{"id":84579,"date":"2023-11-14T19:42:32","date_gmt":"2023-11-15T00:42:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-govt-to-help-crypto-miners-dodge-sanctions\/"},"modified":"2023-11-14T19:42:34","modified_gmt":"2023-11-15T00:42:34","slug":"russian-govt-to-help-crypto-miners-dodge-sanctions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84579","title":{"rendered":"Russian Gov\u2019t to Help Crypto Miners \u2018Dodge Sanctions\u2019"},"content":{"rendered":"<div>\n<figure id=\"attachment_131097\" aria-describedby=\"caption-attachment-131097\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-131097\" class=\"wp-caption-text\">Source: Oksana\/Adobe<\/figcaption><\/figure>\n<p>Russia\u2019s trade ministry says it has developed a tool that can help crypto miners evade Western sanctions.<\/p>\n<p>In a DumaTV post on the RuTube video-sharing platform, lawmakers explained that the Ministry of Industry and Trade had \u201cdeveloped a tool for conducting industrial mining activities.\u201d<\/p>\n<p>The tool, they said would \u201chelp [Russian] businesses make cross-border payments.\u201d<\/p>\n<p>The video featured an interview with Anton Tkachev, the First Deputy Chairman of the State Duma\u2019s Committee on Information Policy, Information Technologies, and Communications.<\/p>\n<p>The MP gave scant details about the new \u201ctool,\u201d but suggested that Russian firms, including miners, could soon seek to increase their use of crypto.<\/p>\n<h2>Crypto Can Help Russian Firms Evade Sanctions, Lawmaker Claims<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Tkachev claimed crypto could help Russian firms evade Western sanctions when trading abroad.<\/p>\n<p>He explained that transactions made \u201cin cryptocurrency\u201d would \u201cbe more difficult for Western enemies to track.\u201d<\/p>\n<p>However, the MP hastened to add, \u201cwithin Russia,\u201d MPs still want to \u201cprohibit\u201d the \u201ccirculation of cryptocurrency.\u201d<\/p>\n<figure id=\"attachment_131099\" aria-describedby=\"caption-attachment-131099\" style=\"width: 967px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-131099\" class=\"wp-caption-text\">Anton Tkachev, the First Deputy Chairman of the Committee on Information Policy, Information Technologies, and Communications. (Source: DumaTV)<\/figcaption><\/figure>\n<p>Tkachev said that \u201cthe future of cryptocurrency\u201d would be \u201climited\u201d and \u201cconditional\u201d in Russia.<\/p>\n<p>The Committee\u2019s First Deputy Chairman said that cryptoassets could be a \u201cwonderful\u201d payment tool \u201cbetween different nations.\u201d<\/p>\n<p>He explained that the government had \u201cno intention of letting [ordinary Russians] go to an electronics shop to buy a new TV and pay in crypto.\u201d<\/p>\n<p>But, the MP said, when \u201cit comes to international payments, between nations,\u201d Russian firms could look to expand their use of crypto in place of fiat.<\/p>\n<p>The Russian government started trying to de-dollarize the trade sector prior to the war in Ukraine, with digital fiats and crypto suggested as alternatives to the USD.<\/p>\n<p>Politicians have claimed that the digital ruble will have cross-border trade applications and compatibility with other CBDCs.<\/p>\n<h2>Why Does Russian Trade Ministry Want to Let Crypto Miners Evade Sanctions?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The MP added that Moscow wanted to \u201cregulate the cryptocurrency market\u201d by creating a \u201cspecialized banking organization.\u201d<\/p>\n<p>The organization, he said, \u201cwill be created\u201d under the supervision of the Central Bank, and will supervise crypto deals.<\/p>\n<figure id=\"attachment_131103\" aria-describedby=\"caption-attachment-131103\" style=\"width: 790px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-131103\" class=\"wp-caption-text\">An industrial crypto mining center operated by the Russian firm BitRiver. (Source: Yaan Shelest\/YouTube)<\/figcaption><\/figure>\n<p>The Central Bank and its long-serving Governor Elvira Nabiullina have long opposed crypto adoption in Russia.<\/p>\n<p>In recent months, however, the bank has softened its stance on industrial mining and crypto-powered international trade.<\/p>\n<p>Nabiullina wants to ensure that crypto miners\u2019 coins are sold abroad on overseas trading platforms.<\/p>\n<p>But law enforcement agencies oppose this idea, claiming that the plan would open the door to money laundering.<\/p>\n<h2>Crypto Mining Grows in Russia?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Crypto mining is on the rise in Russia, where large-scale industrial mining firms like BitRiver have grown in the past few years.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf7\ud83c\uddfa Russian Politicians Want to Ban Private Citizens from Mining Crypto<\/p>\n<p>A senior Russian politician has claimed that lawmakers want to bar private citizens from mining crypto \u2013 but will allow industrial miners to operate.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Russia?src=hash&amp;ref_src=twsrc%5Etfw\">#Russia<\/a>https:\/\/t.co\/O50zmLC1UR<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1719649473725362274?ref_src=twsrc%5Etfw\">November 1, 2023<\/a><\/p>\n<\/blockquote>\n<p>Oil producers are also piloting projects that allow them to mine crypto with associated gas produced at drilling sites.<\/p>\n<p>Late last month, Tkachev explained that lawmakers hope to ban private citizens from mining crypto.<\/p>\n<p>But Moscow wants to allow domestic industrial miners to continue.<\/p>\n<p>The lawmaker explained:<\/p>\n<blockquote>\n<p>\u201cEverything is pointing to the fact that mining will be legalized, but only for legal entities [registered businesses.] So according to the current thinking of the federal government bodies and the State Duma, individuals will not be able to [mine crypto].\u201d<\/p>\n<\/blockquote>\n<p>Many lawmakers say Moscow must fast-track mining legislation and start taxing industrial miners.<\/p>\n<p>Failure to do so, they claim, is costing the Treasury considerable figures of money.<\/p>\n<p>But legislation has been years in the making, with the Central Bank reluctant to let more progressive groups like the Ministry of Finance have their way.<\/p>\n<p>Many Russian miners have pushed Moscow to legalize their sector, and say they are willing to pay tax on their earnings.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russian-trade-ministry-develops-tool-that-lets-crypto-miners-evade-sanctions.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Oksana\/Adobe Russia\u2019s trade ministry says it has developed a tool that can help crypto miners evade Western sanctions. In a DumaTV post on the RuTube video-sharing platform, lawmakers explained that the Ministry of Industry and Trade had \u201cdeveloped a tool for conducting industrial mining activities.\u201d The tool, they said would \u201chelp [Russian] businesses make [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russian Gov\u2019t to Help Crypto Miners \u2018Dodge Sanctions\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Oksana\/Adobe Russia\u2019s trade ministry says it has developed a tool that can help crypto miners evade Western sanctions. 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