Russia takes a keen interest in cryptos

International Sanctions Boost Cryptocurrency Adoption in Russiaso said the analyst Yuri Myshinsky according to Podmoskovye Segodnya. According to him, the measures will probably even stimulate the growth of this sector even more.

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Yuri Myshinsky is chairman of the board of directors of the Digital Transformation Association.

Myshinsky noted that “historically” the “relationship between Russia and cryptocurrencies” was somewhat “contradictory.”

Russian lawmakers are trying to pass a bill that would legalize cryptocurrency mining in the country and force miners to pay taxes on their winnings. Many observers have said that this would likely lead to a huge increase in crypto mining in Russia.

Several domestic power producers want to set up data centers to mine crypto using gas from oil drilling sites. The Ministry of Finance urgently wants to provide Moscow with an increase in revenue by legalizing mining.

However, the Central Bank wants to make sure that the coins mined during these operations will be exchanged – and will not enter “the Russian economy.” Presumably the bank will probably have a hard time ensuring that this is indeed the case.

No desire to ban cryptocurrencies in Russia

The bank has repeatedly called for a ban on cryptocurrencies, but pro-industry forces in government are still fiercely opposed to it.

Myshinsky explains:

“At first the government made statements that cryptocurrencies would never be legalized in Russia. Then came […] compromises, proposing the use of some of the advantages of cryptocurrencies while imposing regulations.”

The expert noted that efforts to create crypto industry legislation have so far proven unsuccessful – and that the crypto conversations ultimately got Moscow nowhere. But, he hinted, a more pro-crypto approach is starting to develop.

Myshinsky said:

“Initially, the [gouvernement] stipulated that cryptos could not be used as a unit in internal calculations. But he now makes certain exceptions.”

He further noted that the year ended with the Central Bank talking about “testing” the use of crypto as a payment tool in “international settlements.” Myshinsky argued that “it shows that cryptocurrencies” are becoming an integral part of Russia’s “international financial” image.

Despite US and EU efforts, Myshinsky claimed that crypto offers “a lot of potential” for Russian companies trying to circumvent international sanctions.

The expert claimed that crypto “can offset” the effects of “certain” sanctions, including banking bans. “After all,” he said, “Cryptocurrencies cannot be controlled by international financial institutions”.

Myshinsky concluded that ‘sanctions’ gave Russians ‘additional incentive’ to pursue cryptocurrency-related activitiesbut had still not “become the main reason” for Russians choosing crypto.

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Russia takes a keen interest in cryptos