According to some rumors, Russia would be ready for both the use of Bitcoin and mining.
Russia may finally take advantage of mining legally and begin trading Bitcoin, according to some news agencies on Twitter.
The controversial history of mining in Russia
As far as we know, we were left with Bill (bill) No. 127303-8 “On Mining in the Russian Federation” that was rejected in the Russian House.
Last winter, the Duma (country’s chamber) rejected the “Novye Ijudi” (“New People”) bill related to crypto mining.
The minority party in the ruling coalition had failed to get the ad hoc mining bill passed.
The largest party in the government, United Russia had not voted unanimously and the bill was dropped.
Reason why United Russia terminated the bill was that the text was poorly written, fragmentary, and incomplete in some parts.
According to insiders now, it would appear that the government is ready to legalize mining.
Bitcoin Archive’s Twitter profile endorses the news by relaying:
“BREAKING‼️ Russian state-backed company is building a #Bitcoin mining facility with 30,000 miners!”
In essence, not only will mining be approved but apparently it will be a state business.
Russia: international payments in Bitcoin
Moscow and Bitcoin have a long history of love and hate amidst the same players in the field.
Vladimir Putin, the Czar/President of Russia, has witnessed the whole life of Bitcoin during his tenure.
Born in 2008 Bitcoin saw the light of day when the former KGB was already at the helm of the transcontinental country.
At the institutional level, the organs of the country positioned to either endorse or not the use of Bitcoin have often changed their minds.
Duma, Presidency, Russian Central Bank, and Ministry of Finance have battled each other over time on the Bitcoin issue.
The issue has always been primarily whether it was useful to the country and especially whether or not it hurt the Ruble.
The war – but not only – gave a powerful boost to the adoption of Digital Gold.
“JUST IN: Russia “ready to allow” international trade in Bitcoin and crypto – Central Bank Governor.”
This is what Bitcoin Magazine reports in a tweet from sources inside the government.
In addition to international sanctions for creating it, the war in Ukraine has prompted the Russians to equip themselves with the economic tool.
International payments in crypto and BTC were approved last September.
Getting around the sanctions had become essential to save the country’s economic fabric.
“A set of electronic data contained in an information system that can be accepted as a means of payment that is not the monetary unit of the Russian Federation, or as an investment.”
Bitcoin is not subject to censorship, it guarantees the highest standards of privacy and is the prime candidate tool for this function.
The Digital Ruble (CBDC)
According to an interview with the President of the Russian Central Bank, the Russian CBDC (or Digital Ruble) will be a reality.
The senior executive says the Digital Ruble should be launched as early as this year.
“The question is, when will that happen, how will it be regulated, now that the central bank and the government are actively working on it but everyone tends to understand that… sooner or later this will be implemented, in one format or another.”
Chairman of the Russian Congress Energy Committee Pavel Zavalny had been of this idea for some time.
The government executive believed as early as March that the country was ready to trade in BTC but also using a CBDC, at least in the international arena:
“When it comes to our ‘friendly’ countries, such as China or Turkey, which do not put pressure on us, then we have been offering them for a while to change payments in national currencies, such as rubles and yuan. With Turkey, it can be lira and rubles. So there can be a variety of currencies, and this is standard practice. If they want bitcoin, we will trade for bitcoin.”
Source: https://en.cryptonomist.ch/2023/02/13/russia-bitcoin-adoption-mining/