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🎓 Will digital currency not be able to save the Russian economy?

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Russia faces severe restrictions that could push the country into complete economic isolation. In such a situation, it is natural to look for alternatives that help circumvent the restrictions.

Can digital currencies succeed as an alternative?

Cryptocurrency could be one such alternative, which experts warn Russia could turn to in order to get rid of sanctions or reduce its momentum.

The main method that Russia can use is digital currency mining, as Iran and North Korea have shown that mining is a useful way to circumvent sanctions and reduce the scope of their impact, especially since Russia is currently the third country largest in the world in terms of mining capacity, especially since Russia has attracted miners. However, in this case, Russia will have to reconsider its attitude towards the industry, according to CoinIdol.

But on the other hand, most miners work illegally without paying taxes and fees for the energy they consume, in such a scenario, mining cannot be a way to avoid international sanctions, at least until the industry is regulated.

isolation

Reports indicate that the country’s central bank is looking to develop its digital currency, the digital ruble, which will be fully centralized and isolated. Should sanctions tighten, it will be easy to limit the joint interaction between the ruble (Russian currency) and digital currencies. In other words, buying and selling digital currencies in Russian rubles is prohibited.

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