Russia, Bitcoin Adoption and Mining – The Cryptonomist
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According to some rumors, Russia will be ready for both Bitcoin use and mining.
Russia may finally take advantage of mining legally and start trading Bitcoin, according to some news agencies on Twitter.
The controversial history of mining in Russia
As far as we know, we were left with Bill No. 127303-8 “On Mining in the Russian Federation” which was rejected in the Russian House.
Last winter, the Duma (the country’s chamber) rejected the “Novye Ijudi” (“New People”) bill related to cryptomining.
The minority party in the ruling coalition had failed to get the ad hoc mining bill passed.
The largest party in the government, United Russia, had not voted unanimously and the bill was dropped.
The reason why United Russia canceled the bill was that the text was poorly written, fragmentary and incomplete in some parts.
According to insiders, it now appears that the government is ready to legalize mining.
The Bitcoin Archives Twitter profile supports the news by relaying:
“BREAKING‼️ Russian state-backed company is building a #Bitcoin mining facility with 30,000 miners!”
Essentially, not only will mining be approved, but it will apparently be a government enterprise.
Russia: international payments in Bitcoin
Moscow and Bitcoin have a long history of love and hate among the same players in the field.
Vladimir Putin, the Tsar/President of Russia, has witnessed the entire life of Bitcoin during his tenure.
Born in 2008, Bitcoin saw the light of day when the former KGB was already at the helm of the transcontinental country.
At the institutional level, the bodies of the country that are positioned to either support or not support the use of Bitcoin have often changed their minds.
The Duma, the Presidency, the Russian Central Bank and the Ministry of Finance have battled each other over time over the Bitcoin issue.
The question has always been primarily whether it was useful for the country and especially whether it hurt the ruble or not.
The war – but not only – gave a strong boost to the use of Digital Gold.
“JUST IN: Russia ‘Ready to Allow’ International Bitcoin and Crypto Trading – Central Bank Governor.”
This is what Bitcoin Magazine reports in a tweet from sources in the government.
In addition to international sanctions for creating it, the war in Ukraine has prompted the Russians to equip themselves with the economic tool.
International payments in crypto and BTC were approved last September.
Getting around the sanctions had become crucial to saving the country’s economic structure.
“A set of electronic data contained in an information system that can be accepted as a means of payment that is not the monetary unit of the Russian Federation, or as an investment.”
Bitcoin is not subject to censorship, it guarantees the highest standards of privacy and is the main tool for this function.
The digital ruble (CBDC)
According to an interview with the President of the Russian Central Bank, the Russian CBDC (or Digital Ruble) will be a reality.
The top leader says that the digital ruble should be launched already this year.
“The question is when will it happen, how will it be regulated, now that the central bank and the government are actively working on it, but everyone tends to understand that… sooner or later this will be implemented, in one format or another. “
Chairman of the Russian Congress Energy Committee Pavel Zavalny had had this idea for some time.
The head of government already believed in March that the country was ready to trade with BTC, but also using a CBDC, at least in the international arena:
“As for our ‘friendly’ countries, such as China or Turkey, which do not put pressure on us, we have for some time offered them to change payments in national currencies, such as rubles and yuan. With Turkey, it can be lira and roubles. So it can be any number of currencies and this is standard practice. If they want bitcoin, we will trade for bitcoin.”
