I just heard Russia is warming up to crypto. Is that true? I thought they were always strict about it.

You're right—they’ve been strict in the past. But recently, they’ve eased some restrictions, especially for using crypto in international trade and mining.

Why the sudden change? Is Russia finally liking Bitcoin?

Not exactly. The main reason is sanctions. Western countries have cut Russia off from many financial systems, so they’re using crypto to trade internationally without relying on the dollar.

Ah, so it’s not about liking crypto—it’s about survival?

Exactly. Crypto allows them to bypass sanctions and still participate in global trade. But it’s also part of their plan to weaken the US dollar.

Weaken the dollar? How does Bitcoin do that?

Well, the dollar is the world's main trade currency. If countries like Russia start using Bitcoin for trade instead of dollars, it reduces the dollar’s influence. For Russia, Bitcoin hurts the dollar more than it hurts their own currency, the ruble.

That’s sneaky. But why is mining such a big deal for them?

Russia has a lot of resources for mining—cheap energy and a cold climate, which is perfect for cooling mining equipment. They’ve been quietly mining Bitcoin for years, even using facilities owned by oligarchs close to the government.

Like who?

One example is Oleg Deripaska, a sanctioned Russian tycoon. His company, BitRiver, is one of the largest crypto mining enterprises in the world. Mining is a way for Russia to generate Bitcoin and bypass traditional financial systems.

But isn’t Bitcoin supposed to be independent of governments? Why is Russia okay with it now?

It is independent, and that’s why Russia is okay with it—it’s a tool their opponents, like the US, can’t fully control. Plus, using Bitcoin aligns with Putin’s long-term goal of de-dollarization, or reducing reliance on the US dollar.

So, is this 'crypto thaw' a big change for Russia?

Not really. It’s more like a tactical adjustment than a full embrace of crypto. They’re still banning crypto payments within the country and limiting advertising. It’s not a summer thaw—it’s more like a brief break from the cold.

Got it. So they’re using crypto because it’s convenient right now, but they’re still keeping it on a tight leash?

Exactly. It’s a tool for their strategy, not a sign that they’re suddenly pro-crypto. Time will tell if this thaw leads to bigger changes.