Groundbreaking developments continue in the cryptocurrency market. Particularly noteworthy are Russia’s legal recognition of cryptocurrencies and the ongoing development of the Pi Network. This article will delve into these significant movements.
Russia’s Cryptocurrency Legalization: Market Impact
With the new law signed by President Putin, cryptocurrencies have been officially recognized as assets in Russia. This legalization will implement the following important changes:
- Exemption of mining income from taxation
- Introduction of progressive tax rates on trading income
- Estimated annual tax revenue of approximately 200 billion rubles (about 2 billion USD)
However, a bill also exists that prohibits cryptocurrencies as a means of payment, creating a contradiction.
Pi Network Development and Future Outlook
The Pi Network is steadily preparing for the launch of its open mainnet in 2024. Notable recent developments include:
Strengthening the KYC Process
As part of security enhancements, a random re-verification process has been introduced for existing KYC-approved accounts. This is expected to further improve system reliability and fairness.
Russia’s Legalization: Detailed Impact and Outlook
Russia’s cryptocurrency legalization includes the following specific provisions:
Tax System Details
- Income below 2.4 million rubles (approx. 22,300 USD): 13.3% tax rate
- Income exceeding 2.4 million rubles: 15% tax rate
- For corporations: 25% standard corporate tax rate (from 2024)
Mining Regulations
While mining activities are non-taxable, operators are obligated to report to local authorities, and violations will incur a fine of 40,000 rubles (approx. 380 USD).
Practical Deployment of Pi Network
Inclusive Economic System
The Pi Network aims for a new era of decentralized finance where everyone can participate, providing services even to those often excluded by traditional financial systems.
Security Enhancement Measures
To prevent fraudulent accounts and impersonation, a random re-verification process has been introduced. This establishes a system where only genuine users can continue to participate.
Challenges and Measures in Global Expansion
Towards the mainnet deployment in 2024, we are addressing the following challenges:
- Strengthening compliance and regulatory response
- Creating real-world utility
- Expanding partnerships
- Achieving economic empowerment
Through these efforts, the Pi Network is expected to play a significant role in shaping the future of decentralized systems.
Future Outlook
Ahead of the mainnet deployment in 2024, the Pi Network is striving towards the following goals:
- Achieving global financial inclusion
- Building a practical economic ecosystem
- Balancing security and convenience
- Ensuring sustainable network growth
The cryptocurrency market is expected to accelerate further global adoption following Russia’s legalization. In this period of transformation, the Pi Network aims to build an innovative and inclusive economic system.