The IMF allowed the use of mining by Russia to ease sanctionsEvie Perry
Additional income from cryptocurrency mining will allow Russia to mitigate the effect of sanctions. About it says in a new report from the International Monetary Fund (IMF).
According to the organization, having huge energy resources, the Russian Federation can try to monetize them bypassing exports.
The IMF has not ruled out that Russia is using decentralized exchanges (DEXs), cryptomixers, or privacy-focused cryptocurrencies such as Monero to move funds outside the traditional financial system.
“The current share of cryptocurrency mining in countries under sanctions and the overall size of mining revenues suggest that the scale of such flows is relatively limited, although risks to financial integrity remain,” the IMF experts added.
US and UK regulators have advised local crypto companies to be vigilant when conducting transactions to prevent any loopholes from the Russian government.
Read Also: Hut 8 Bought 960 Microbt Miners From TAAL
Recall that the definition of mining and the basic mechanisms for its regulation are spelled out in the draft law of the Ministry of Finance “About digital currency”which is currently under active discussion.
The Ministry of Energy of the Russian Federation has already supported the legalization mining, and the Ministry of Industry and Trade and the Ministry of Construction proposed to install experimental legal regime for mining cryptocurrencies.
Earlier that Russia can use mining as source of export earningssaid Stanislav Akulinkin, financial director of the EMCD pool.