New cryptocurrency law will allow Russia to mine and transfer tokens to circumvent Western sanctions

According to Watcher. Guru, Russia is developing special institutions that will regulate cryptocurrency mining and transfer across borders. In particular, representatives of the terrorist country have announced their intention to create a «special mining organization.»

The Central Bank of Russia is already working on a law that will allow the use of cryptocurrency for international trade. The newly created institution will form a register of cryptocurrency miners, monitor their compliance with the necessary requirements and license their activities.

The so-called experts from Russia hope that creating conditions for cross-border transfers of digital currencies will reduce dependence on global financial assets and «bring the goal of digital sovereignty closer.» It is assumed that Russian owners will be allocated a separate code in the classifier of economic activities — all so that they «do business legally and pay taxes» while financing the Russian government and the war.

The BRICS alliance (Brazil, Russia, India, China, and South Africa) is also working on creating its own cryptocurrency. According to Alexander Babakov, deputy chairman of the State Duma of the terrorist state, virtual payments within the association can demonstrate viability and have a long-term perspective. Babakov also noted that a universal BRICS cryptocurrency would be especially useful for China, as it would weaken the «hegemony of the West.»