will reach a qualitatively new level, says Oleg Ogienko, Deputy General Director of Communications at BitRiver.
The expert believes that as a result of innovations, the volume of investments in fixed capital will increase, new jobs will appear, and financial liquidity for foreign economic activity will be provided.
“The attractiveness of the sector for investors, as well as for Russian and foreign corporate clients, will increase significantly,” Oleg Ogienko said.
According to industrial miners’ calculations, the adoption of the law will create favorable conditions for foreign investments in new high-tech production.
Experts note that Russia currently ranks second in the world in terms of cryptocurrency production (16.25% of the global hash rate), second only to the United States. However, it is ahead of America in terms of growth rates of the digital asset market.
According to representatives of the Russian crypto industry, legal regulation will become a new impetus for further exponential growth of domestic mining.
The growth rate of the cryptocurrency market in Russia is expected to remain in the range of 20% to 40% annually.
Experts say that Russia has unique conditions for the development of a new high-tech industry. First of all, it is the availability of free energy capacity, relatively cheap electricity prices for industry, and a favorable climate. In addition, the country has a strong scientific and technical base and highly qualified specialists.
Industrial miners believe that these factors will allow Russia to claim leadership in global mining and effectively use this tool to combat Western sanctions in the future.
It was previously reported that Russian President Vladimir Putin signed it. law On state regulation of mining.
At a meeting on economic issues in July, the head of state described the crypto market as a dynamic, promising area of the modern economy, which is increasingly in demand by businesses, investors and citizens almost all over the world.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.