Russian Trade Ministry ‘Develops Tool That Lets Crypto Miners Evade Sanctions’
According to an article published by news outlet RBC, the Russian Ministry of Economic Development has developed a ‘cryptocurrency miner evasion tool’ which could allow miners to bypass certain international trade sanctions. The tool reportedly would allow miners to ‘maneuver’ around US trade sanctions against Russia and other countries without their transactions being detected. Reports of the tool come as the US Treasury Department recently announced a ban on mining and trading certain cryptocurrency, including Bitcoin, in an effort to crack down on illicit activity. The tool is reportedly still in its early stages of development, but it could have potentially far-reaching implications. Given that Russia is one of the world’s largest producers and consumers of crypto assets, the tool could be a significant factor in helping Russians evade US-imposed sanctions. It could also potentially have implications for other countries.