Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: sirty143 on April 22, 2022, 06:13:36 AM

Title: Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Post by: sirty143 on April 22, 2022, 06:13:36 AM

Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says

(https://i.imgur.com/ZfQ6jh7m.jpg)

Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally... See more for yourself here (https://news.bitcoin.com/sanctioned-russia-iran-may-turn-to-crypto-mining-to-monetize-energy-imf-says/).

Your opinion is greatly appreciated.

Title: Re: Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Post by: Fenix on August 22, 2022, 08:56:42 PM

Cryptocurrency mining is mainly done by citizens, and in these countries, especially in Russia, they don’t really think about them. But anyway, the bill on the legalization of mining has been sent to the State Duma and will be considered at some point. True, the Central Bank of Russia is in favor of obliging miners to sell cryptocurrency outside of Russia so that it does not accumulate in the country. It is possible to oblige, but in practice it is very difficult to do.

Title: Re: Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Post by: Noverteno on August 24, 2022, 02:16:59 PM

This IMF report was prepared in April. But since that time, cryptocurrency mining in Russia has not yet been legalized, the corresponding bill has not been considered. If Russia wanted to circumvent sanctions with the help of cryptocurrency, then this bill would have had the force of law long ago. At the same time, if the Russian government wants to circumvent sanctions with the help of cryptocurrency, then they don’t need a law for this. Nevertheless, the United States is already taking measures to ensure that Russia does not bypass the imposed sanctions.

Title: Re: Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Post by: Astra on August 25, 2022, 07:12:23 PM

It is unlikely that this will happen, but it is impossible to completely exclude the use of cryptocurrency mining in order for Russia and Iran to bypass sanctions with the help of cryptocurrencies. However, international trade involves settlements in large volumes of currency. How Russia or Iran will be able to mine such volumes of cryptocurrencies in a short time. It is easier to legalize mining in your country and oblige citizens to sell certain cryptocurrencies to the state.

Title: Re: Sanctioned Russia, Iran May Turn to Crypto Mining to Monetize Energy, IMF Says
Post by: surendertakyaan70 on September 06, 2022, 12:35:51 PM

In the past years there has been talk of advising a ban on crypto in Iran but a lot is changing due to the Ukraine war. Countries like Russia and Iran can use cryptocurrency mining to shore up sanctions to mine their energy resources. According to IMS, the outcome of the Yucan War is echoing in the subject. whereby sanctions lead to crypto assets