Cryptocurrencies
Energy-Rich Russia May Turn to Bitcoin Mining to Dent Sanctions
- Crypto mining would give Russia access to some hard currency
- Size of economy means mining would only have marginal impact
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Rich in energy, but starved of foreign currency, Russia may use Bitcoin mining to dent the impact of ever tougher sanctions as the war in Ukraine drags on, according to one analyst.
“It wouldn’t be a stretch for the Russian government or certain sanctioned entities to look to mining as a way to get access to Bitcoin,” said David Carlisle, director of Policy and Regulatory Affairs at blockchain analytics firm Elliptic. “They could be translated to goods and services or just hard cash.”