Is Russia trying to avoid sanctions by legalizing crypto mining? What do you think about this? Why now? War ain't over yet but they have the time to think about this? I will like to know people's thought on this.
Well, Russia desperately needs foreign capital and foreign exchange. Since the regular channels are now largely blocked, it is looking for alternatives, in this case in cryptocurrencies. Russia could, for example, suspend the taxation of crypto profits and thus try to let capital flow into the country.
The invasion of Ukraine and the atrocities that the Russians are doing, destroying settlements and killing civilians in Ukraine - women and children, very quickly turns Russia into a pariah country.
The Putin regime, like Russia as a whole, will not be saved by cryptocurrency. In addition, they do not intend to legalize it yet. If necessary, the ruling elite of Russia can use cryptocurrency even without its legalization. After all, legalization means providing broad opportunities to the people, and this is not in the interests of the authorities. Most likely, they will use the Chinese yuan instead of the dollar and the euro. Moreover, Russia has lost a significant part of its gold and foreign exchange reserves and now only some of them remain in yuan in Chinese banks.
But one thing is money, currency, and another thing is a strategic product, imports and exports, on which sanctions are imposed. His movement is controlled by the international community. Now they write that Russian oil tankers disappear from the radar, turning off the corresponding equipment. However, this will not help Russia.
