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News — Russia

Sanctions take steps to disable Russia's multibillion-dollar crypto industry

bitcoin cryptocurrency Russia

Sanctions take steps to disable Russia's multibillion-dollar crypto industry

Sanctions forced on Russia over the country's unwarranted attack of Ukraine could hamper the development of its multibillion-dollar crypto area, subject matter authorities agree. This week, U.S. authorities designated Russian bitcoin mining firm BitRiver in its most recent round of authorizations pointed toward harming Russia's economy. The Treasury Department's Office of Foreign Assets Control says it is concerned Russia might adapt its immense oil holds and other normal assets with power-concentrated crypto mining as a method for raising assets and get around western authorizations. "This is a strong sign from OFAC that it will involve each instrument in its armory...

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