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"The Russian Ministry of Trade has stated that it has developed a tool to help cryptocurrency miners evade Western sanctions. Legislators explained that the Ministry of Industry and Trade has developed a tool for industrial mining activities. Anton Tkachev, the First Deputy Chairman of the State Duma Committee on Information Policy, Information Technology, and Communications, mentioned that this tool would assist Russian businesses in cross-border payments. The legislator did not disclose detailed information about the new tool but indicated that Russian companies, including miners, might soon seek to increase the use of cryptocurrencies.
Tkachev stated that cryptocurrencies could help Russian companies circumvent Western sanctions when conducting overseas transactions. The future of cryptocurrencies in Russia is expected to be limited and conditional, with the government expressing no intention of allowing ordinary Russians to buy a new TV from an online store and pay with cryptocurrency. However, concerning international payments between countries, Russian companies may seek to expand the use of cryptocurrencies as a substitute for fiat currency.
Additionally, Tkachev mentioned that Moscow aims to regulate the cryptocurrency market by creating a specialized banking organization. This organization would be created under the supervision of the central bank and would oversee cryptocurrency transactions." |
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Post time 17-11-2023 20:53:39
