Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.
The issue of legalizing the mining of cryptocurrencies in Russia is not new. However, now the country's Energy Ministry is emphasizing the need to create a proper framework so that the economy can benefit from it.
Russia is facing tough restrictions that could push the country into complete economic isolation. In such a situation, it is only natural to look for alternatives that will help circumvent the restrictions and maintain international relations.
Whenever a country is sanctioned, its traditional banking institutions are the number one target. This is the same thing that happened recently with Russia when the EU, NATO, the US and many other democratic countries decided to impose tough economic sanctions for invading Ukraine. Now Washington is considering cryptocurrencies as a possible tool for sanctions against Russia.
The currently prevailing political war between Russia and Ukraine required faster preparation of the respective citizens for emergencies. People have withdrawn their money from ATMs and are therefore cashless. At the same time, they cannot join the queues at the banks to collect their money from the counters, so they are in a state of helplessness.
Russian cryptocurrency scammers have developed a new scheme to trick citizens out of their money. They offer cryptocurrencies as gift options for holidays or birthdays. However, those who get involved in this "original" idea do not receive anything in return.
The cryptocurrency industry is attracting more and more attention as the global population becomes more sophisticated. Different countries have different attitudes towards this emerging technology. While some of them are friendly, others remain reluctant. However, this does not stop people from taking an interest in digital assets.