Russia Has 'All the Needed Resources' to Create Its Own Crypto Infrastructure, an MP Claims
Crypto adoption appears to be on the rise in Russia – where lawmakers have suggested the idea of fostering domestic crypto exchanges as an alternative to using international platforms.
Per the Russian Parliamentary Gazette, Aleksander Yakubovsky, an MP and part of the crypto working group that is seeking to create a framework of regulations for the sector, claimed that the international community would struggle to cut off Russia’s access to crypto.
The MP was quoted as stating:
“Russian miners will not leave the market. In September last year, Russia ranked third in terms of [crypto] technical capacity, primarily in the bitcoin (BTC) field. This is an enormous amount of power. So we have all the resources [we need.] That includes the creation of our own exchanges, the use of payment platforms, and other platforms still.”
Yakubovsky opined that crypto was “an area where it is difficult to talk about really placing restrictions on this country.”
This comes at the time when Russia is hit with heavy sanctions following its invasion of Ukraine.
Yakubovsky was also asked how “the cryptocurrency market in Russia” would “develop under sanctions” – and if the current situation could even “open up new opportunities” in space.
Yakubovsky replied that much would depend on the quality of the legislation that is now “being formed in this space.” He added:
“We are currently working on a solution to this problem. I am sure that this can give Russia access to the financial market, which [the Western allies] are now trying to close. In addition, the competent development of digital financial assets will minimize the damage from sanctions imposed on Russia.”
Whether or not this proves to be the case, most appear to agree that crypto demand and
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