Russia to finance Bitcoin mining farms in BRICS countries

Russia to finance Bitcoin mining farms in BRICS countries

October 21, 2024 – 2:25 p.m.

The announcement was made within the framework of the BRICS Business Forum, held last week.

Russiathrough the Russian Direct Investment Fund (RDIF) and BitRiver, announced that plans to build Bitcoin mining farms in BRICS bloc countries.

It was during the Business Forum of the organization of emerging economies initially Brazil, Russia, Iran, China and South Africa.

Igor Runets, CEO of BitRiver, said that, together with RDIF, they will work “on creating an infrastructure based on mining”, which involves the construction of data centers “and provide the necessary capabilities to make it possible to deploy and implement AI-related projects.”

At the moment, BitRiver operates 21 data centers in Russia and plans to build 10 new centers.

It should be noted that President Vladimir Putin signed a law in August to legalize Bitcoin mining. The regulations establish that only Russian legal entities and registered individual entrepreneurs can mine.

Vladimir Putin also revealed a plan to offer BRICS partners the use of digital currencies for investmentsa movement he believes could significantly advance the economic interests of developing nations.

At a BRICS media meeting on Friday, Putin said Russia is working on a new tool designed to be non-inflationary and aimed at promoting growth in the Global South. He noted its potential to support BRICS members and other developing economies.

Source: Ambito

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