Cryptocurrencies
IMF Warns of Crypto Mining as Possible Dodge on Russia Sanctions
- Countries may use energy resources to expand mining operations
- Ukraine war reveals challenges in regulating crypto, fund says
This article is for subscribers only.
Countries such as Russia and Iran may eventually use cryptocurrency mining to evade sanctions, the International Monetary Fund warned in a report.
There’s a risk that sanctioned nations will leverage their energy resources -- which can’t be exported -- to power mining, an energy-intensive process of validating coin transactions, the IMF said. By expanding their mining operations, governments could also generate revenue directly from transactions fees.