The crypto war is also a war! Breaking the sanctions barrier and embracing crypto, the confrontation between Russia and the West escalates
Changes are made according to time, place, and benefits; there will inevitably be new developments under sanctions, and encryption is also a means.Kou can go, and so can I! Suffering is bitter, and suffering continuously is even more bitter; lessons learned can be etched into the soul after just one experience. The big goose has signed the legality of crypto mining! Breaking the ice in your field secretly.
The incident began with major powers tearing up agreements; after the full outbreak of the Russia-Ukraine war, the big beautiful country, along with a group of smaller allies, imposed over 16,000 sanctions on big Russia, including economic, political, cultural, and industrial circulation measures. Originally, these were normal tactics of the strong against the weak, but directly freezing big Russia's $350 billion in foreign exchange reserves and excluding it from the Swift international payment system made it impossible for it to conduct cross-border payments and settle earnings with other countries. Other smaller allies followed suit, freezing and seizing big Russia's legal assets in their countries, leading to a wave of wealth. Before the war, big Russia's GDP grew by 4.7%, but after the war, it was both attacked and robbed, causing GDP to drop to -2.1%. Desperate measures led to failure; uncle can endure, but aunt cannot.
In November 2023, big Russia developed a tool to help crypto miners evade sanctions, which would assist Russian companies in making cross-border payments. Anton Tkachev, a member of the State Duma's Information Policy, Information Technology, and Communications Committee, stated that the country's Ministry of Industry and Trade had successfully developed "a tool for conducting industrial mining activities." He claimed that cryptocurrency could help Russian companies evade Western sanctions when trading overseas.
The Central Bank of Russia recently suggested that businesses use cryptocurrencies and digital assets to mitigate the impact of Western sanctions following the Ukraine conflict. Central Bank Governor Nabiullina acknowledged that payment issues are crucial for the Russian economy and emphasized the role of new financial technologies in creating unprecedented solutions.
Due to sanctions against major Russian financial institutions, Russia's trade relations with multiple countries face difficulties. Nabiullina stated, "New financial technologies create opportunities for plans that did not previously exist. This is why we have relaxed our stance on the use of cryptocurrencies in international payments, allowing digital assets to be used in such payments."
On the other hand, the United States has begun to fully embrace cryptocurrencies, with the SEC gradually approving Bitcoin spot ETFs and Ethereum spot ETFs; presidential candidates in the U.S. have expressed support for cryptocurrencies, among others.
The crypto war is also a war. In the decentralized global crypto system, the liquidity of assets and suppression will become extremely costly. Using your guns and cannons to break through the barriers of sanctions in your crypto field is indeed a wise move.
Big Russia is located in a cold, vast area rich in resources, giving it a natural advantage in crypto mining. As early as December 14, 2023, the Russian Ministry of Finance proposed a new bill seeking to legalize BTC mining and establish a mechanism for selling mined currencies. The bill includes provisions to prohibit cryptocurrency advertising and requires sales to be conducted through foreign platforms, excluding the use of Russian information infrastructure.
Both the Ministry of Finance and the Central Bank of Russia support recognizing cryptocurrency mining as an industry and endorse using cryptocurrencies for foreign economic activity settlements within an experimental framework. According to the proposed bill, crypto miners can obtain digital currencies through foreign systems or dedicated platforms established for experimentation. In either case, miners must report these transactions to the Federal Tax Service. The Central Bank suggested that the sale of mined cryptocurrencies be limited to non-residents and conducted only through foreign infrastructure.
Now, big Russia has officially signed laws including digital currency mining, mining pools, mining infrastructure operators, and organizers. Previously, Putin discussed the introduction and use of digital currencies with the government at an economic issues meeting. He pointed out that this is a promising economic field, and Russia must "seize the opportunity" to quickly establish a legal framework and regulations, developing infrastructure to create conditions for the circulation of digital assets.
When open confrontation cannot prevail, big Russia still holds weight in the fields of hackers and computer talents. In the current landscape where no single entity dominates Bitcoin and similar emerging financial technologies, everyone has a chance. Big Russia seeks to evade Western sanctions through crypto, while the big beautiful country intensifies its crypto policies and investments, hoping to keep crypto finance, led by Bitcoin, at home. Crypto is becoming increasingly desirable, and the opportunities in crypto will be more widely accessible to every ordinary person, rising with the wind to witness the splendor.
