Russia Financial Shift To Cryptocurrency Due To The US Financial Regulations


Since the economic regulations and restrictions which was slammed against the Russian government due to the geopolitical war between its neighboring country Ukraine the Russian government has turned to other source of generating wealth. In recent reports the war head has successfully embraced digital currencies to the fullest and its current the worlds second largest bitcoin miner just at the tail of the United States.

Kommersant says that Russia has risen to second place in the world in cryptocurrency mining. The United States remains the leader. However, the uncertainty in the regulation of cryptocurrencies there may trigger a new redistribution of the market.We should give kudos to the US financial regularity that has made them reached this point, well not just only the US that faces regulations in mining activities and in cryptocurrency Russia also faces such as said by the news outlet Kommersant.

However, in Russia, in general, the legal framework for miners has not yet been developed, experts emphasize. In addition, sanctions risks are growing both in relation to Russian players and their counter-parties abroad. If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;

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The citizens who try to build crypto businesses in Russia can't trust the rules can change in a fraction of a second with a dictatorship government.