TechFlow news, December 4 — According to DL News, Maxim Oreshkin, a senior aide to Russian President Putin, said that cryptocurrencies should be included in Russia's balance of payments accounting, calling crypto mining an "undervalued export industry." Oreshkin stated: "Cryptocurrencies are a form of money supply; Russian companies do use and can use them to pay for imports, which also affects fiat currency markets." Data shows Russia accounts for nearly 16% of global Bitcoin hashrate, second only to the United States. Oleg Ogurtsov, CEO of Moscow-based blockchain consultancy Via Numeri, said cryptocurrency mining "already plays an important role in the Russian economy," with Russian investments in data centers, grid connections, power generation, and mining hardware exceeding $1.3 billion. The Central Bank and Ministry of Finance of Russia have agreed to legalize cryptocurrency payments as a form of "foreign economic activity" in response to Western sanctions.
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