As the war between Russia and Ukraine keeps going, Russia’s Deputy Energy Minister is looking into legalizing cryptocurrency mining as soon as possible. Russia is rich in energy and could use crypto mining to minimize the effects of sanctions.
Crypto Mining Should Be Addressed as Soon as Possible
Evgeny Grabchak, Russia’s Deputy Energy Minister, announced that the country would benefit from removing the legal vacuum in crypto mining regulations.
The country should dedicate mining locations and free up energy resources for crypto miners on a regional level instead of federal. The governing bodies should also regulate this activity with regional development plans.
Grabchak added there’s a lot to solve if Russia wants to regulate cryptocurrency mining and include it in the regulatory framework.
Pavel Zavalny, Russian State Duma member and Energy Committee chairman, also suggested that Russia uses Bitcoin and the national currency as payment alternatives for energy exports to friendly nations.
This statement came after President Vladimir Putin demanded that unfriendly countries use the Russian Ruble for transactions.
Many experts worry that Russia could use cryptocurrencies to bypass the sanctions, especially since the largest Russian bank, Sberbank, can now deal with digital assets.
On the other hand, Ukraine accepts Bitcoin and other digital assets as means of payment in donations and has also introduced laws to regulate the industry.