In a recent DumaTV post on the RuTube video-sharing platform, Russian lawmakers disclosed that the Ministry of Industry and Trade has created a tool designed to facilitate industrial mining activities. According to Anton Tkachev, the First Deputy Chairman of the State Duma’s Committee on Information Policy, Information Technologies, and Communications, this tool aims to assist Russian businesses in conducting cross-border payments.
Tkachev asserted that cryptocurrency could play a pivotal role in helping Russian firms circumvent Western sanctions during international trade. He highlighted the perceived difficulty for Western entities in tracking transactions made “in cryptocurrency.” However, he emphasised that, domestically, there is an ongoing desire among lawmakers to prohibit the circulation of cryptocurrency within Russia.
The Committee’s First Deputy Chairman revealed the Russian government’s intention to regulate the cryptocurrency market by establishing a specialised banking organisation. Under the supervision of the Central Bank, this organisation would oversee and regulate crypto deals. This move is part of Moscow’s broader effort to de-dollarize the trade sector and explore alternatives to the USD, such as digital fiat and cryptocurrencies.
While the Central Bank and its long-serving Governor Elvira Nabiullina have traditionally opposed cryptocurrency adoption in Russia, there has been a recent softening of their stance on industrial mining and crypto-powered international trade. Nabiullina seeks to ensure that crypto miners’ coins are sold abroad on overseas trading platforms, although law enforcement agencies have raised concerns about potential money laundering risks.