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.
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.
More than 20 cryptocurrency companies have announced they are leaving China after the government cracked down on the industry on September 24. This new wave of sanctions paves the way for the US to gain the upper hand in this sector.
If there were a Crypto Republic, these heads of state would potentially be its leaders. From adopting cryptocurrencies as their respective country's currency to passing crypto-friendly regulations, they are the true unsung heroes of the crypto revolution.
Belarus Central Bank is imposing new restrictions on foreign currency transactions in response to EU sanctions. Such a move could create complications for citizens and push them to seek alternatives such as cryptocurrencies.