Given Russia’s recent pivot toward cryptocurrency adoption at the government level, one might assume that the era of underground digital asset operations is over in the country.
Recent developments have, however, proven that exactly the opposite may be happening and that some cryptocurrency mining operations have gone from being metaphorically underground to being literally beneath the surface.
To be precise, the authorities in Russia’s Republic of Dagestan have recently showcased a sophisticated cryptocurrency facility dug into the ground, according to a September 24 Reuters report.
Russia approves international cryptocurrency transactions
Meanwhile, while the Prime Minister of the Republic of Dagestan has called for tighter control of cryptocurrency miners, the Russian Federation has, after some turbulence earlier in 2024, turned decidedly more digital asset-friendly.
Indeed, the State Duma, lower house of the Russian Parliament, approved the use of cryptocurrencies for international trade and other settlements in late July.
The decision was widely interpreted as a step in the country’s sanctions evasion program.