(ANSA) – ROME, MAY 31 – Russia is evaluating the use of cryptocurrencies for international payments. According to an Interfax report, taken up by Reuters online, the finance ministry is considering using digital assets for cross-border deals as the country currently has limited access to traditional payment systems due to sanctions.
In Russia, the production of cryptocurrencies now absorbs over 2% of the national electricity consumption. An enormous quantity, higher than that attributed to the agricultural industry.
“The idea of using digital currencies in international transactions is under discussion,” said Ivan Chebeskov, head of the financial policy department of the finance ministry. Russian officials are currently trying to figure out how to regulate the country’s crypto market and the use of digital currencies, with the finance ministry opposing central bank demands for a total ban.
The minting of cryptocurrencies, in the jargon it is called ‘mining’, is part of a gray area in the country: it is not prohibited, but it is not even regulated. After the war, the production rate dropped to 4.55%, placing the country behind Kazakhstan, China and the United States, according to data from the latest Cambridge Bitcoin Electricity Consumption Index report. (HANDLE).
Source: Ansa
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