Japanese company will stop mining cryptocurrency in Russia due to its aggression against Ukraine

Tokyo-based online financial services company SBI Holdings will cease its cryptocurrency mining operations in Russian Siberia. The company’s spokesperson said that the reason for the withdrawal is uncertainty due to the ongoing Russian-Ukrainian war and the decline in the cryptocurrency market. The company claims that the war between Russia and Ukraine was one of the key reasons for this decision.

«Chief Financial Officer Hideyuki Katsuchi announced plans to sell the equipment and stop mining cryptocurrency in Russian Siberia earlier this week,» Bloomberg said in a report. Apart from the mining facility, SBI Holdings has no other crypto business in Russia. However, the commercial banking division of SBI Bank LLC in Moscow will continue to operate.

Analysts report that this decision of the Japanese brought losses totaling 9.7 billion yen ($ 72 million).

Recently, the country sponsoring terrorism announced its intention to create a digital ruble. Interestingly, after the country banned the SWIFT payment system, the Bank of Russia stated that it would not object to the use of cryptocurrency in international payments.