Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally and cryptoization is one of the effects, the IMF says.The consequences of the ongoing military conflict in Ukraine will test the resiliency of the global financial system, maythe role of the U.S.
Accelerated “cryptoization,” with wider use of crypto assets in emerging markets, is another issue policymakers will have to address in the coming years. As proof of that trend, the IMF points to a spike in crypto trading volumes after the introduction of sanctions, including financial penalties, against Russia over its invasion of Ukraine.
Capital restrictions imposed in both countries have also contributed to the increase, the IMF notes. At the same time, “liquidity in the ruble and hryvnia trading pairs in centralized exchanges remains limited and has even declined more recently in the case of ruble,” the authors remark. In their opinion, this is making large transfers through crypto exchanges impractical.
However, the IMF admits that the crypto ecosystem allows users to evade some restrictive measures such as stricter identity verification requirements. As a result of freezing of crypto assets and blocking of new ruble deposits, part of the transactions could have shifted to less transparent platforms or non-complying crypto service providers, the international organization acknowledges.
“At this point, the share of mining in countries under sanctions and the overall size of mining revenues suggests that the magnitude of such flows is relatively contained, although risks to financial integrity remain,” the IMF concludes. According to estimates quoted in the report, Russian miners could have captured close to 11% of last year’s bitcoin mining revenues, which averaged about $1.4 billion a month, while Iranian mining farms could have received around 3%.
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