Russian bitcoin minors are concerned about a government mandate requiring portfolio addresses to be included in a national register.
Russian legislator Anton Gorelkin underlined these concerns in a telegram of February 7 jobWarning that geopolitical rivals could exploit the disclosed addresses. He described such a scenario as a major threat, as sanctions could have an impact on mining operations.
According to him:
“Russian minors are concerned about the security of certain very sensitive data that is collected by the State as part of the new regulation (for example, crypto portfolio numbers) … It is obvious that an information leakage on Portfolios could be a great gift to our geopolitical opponents. »»
Despite these concerns, Russia’s tax authority told Gorelkin that the register was hosted in a secure internal system with strict access controls. Managers say that the risk of leaks is minimal, but skepticism remains because cybersecurity experts often emphasize that no system is entirely safe from violations.
Gorelkin said:
“The Federal Tax Service assured me that information on the addresses of cryptocurrency and identifier extracted is stored in a separate internal secure system, and access is seriously limited within the agency, and it is almost impossible to obtain it from the outside. ”
These problems appear that Bitcoin extraction has become a profitable company in Russia, with the demand for industrial mining equipment in Russia on the rise in the increase in 2024.
However, the authorities have also increased efforts to collect information on these minors, and they are currently pushing to introduce a national register for crypto exploration equipment. This decision would make the registration compulsory for all mining activities, adding another layer of government control.
Russian sanctions
The fear of the sanctions of Russian minors is well founded while the Western nations, including the United States, has imposed strong restrictions on the Russian economy, which reduces access to traditional financial networks. These measures have struck key industries such as energy, trade and technology.
Last month, the US Treasury Department presented A new wave of sanctions aimed at reducing Russia’s energy income. The sanctions will block two active liquefied natural gas projects, a major Russian oil project and entities of the third country supporting the energy exports of Russia.
