The Treasury Department’s Office of Foreign Assets Control says it is concerned Russia may monetize its vast oil reserves and other natural resources with power-intensive crypto mining as a way to raise funds and get around western sanctions.
The move shows U.S.
According to data from CryptoCompare, ruble-denominated crypto trading volumes reached 111.4 billion rubles in March, much higher than in earlier months.
The Russian government has a “love-hate relationship” with digital assets, Hayter said.