Russian Central Bank Plans to Allow Cryptocurrency Mining for Cross-Border Deals

Zionodes
3 min readApr 21, 2023

Weekly Update

The Global Crypto Market Cap is down by 1.87% to $1.19T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 22.12% to $50.09B.

DeFi’s total 24-hour volume is $3.93B, or 7.84% of the overall Crypto Market volume. All Stablecoin volume is currently $44.69B, or 89.21% of the 24-hour volume of the whole Crypto Market.

The price of Bitcoin was trading at $28,149.45 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 45.84%, a decrease of 0.26% from the previous day. In the last 24 hours, the price of ETH decreased by 1.53% to $1,927.38, while the price of BNB went down by 2.49% to $317.51. Based on the CoinMarketCap Chart, the total market capitalization of Cryptocurrencies has shown the following trend in its movement since the previous week:

Following its surpassing of the $30,000 mark last week, Bitcoin experienced a decline in trading values this week. Nevertheless, a considerable number of individuals maintain the belief that the cryptocurrency market may have already reached its lowest point in November of 2022, effectively concluding the “crypto winter” cycle. As a result, there is a mounting sense of anticipation surrounding the possibility of a long-term surge in values that could lead to Bitcoin surpassing its previous high and achieving unprecedented levels.

Russia’s Strategy to Use Crypto Mining for Cross-Border Deals

According to a recent report by TASS, Russia’s central bank is planning to allow the creation of cryptocurrency mining organizations outside the country. Head of the Bank of Russia, Elvira Nabiullina, has revealed that Russian entities will be able to establish authorized organizations for mining digital currencies. However, the scope of permitted activities is still being developed, and initially, only state-related companies will be allowed to engage in mining, with private companies potentially being permitted to participate at a later date.

Nabiullina has also stated that Russian entities will be authorized to perform crypto settlements outside of the country, with the new mining and settlement laws forming part of an “experimental legal regime.” This approach aligns with Russia’s stance that cryptocurrency should not be used within the country, but that it may be possible to conduct external settlements via an experiment.

Is the worst behind us?

Bitcoin experienced a decline of 8.65% over the past week, which is a common occurrence in the volatile crypto industry. However, despite this correction, Bitcoin’s year-to-date performance still stands at an impressive 69%. Market corrections are normal and healthy, and can sometimes signal a potential rally, but this is not always the case.

Despite the ups and downs of the market, the adoption of web3 and crypto continues to grow steadily. Responsible investors prefer a slow and steady growth in the value of cryptocurrencies as adoption of the technology continues to expand. Since Bitcoin surpassed the $20k mark, there has been a surge in demand for remote mining as investors in the space look for safer, long-term investment options.

As more countries consider adopting cryptocurrencies and recognize their potential, we move closer to a more decentralized, web3-driven world.

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