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The US Treasury Department has added a Russian Bitcoin (BTC) miner to its list of sanctions. This is the first time a crypto miner has had to deal with US sanctions.
Bitcoin mining company Bitcoin faces obstacles
The US Department of State is called BitRiver Specially Appointed Nationals (SDN) List Put. This is a list of individuals and companies banned in the United States. Companies and individuals are generally not allowed to do business with the names on this list.
Recently it also includes BitRiver. In addition, 10 BitRiver subsidiaries are also included in the list. According to the announcement of the Ministry, Hands From The Block, the miner was listed because it could easily convert Russian energy resources into cash:
“By operating large server farms that sell cryptocurrency mining capabilities internationally, these companies are helping to monetize Russia’s natural resources. […] The United States is committed to ensuring that no assets become complicated for the Putin regime to offset the impact of sanctions.
Will Putin back down?
Now that Russia is facing prolonged sanctions as a result of its invasion of Ukraine, the country will look for ways to continue its economy. One of the options now looks like a crypto mine.
At the end of March, the Russian Deputy Energy Minister had already recommended the legalization of the crypto mine. “If we want to continue this process somehow, if we have no other options in the current reality, we need to introduce legal regulation and include the concept of mining in the regulatory framework,” the deputy minister said.
It is not known to what extent Russia now mines bitcoin and other cryptocurrencies, for example, converting gas into value.
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