Under the energy embargo, Russia can use them to ‘mine’ cryptocurrencies

Before the embargoes from the West and the US, Russia’s energy exports faced many difficulties. However, according to the IMF, Russia can take advantage of those non-exportable energy resources to get rich from mining activities. electronic moneya process that “burns” a lot of energy to confirm transactions on blockchain.

Being embargoed on energy exports, Russia can use them to get rich by “mining” bitcoin bloomberg

Not only that, expanding crypto mining operations can also help Russia earn a huge profit from transaction fees.

According to the IMF, the Russia-Ukraine conflict has clearly revealed the challenges that managers face in controlling digital assets. Accordingly, cryptocurrencies can be used to ‘evade’ sanctions, take advantage of the anonymity of cryptocurrencies, and intentionally violate the rules by companies and exchanges.

The IMF’s warning comes after the US, UK and several other countries started to combat crypto activities that are linked to Russia, or deliberately help Russia avoid sanctions.

“Regulators in the United States and the United Kingdom, as well as many other countries, have begun to urge companies in their financial sector, including the crypto-asset sector, to step up be on the lookout for potential sanctions-evading activities by Russia,” the IMF said.

According to a number of recent reports, the activities in the cryptocurrency sector aimed at combating the embargo are still very few, if not insignificant.

Comments by Bloomberg, although regulators (from the US, UK and allied countries) raise concerns about the use of cryptocurrencies to “break through” sanctions, ruble transactions on Cryptocurrency exchanges have plummeted in recent weeks.