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The world’s largest country, Russia, is trying to implement a new economic system to overcome the monopoly of the United States dollar system. Vladimir Putin’s administration is bringing new changes to the utilization of crypto assets and blockchain technology in the nation. The country’s financial authority is working on new crypto regulation draft bills that will be introduced in parliament by the end of 2022.
At the International AI Journey Conference held in Moscow, Putin stated that “the technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries.”
In the recent war with Ukraine, Russia faced huge trouble trading with other nations. So in September, the government entities decided to legalize cryptocurrency in Russia to overcome the trade barriers. Popular analysts believed introducing new cryptocurrency regulations would help Russia overcome US sanctions against the country.
Russia’s crypto mining market has been experiencing high demand for the past few months due to many buyers attracted by the low price tags. According to the data revealed by Russian businesses during the fourth quarter, the demand for computing devices that are designed to mint Bitcoin was increasing.
Didar Bekbauov, the co-founder of Xive, stated, “hashrate growth came from Russia. Cheap electricity for households and businesses in some regions, cheap ASIC prices, sanctions, less investment opportunities, high tech qualification of people made bitcoin mining a very attractive industry in Russia.”
In a recent press conference, Sber bank stated that Ethereum, the world’s second-largest cryptocurrency, was the perfect crypto platform to introduce smart contracts and digital transactions. Sber’s largest shareholder was the Russian government, with a “50%+1 share,” which made the decision.
The entity said crypto users could easily make transactions on the bank’s blockchain network and Ethereum. Sber’s blockchain platform will collaborate with Consensys Metamask wallet for IP tracking.
Recently Russia rejected a cap on prices for its crude oil exports set by G7 nations in September 2022. G7, EU and Australia stated that the countries jointly decided to prevent Russia from profiting from oil trading. On Friday, the nations agreed to stop purchasing seaborne Russian crude oil for $60 (USD) per barrel.
Ukraine president Volodymyr Zelensky stated, “Russia has already caused huge losses to all countries of the world by deliberately destabilizing the energy market.”
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