From resistance to embrace: sanctions-driven and national competition in Russia's cryptocurrency policy
Russia's attitude towards cryptocurrency has undergone a dramatic change from "no support" to "mining is legal". Behind this change are the multiple influences of the Russian-Ukrainian conflict, international sanctions and national competition.
Once upon a time, Russia was cautious about cryptocurrencies and even issued a ban. But the outbreak of the Russian-Ukrainian conflict in 2022 became a turning point in this attitude. Faced with severe sanctions from Western countries, Russia's foreign exchange reserves were largely frozen and the economy suffered a heavy blow. Against this background, Russia began to re-examine the value of cryptocurrencies and regarded them as an important tool to break through sanctions blockades and maintain economic independence.
The Putin government acted quickly, not only supporting cryptocurrency mining, but also proposing a series of regulatory measures aimed at putting this emerging industry on the right track. From restricting non-qualified investors from buying cryptocurrencies, to defining digital currencies as property, to exploring the application of cryptocurrencies in import and export transactions, Russia is gradually building a complete cryptocurrency regulatory system.
At the same time, Russia has also developed tools to help crypto miners evade sanctions, further demonstrating its determination to use cryptocurrencies to cope with international pressure. Central Bank of Russia + Communication Jun Yang: 954737157 Governor Nabiullina bluntly stated that new financial technologies have created unprecedented solutions for the Russian economy, allowing the use of cryptocurrencies in international payments.
It is worth noting that Russia's change in attitude towards cryptocurrencies also reflects the intensification of national competition around the world. Western countries such as the United States have embraced cryptocurrencies and promoted relevant legislation and supervision to seize the commanding heights of this emerging field. Russia, on the other hand, is trying to find new living space in the international financial system through cryptocurrency, a "non-traditional weapon."
The shift in Russia's cryptocurrency policy is an inevitable choice for it to seek an economic breakthrough under the pressure of international sanctions, and it is also a microcosm of the increasingly fierce national competition in the global cryptocurrency field.
