• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Crypto
Advertisement

Russian Energy Minister Wants To Legalize Crypto Mining – The Sanctions Are Hurting The Country?

Christian Encila by Christian Encila
12 months ago
in Bitcoin, Bitcoin Mining, News
0
Advertisement

The tables have turned in Russia as the country’s energy minister calls for the legalization of crypto mining.

Russia has had to fend for itself in recent months as it has faced escalating sanctions from the West and other nations.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

On Saturday, Deputy Energy Minister Evgeny Grabchak stated that Russia’s mining sector is now operating in a “legal vacuum” that must be addressed immediately.

Suggested Reading | Hacker Group Anonymous Leaks 35,000 Files Of Stolen Russian Central Bank Documents

Turning To Crypto For Help?

According to Grabchak, Russia has to lift the curtain surrounding laws and exploit crypto mining to its benefit, adding that the government should select where they want miners clustered for maximum output in a display of good faith.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Grabchak’s remarks came in the aftermath of some of the most severe economic sanctions ever imposed on Russia in response to its invasion of Ukraine. Russia is effectively cut off from the western banking system as a result of the sanctions.

The official said:

“This legal void must be filled immediately. If we are to coexist with this activity, and we now lack other options, we must enact legal legislation, incorporating the notion of mining into the regulatory system.”

Russia, which has abundant energy resources, has long been considered a possible location for Bitcoin mining as a means of coping with ever-tougher sanctions imposed on the country.

BTC total market cap at $899.54 billion on the daily chart | Source: TradingView.com

Alternative Source Of Revenue

Grabchak emphasized that it would be more efficient to decide mining areas and allocate energy resources to miners at the regional level than the federal level, and that this should be guided by regional development plans.

He stressed the importance of capping energy use in regional development plans, which will result in a more efficient market.

Recently, Russian State Duma member and Energy Committee Chairman Pavel Zavalny proposed Bitcoin and national currencies as alternative payment methods for energy exports to “friendly countries.”

Suggested Reading | Rio De Janeiro To Enable Crypto Tax Payments Starting Next Year

Choking Russia’s Economy

The US and its partners have taken steps to ensure that the Russian government cannot conduct financial transactions in the crypto field. While the majority of large cryptocurrency exchanges operate in Russia, they have been forced to comply with blacklists targeting certain Russian organizations.

Meanwhile, Russia has seen a dramatic growth in cryptocurrency usage this year, with a government report earlier revealing that Russians possessed almost 12% of the world’s total cryptocurrency, or roughly $240 billion.

The country’s plentiful energy supply, combined with its frigid environment, makes it a suitable mining option. Before the Ukraine war broke out, crypto advocates predicted that Russia will be the next major mining hub, following crackdowns in mining regions China and Kazakhstan.

Featured image from Coingape, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

2 hours ago
Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

8 hours ago
Bitcoin

Bitcoin, Other Cryptos See $360 Million Sold Off In Single Day – Here’s Why

1 day ago
Shuttered Crypto Bitzlato Exchange Allow Users To Get 50% Of BTC Funds

Shuttered Crypto Exchange Bitzlato Opens Withdrawals For Users

2 days ago
Crypto and Bitcoin

Crypto Liquidations Hit $291 Million As Bitcoin Shows Volatility

2 days ago
Bitcoin

Bitcoin Under $27,000 As Short-Term Holders Lock In Highest Profits Since Nov. 2021

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tokens To Watch In Q2 2023: Aptos (APT), Optimism (OP) And...

    3 hours ago
  • Market Experts Predict Big: TMS Network (TMSN) Will Beat...

    4 hours ago
  • XRP Price Breaks Out Of Multi-Year Wedge: XRP Price...

    6 hours ago
  • Is it the right time to ditch Solana (SOL), Shiba Inu...

    6 hours ago
  • Top 6 DeFi Tokens to Buy for Big Profits in 2023

    22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.