Russia has recently made a significant shift towards embracing cryptocurrency at a government level. Many may assume that this move would signal the end of underground digital asset operations in the country. However, recent events have shown that the opposite may be true, with some cryptocurrency mining operations moving from metaphorical underground to literal underground.
Authorities in Russia’s Republic of Dagestan have unveiled a sophisticated cryptocurrency facility that has been dug into the ground. This revelation was reported by Reuters on September 24.
Russia’s Stance on International Cryptocurrency Transactions
While the Prime Minister of the Republic of Dagestan is calling for stricter control over cryptocurrency miners, the Russian Federation has been moving towards a more cryptocurrency-friendly stance. Earlier in 2024, there was some uncertainty, but the country has now approved the use of cryptocurrencies for international trade and settlements.
This decision by the State Duma, the lower house of the Russian Parliament, is seen as a strategic move to evade sanctions. It marks a significant shift towards embracing digital assets.