The Industrial Mining Association of <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> is championing a significant shift towards the use of digital currencies in international trade, advocating for measures that would bolster the nation's financial autonomy. Sergey Bezdelov, the head of the association, asserts that amid sanctions and exclusion from the SWIFT system, Russia must pioneer a resilient mechanism for cross-border settlements immune to restrictive policies, according to <a href="https://coinspot.io/law/russia_sng/associaciya-promyshlennogo-majninga-prizyvaet-vlasti-rf-k-shirokomu-ispolzovaniyu-kriptovalyuty/" rel="noopener noreferrer nofollow">Coinspot</a>.
In the wake of sanctions, Russian entrepreneurs have increasingly turned to cryptocurrencies for international transactions since the first half of 2022, a move that has proven effective and is now recommended for broader application.
Additionally, the association strongly supports the prompt legalization of mining, backing the State Duma's initiative to pass a bill on crypto mining within the first half of 2024. With the digital currency turnover in Russia surpassing $10 billion, as acknowledged by Duma member Andrei Lugovoi, legalization could open the door for substantial state revenue through taxation on crypto-mining activities.

Russian Industrial Mining Association Calls for Crypto in Foreign Trade

Ultramining_Eng

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