Russian MPs revealed that the Ministry of Industry and Trade has developed a tool intended to assist industrial mining operations in a recent DumaTV upload on the RuTube video-sharing network.
This technology is intended to help Russian enterprises make cross-border payments, according to Anton Tkachev, First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications.
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Tkachev claimed that cryptocurrencies might be a key component in assisting Russian businesses in getting over Western restrictions while conducting business internationally.
Sanction Evasion: Russian Trade Ministry Supports Crypto Miners,Sanction Evasion: Russian Trade Ministry Supports Crypto Miners
He emphasised how hard it is supposedly for Western organisations to follow transactions that are performed “in cryptocurrency.” He did, however, note that there is a persistent desire among Russian MPs to outlaw the use of cryptocurrencies in the country.
Plans for Cryptocurrency Regulation by the Russian Government
The First Deputy Chairman of the Committee disclosed that the Russian government plans to create a dedicated banking institution in order to control the cryptocurrency industry.
This body would supervise and control cryptocurrency transactions on behalf of the Central Bank. This action is a part of Moscow’s larger campaign to investigate USD substitutes like digital fiat and cryptocurrencies and de-dollarize the commerce industry.
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Despite their long-standing opposition to the use of cryptocurrencies in Russia, the Central Bank and its Governor, Elvira Nabiullina, have recently softened their positions on industrial mining and trading driven by cryptocurrencies.
Although law enforcement organisations have expressed worries about potential money laundering threats, Nabiullina aims to guarantee that the coins mined by cryptocurrency miners are sold abroad on foreign traing platforms.
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