Russia approves bill to legalize bitcoin mining, to come into force in November

Russia will legalize Bitcoin and cryptocurrency mining. On the 8th (local time), according to Cointelegraph, President Putin approved a bill to legalize Bitcoin.
The proposal would allow approved mining companies to register through a national database and mine cryptocurrencies.
The law, which goes into effect this November, will reduce reliance on the US dollar in international trade.
Small-scale individual miners can also mine digital currencies without officially registering, as long as their energy consumption is below a certain threshold.
Oversight of mining companies will be split between the Russian government, some of whom are ministers, as well as the banking and finance ministries, and are expected to develop more precise regulatory requirements in the coming months.
The bill also includes a ban on large-scale cryptocurrency advertising in Russia.