Russia Allows Businesses to Accept Bitcoin in International Agreements

According to Ivan Chebeskov, director of the financial policy department of the Ministry of Finance, Russia is ready to allow any company to work with cryptocurrencies in international agreements.

Information from the Russian portal TASS also highlights the differences between the Ministry of Finance and the country’s central bank. According to Chebeskov, the Ministry “Calls for the creation of a complete infrastructure for the circulation of digital currencies in Russia.” The BC, on the other hand, fears losing influence over its citizens with the popularization of a second currency.

But even before the director’s speeches, Russia had already taken another step towards cryptocurrencies. Last week, Russia began preparations to provide electricity to cryptocurrency miners in Kazakhstan.

Russia getting closer to Bitcoin

Russia, which is suffering from sanctions after starting a war against Ukraine, has to rethink its plans regarding cryptocurrencies. Although the country’s central bank is against it, it is putting its pride aside.

According to Ivan Chebeskov of the Russian Ministry of Finance, Bitcoin as well as any other cryptocurrency will be released for international transactions.

“We Will Allow International Cryptocurrency Agreements For Any Sector Without Restrictions”

He then points out that this is a measure that serves both to stimulate the country’s economy and to gain more control over illegal activities with them.

“We believe we need an on-premises crypto infrastructure. Firstly, to protect the interests of citizens. Because now those who trade their digital currencies on cryptocurrency exchanges are restricted. Second, to check when digital currencies are used legally and when not.”declared Ivan Chebeskov.

Russia ready to supply power to Kazakhstan’s cryptocurrency miners

Last week, Russia also started preparations to supply electricity to miners in neighboring Kazakhstan. According to January data, Taiwan is the third largest BTC producer in the world. However, due to shortcomings in the electricity grid, hundreds of mining companies were closed a few months ago.

“The changes imply that Inter RAO, Russia’s only electricity export and import company, will be able to sell electricity to Kazakhstan under contracts entered into with Kazakh mining companies on commercial terms.”emphasized the Russian portal RBC.

Therefore, Russia seems to be trying to find a way out in Bitcoin and other cryptocurrencies, which is speeding up this process due to the aftermath of the war. Such full acceptance should in any case take a little longer.