BRICS: Russia Building Crypto Mining and Transfer Institutions

As the BRICS countries become more critical, reports say Russia is creating particular organizations to mine and move crypto across borders. In particular, the country has said that it wants to make a “special organization.” After that, its creation will use digital assets to do business across foreign borders. 

The country’s Central Bank is already working on a law draft that would let crypto be used for foreign trade. On the other hand, this change results from Russia’s rising economic distance from the West because it attacks Ukraine.

JUST IN: 🇷🇺 Russia to create special institutions to mine #cryptocurrency.

— Watcher.Guru (@WatcherGuru) April 19, 2023

BRICS: New Institution to Mine Crypto

Even though Russian officials have been clear about how they feel about cryptocurrency in the country, it is now possible to use it abroad. In particular, the government is working hard to develop ways to use the product for foreign trade.

Now, it’s been said that Russia is creating notable organizations to mine and move cryptocurrency around the world. Also, Elvira Nabiullina, the head of the Bank of Russia, said the same thing when she spoke to the Federal Assembly of Russia.

“We adhere to the same position that, within the country, cryptocurrency (…) should not be used,” Nabiullina said, according to Finbold. “As for the foreign payments, we assume that this is possible in the form of an experiment,” he said, pointing out that new laws were about to be passed. 

Notably, the new agency will mine coins and set up payment plans with foreign organizations. Alexei Guznov, the deputy head of the central bank, also talked about the growing institutions and who could be involved.

“An analysis will be carried out of what kind of organization this can be. For now, there is just a discussion with the government so that their sphere of activity is understood, which banks they serve, and how much they can interact with representatives,” Guznov said.