According to Watcher, Russia is said to be developing special organizations to mine and transfer cryptocurrencies across borders.
Specifically, the country has announced its intention to establish a âspecial organizationâ tasked with mining and transferring cryptocurrency across borders. Additionally, the organization will use digital assets for international business transactions.
Russia established a cryptocurrency mining organization
Although Russian authorities have been clear about their stance on cryptocurrencies in the country, the use of crypto assets has become possible. Specifically, the country is working to develop mechanisms to use cryptocurrencies for various purposes.
There is information that Russia is developing special organizations to mine and transfer cryptocurrencies internationally. Moreover, the head of the Central Bank of Russia, Elvira Nabiullina, said so when speaking before the Parliament of the Russian Federation.
âWe adhere to the same position that, domestically, cryptocurrencies should not be used but for foreign payments we think that cryptocurrencies are possible in an experimental formâ , Nabiullina stated, according to Finbold.
Importantly, the developing organization will carry out cryptocurrency mining as well as payment arrangements with external entities. In addition, the vice president of the central bank, Alexei Guznov, discussed the creation of an organization to take on this role.
âAn analysis will be done on this organization. Currently, there is only a discussion with the government to understand their field of activity, which banks they serve and to what extent they can interact with representatives,â Guznov said.
