IMF Warns Russia Could Use Crypto Mining to Evade Sanctions

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The IMF believes Russia can use mining to circumvent economic sanctions.

According to a report published by IMF experts, Russia will be able to use its energy infrastructure to mine Bitcoins. Thus, if restrictions are introduced on the export of energy resources from Russia, the country will be able to use them for mining, and then sell BTC and make a profit.

According to researchers, the average monthly income from Bitcoin mining is $1.4 billion. Russian miners account for about 11% of the bitcoin hashrate.

There have been discussions in the Russian leadership over the past few years about the use of digital currencies to circumvent economic restrictions.

The Federal Tax Service has proposed to amend the upcoming bill on the crypto sphere and allow companies that export and import goods to use cryptocurrencies for mutual settlements with foreign counterparties.