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Russia backtracks on crypto legality in the wake of the shutdown of the Hydra darknet

The government is endorsing the central bank’s stance against the legalization of cryptocurrencies for payment, according to a story published by RT, a Russian regime-controlled news site.

Prime Minister Mikhail Mishustin was quoted in the publication as saying on April 7th,

“We are against the recognition of cryptocurrency as a means of payment or money.”

However, as the Prime Minister emphasized, there was no instant restriction on crypto mining.

“We also think that in order to stimulate investment, primarily in fixed capital,”
” we can discuss mining issues, which includes the creation of data centers”
and related infrastructure.”

Around the same time as this report was published, Ukrainian President Volodymyr Zelenskyy denounced Russia, accusing its army of war crimes against people, including children. Zelenskyy further demanded that Russia be expelled from the UN Security Council and that a special tribunal be established.

Mine is more important

Russian President Vladimir Putin’s upbeat attitude toward cryptocurrency mining, and his expectations that Russia would take use of what he called “competitive advantages” – namely, additional electricity and skilled labor. Furthermore, rumors of the submission of a crypto regulatory draft law sparked enthusiasm in mid-February, especially since Ukraine had legalized crypto just days before.

But now Russia is reversing course, and the country’s previously diametrically opposed government and central bank — the former in support of crypto, while the latter was wary – are presenting a united front.

Chainalysis revealed on April 5 that German authorities were closing down Hydra, a dark net portal that allowed for money laundering and narcotics sales in Russian-speaking countries. Furthermore, the marketplace is said to have assisted in the conversion of cryptocurrencies into Russian rubles.

Crypto experts and trackers are looking to see how Russian crypto users might utilize digital assets to circumvent sanctions as millions of dollars in crypto donations streamed into Ukraine to assist its war activities.

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