Russia is using Bitcoin and its mining activities to evade the full effects of international sanctions imposed on it...
Fred Thiel, CEO of Bitcoin miner Mara, is in the news today after he claimed that mining and BTC strategic reserves are national security interests. He made the“Just shows that #bitcoin is a matter of national security, both bitcoin mining and strategic reserve. Russia mined over $3 billion in Bitcoin last year amid sanctions.”, the aforementioned information was revealed by Sergey Bezdelov, Director of Russia’s Industrial Mining Association, during a mining session on Wednesday.
Although this figure is less than 1% of Russia’s $2.27 trillion GDP , it points to a remarkable tax revenue source. Especially given the country’s economic woes following Western sanctions. In fact, according to the latest Chainalysis report, the Russian government could use several crypto exchanges, such as Exved and Garantex, to evade sanctions. However, the firm noted that large-scale usage at the national and international levels could face several challenges, including sanctions on associated wallet addresses.
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