Moscow tried to tackle its financial needs by shifting over to ally currencies, but struggled to skirt the threat of secondary sanctions due to the use of dollars and euros globally.
Russia will turn to cryptocurrency as the newest method to circumvent heavy international sanctions that have taken their toll on the economy amid its ongoing war efforts in Ukraine. "We are taking a historic decision in the financial sphere," Anatoly Aksakov, head of the Duma lower house, told lawmakers, according to Reuters. The Duma passed the bill on Tuesday after three readings. The U.S.
The bill will now go to the upper Federation Council before Russian President Vladimir Putin gives it the final approval. New measures will help regulate mining, which already happens across the country as one of the world’s largest crypto-mining nations. Putin has previously tried to limit crypto-mining in Russia over concerns about the huge demands on the energy grid. The country’s cooler temperatures and cheap cost of electricity attracts mining hopefuls.
Previously, there were fears that the legalization of cryptocurrency could create problems for the development of the domestic market," Aksasov said during a phone interview with Bloomberg. He argued that cryptocurrencies have continued to grow and that they "cannot be ignored." The new bill achieves regulation by limiting large-scale mining to companies on a government-approved list who will need to provide transaction data, Barron's reported.
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