Russia’s move to legalize crypto mining has particularly serious implications for Toncoin, as the project is deeply rooted in the Russian tech ecosystem. Toncoin was originally developed by Telegram, a platform founded by the Russian-born Durov brothers, and was originally intended to serve as the backbone of Telegram’s blockchain ecosystem.
Although Telegram had to distance itself from the project due to regulatory pressure, Toncoin still has strong ties to the Russian tech community. This connection should increase Toncoin’s appeal among Russian investors and could lead to greater adoption as the legal framework for crypto mining in Russia becomes clearer.
Although Russia’s new crypto mining legislation does not come into effect until November, traders are already positioning themselves to profit from the expected market changes. Bitcoin (BTC), on the other hand, saw a 28% surge between August 5 and 8, but its rally was tempered by a 4% correction at press time on August 10.
These early price movements suggest that crypto traders expect a more Russia-friendly stance towards crypto to have a greater positive impact on Toncoin than on Bitcoin.
In addition to Toncoin’s continued price increase, a key on-chain metric supports the optimistic forecast for TON.
