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November 15, 2023

Unlocking Crypto: Russia's Trade Ministry Reveals Tool to Navigate Sanctions

Russia's trade ministry announces the a tool designed to empower crypto miners in circumventing Western sanctions

In a bold move, Russia's trade ministry claims to have crafted a solution that could empower crypto miners to sidestep Western sanctions. In a recent post on RuTube, part of the DumaTV platform, lawmakers unveiled the Ministry of Industry and Trade's creation—a tool designed for industrial mining activities.

In a video interview featuring Anton Tkachev, the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications, the official shed light on the tool's potential to facilitate cross-border payments for Russian businesses.

Tkachev hinted at the tool's significance for increasing the use of crypto by Russian firms, especially miners. He asserted that utilizing cryptocurrency in transactions would make it more challenging for Western adversaries to trace.

Despite the optimistic outlook on crypto's potential in international trade, Tkachev acknowledged the regulatory stance within Russia, emphasizing the authorities' intent to restrict cryptocurrency circulation domestically. He expressed the belief that the future of cryptocurrency in Russia would be constrained but considered it a valuable payment tool between nations.

The official revealed plans for the government to regulate the cryptocurrency market by establishing a specialized banking organization under the Central Bank's supervision. This organization would oversee crypto transactions, signaling a shift in the Central Bank's traditionally cautious approach to crypto adoption.

While the Central Bank, led by Governor Elvira Nabiullina, has historically opposed widespread crypto adoption, recent developments indicate a softened stance, especially regarding industrial mining and crypto's role in international trade. The proposed banking organization aims to strike a balance between regulation and embracing the potential of cryptocurrencies.

This strategic move aligns with Russia's broader agenda to de-dollarize its trade sector, seeking alternatives such as digital fiats and cryptocurrencies amid geopolitical tensions.

As Russia navigates these uncharted waters, the evolving landscape of crypto mining within the country—highlighted by the growth of industrial mining firms like BitRiver—remains a focal point, promising a dynamic future for the crypto industry in Russia.

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Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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