Mining
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Russian authorities are considering changing the terms of cooperation with Kazakhstan, which will purchase electricity for cryptocurrency mining
Russia may start selling electricity to Kazakhstan for cryptocurrency mining. The Sputnik news agency writes about this, citing the Russian Foreign Ministry.
It is reported that the Russian government instructed the Ministry of Energy and the Russian Foreign Ministry to hold talks with Kazakhstan. Based on the results of the negotiations, the parties may amend the agreement on the interaction of energy systems. If a new agreement is reached, the energy company Inter RAO will start supplying electricity to Kazakhstan for cryptocurrency mining. The timing of the change to the agreement remains unknown.
Earlier in the Russian Federation they said that they had come up with a way to circumvent foreign sanctions using cryptocurrencies. In early September, Deputy Finance Minister Alexei Moiseev said that the Ministry of Finance and the Central Bank of the Russian Federation had reached a consensus in rethinking the regulation of the crypto market. He stated that both the Central Bank and the Ministry of Finance rethought the approach to cryptocurrencies, taking into account the changing situation. According to Moiseev, due to the current conditions, “cross-border settlements in cryptocurrency are indispensable.”
Recall that earlier in the Russian Federation they already called for accelerating the legalization of the digital asset market for international payments. According to Russian Prime Minister Mikhail Mishustin, digital assets have become a “safe alternative” that guarantees uninterrupted payment for the supply of goods.
However, not everyone believes that the Russian Federation will be able to circumvent sanctions with the help of cryptocurrencies. According to Chainalysis analysts, the sale of only $1.4 billion in bitcoin by Russian oligarchs will provoke a collapse in the cryptocurrency price by 10%. A similar opinion is shared by the founder of the Binance cryptocurrency exchange, Changpeng Zhao.
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