<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>'s Trade Ministry has developed a tool to aid <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a> in evading Western sanctions. The Ministry of Industry and Trade revealed this on DumaTV's RuTube channel, targeting industrial mining activities. This tool aims to facilitate cross-border payments for Russian businesses. Anton Tkachev, First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications, highlighted the tool's potential in aiding Russian firms, particularly miners, to increase their use of cryptocurrency for international trade, according to <a href="https://cryptonews.net/news/mining/27840146/" rel="noopener noreferrer nofollow">cryptonews</a>.
Tkachev stressed that while Russia seeks to prohibit domestic cryptocurrency circulation, it encourages its use for international transactions. He outlined the government's reluctance to allow ordinary Russians to use cryptocurrency for everyday purchases, but suggested its utility for international payments between nations. This move aligns with Russia's efforts to de-dollarize trade, considering digital and crypto alternatives to the USD.&nbsp;
The plan to regulate the cryptocurrency market involves the creation of a specialized banking organization under the Central Bank's supervision. Despite the Central Bank’s historical opposition to crypto adoption, its stance has softened, especially regarding industrial mining and crypto-powered international trade. However, this approach faces opposition from law enforcement agencies concerned about money laundering risks.&nbsp;
Crypto mining in Russia is burgeoning, with large-scale operations like BitRiver expanding. The government is considering legalizing mining for registered businesses while prohibiting it for private citizens. Lawmakers argue for expedited mining legislation and taxation to benefit the Treasury. The Central Bank, traditionally conservative, faces pressure from progressive groups like the Ministry of Finance and miners advocating for legalization and taxation of their earnings.&nbsp;

Russia’s Trade Ministry Announces Crypto Mining Evasion Tool Amid Sanctions

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