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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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  • Home
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

  • Gaming
    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

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    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

    Play Solana to ship handheld gaming device in October

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    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

Russian Trade Ministry ‘Develops Tool That Lets Crypto Miners Evade Sanctions’

November 15, 2023
in Mining
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Russian Trade Ministry ‘Develops Tool That Lets Crypto Miners Evade Sanctions’
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Russia’s trade ministry says it has developed a tool that can help crypto miners evade Western sanctions.

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In a DumaTV post on the RuTube video-sharing platform, lawmakers explained that the Ministry of Industry and Trade had “developed a tool for conducting industrial mining activities.”

The tool, they said would “help [Russian] businesses make cross-border payments.”

The video featured an interview with Anton Tkachev, the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications.

The MP gave scant details about the new “tool,” but suggested that Russian firms, including miners, could soon seek to increase their use of crypto.

Crypto Can Help Russian Firms Evade Sanctions, Lawmaker Claims

Tkachev claimed crypto could help Russian firms evade Western sanctions when trading abroad.

He explained that transactions made “in cryptocurrency” would “be more difficult for Western enemies to track.”

However, the MP hastened to add, “within Russia,” MPs still want to “prohibit” the “circulation of cryptocurrency.”

Anton Tkachev, the First Deputy Chairman of the Committee on Information Policy, Information Technologies, and Communications. (Source: DumaTV)

Tkachev said that “the future of cryptocurrency” would be “limited” and “conditional” in Russia.

The Committee’s First Deputy Chairman said that cryptoassets could be a “wonderful” payment tool “between different nations.”

He explained that the government had “no intention of letting [ordinary Russians] go to an electronics shop to buy a new TV and pay in crypto.”

See also  Crypto exchange volume falls as BTC traders slow down: What now?

But, the MP said, when “it comes to international payments, between nations,” Russian firms could look to expand their use of crypto in place of fiat.

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.

Politicians have claimed that the digital ruble will have cross-border trade applications and compatibility with other CBDCs.

Why Does Russian Trade Ministry Want to Let Crypto Miners Evade Sanctions?

The MP added that Moscow wanted to “regulate the cryptocurrency market” by creating a “specialized banking organization.”

The organization, he said, “will be created” under the supervision of the Central Bank, and will supervise crypto deals.

An industrial crypto mining center operated by the Russian firm BitRiver. (Source: Yaan Shelest/YouTube)

The Central Bank and its long-serving Governor Elvira Nabiullina have long opposed crypto adoption in Russia.

In recent months, however, the bank has softened its stance on industrial mining and crypto-powered international trade.

Nabiullina wants to ensure that crypto miners’ coins are sold abroad on overseas trading platforms.

But law enforcement agencies oppose this idea, claiming that the plan would open the door to money laundering.

Crypto Mining Grows in Russia?

Crypto mining is on the rise in Russia, where large-scale industrial mining firms like BitRiver have grown in the past few years.

🇷🇺 Russian Politicians Want to Ban Private Citizens from Mining Crypto

A senior Russian politician has claimed that lawmakers want to bar private citizens from mining crypto – but will allow industrial miners to operate.#CryptoNews #Russiahttps://t.co/O50zmLC1UR

— Cryptonews.com (@cryptonews) November 1, 2023

Oil producers are also piloting projects that allow them to mine crypto with associated gas produced at drilling sites.

See also  Bitcoin (BTC) Average Hashrate Spikes to 1 ZH/s for First Time Ever

Late last month, Tkachev explained that lawmakers hope to ban private citizens from mining crypto.

But Moscow wants to allow domestic industrial miners to continue.

The lawmaker explained:

“Everything 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].”

Many lawmakers say Moscow must fast-track mining legislation and start taxing industrial miners.

Failure to do so, they claim, is costing the Treasury considerable figures of money.

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.

Many Russian miners have pushed Moscow to legalize their sector, and say they are willing to pay tax on their earnings.

Tags: CryptoDevelopsEvadeLetsMinersministryRussianSanctionstooltrade

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