20h05 ▪
3
min read ▪ by
Under an avalanche of Western sanctions, Russia is turning to an unexpected ally: Bitcoin. This flagship cryptocurrency, which Moscow intends to exploit, is becoming a way to circumvent the dollar and financial restrictions. With ideal conditions for bitcoin mining, the country aims to become a major player in the sector. However, this strategic shift raises crucial questions about its economic and legal implications.
Bitcoin, a strategic weapon for Russia
Since September 2024, Russia, which is approaching an economic disaster, is experimenting with a legal regime allowing the use of digital financial assets (DFA) in international trade. According to Anton Siluanov, the Minister of Finance, these modern tools, including bitcoin, could effectively replace the dollar in transactions.
« We can pay for the delivery of goods with digital financial assets. It is also possible with bitcoin, which we mine here », he stated on the Russia-24 channel.
Concrete examples of this approach offer several advantages:
- Reduction of dependence on the US dollar;
- Ease of exchanges with countries under similar sanctions;
- Exploitation of Russia’s vast energy resources for mining.
The country is not only focused on mining: it intends to develop a robust infrastructure to expand these practices by 2025. But be careful, all is not rosy despite a booming crypto market: Siluanov warns citizens against the risks of crypto speculation, reminding them that bitcoin is not a fast track to wealth.
Crypto trading, between opportunities and caution
If Russia legalizes bitcoin mining, it remains wary of crypto trading. Last November, Siluanov recommended not to invest in bitcoin, as it was flirting with historical peaks beyond $76,000. His warning was:
« Some see cryptos as a source of quick gains. It is not an investment solution. »
The issue for Moscow is clear: to capitalize on BTC as an economic lever without fostering speculative frenzy. The 2021 law grants legal status to DFAs but prohibits their use as a means of payment within the country.
This paradox reflects a cautious management approach, aiming to frame a technology that could both boost and destabilize the economy.
Furthermore, Russia, rich in energy resources and ambitions, sees bitcoin as an economic and political weapon. By inviting the BRICS to take advantage of these ideal conditions, it aims to build a new multipolar economy, where BTC mining and cryptocurrencies redefine the rules of the game.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
