From Sanctions to Crypto: Russia's Strategic Shift Explained

Russia is embracing cryptocurrency to bypass international sanctions amid its ongoing conflict with Ukraine.

Following severe international sanctions, The country is now exploring cryptocurrency as an alternative to traditional financial systems.🚫💵

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Russia’s lower house, the Duma, has passed a bill to regulate cryptocurrency mining and transactions. 📜

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The bill now moves to the Federation Council and awaits President Putin’s approval. It will regulate large-scale mining and introduce a government-backed digital ruble.

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New regulations will limit large-scale mining to government-approved companies. This aims to control the extensive energy demands and monitor transaction data. 🏭📊

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President Putin has previously restricted mining due to energy concerns. The new regulations are designed to balance mining activity with energy grid stability. ⚡🔒

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Despite initial fears, cryptocurrencies continue to grow. Russia acknowledges their importance and aims to integrate them into its economic framework . 🌐📈

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The Russian Central Bank plans to launch a government-backed digital ruble.💰🔗

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Cryptocurrency will not be used for domestic payments but will facilitate international transactions with key partners like China, India, and the UAE. 🌏💳

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As the law takes effect in September, Russia’s crypto landscape will evolve. This move could reshape its economic strategies and international financial relationships. 📆🔮

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