Putin aide calls for including cryptocurrency in Russia's balance of payments accounting
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Putin aide calls for including cryptocurrency in Russia's balance of payments accounting
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 and referred to crypto mining as an "undervalued export industry." Oreshkin stated: "Cryptocurrency is a form of money supply, and Russian companies can and do use cryptocurrencies to pay for imports, which also impacts the fiat currency market." Data shows that Russia accounts for nearly 16% of global Bitcoin hashrate, second only to the United States. Oleg Ogienko, CEO of Moscow-based blockchain consultancy Via Numeri, said crypto mining "has already played an important role in the Russian economy," with Russian companies investing over $1.3 billion in data centers, grid connections, power generation, and mining hardware. 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.
Navigating Web3 tides with focused insightsTechFlow 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.
