Russian Crypto Mining Giant Bitriver Considers Challenging U.S. Sanctions – Bitcoin News

Russia’s Bitriver, one of the largest crypto mining data center operators, may take legal action against the U.S. decision to impose sanctions on it. The company insists it will not help the Russian government circumvent international restrictions.

Biriver rejects U.S. allegations as groundless, sees no legal basis for sanctions

Russia’s leading mining company, Bitriver, is considering a lawsuit against the U.S. Treasury Department, which recently sanction Against Russian businesses and individuals. Russia’s coin-minting potential is particularly relevant for the new penalties imposed by the Ukrainian war.

In a comment to the RIA Novosti news agency, Bute River It said the department’s actions were damaging its reputation and international business because the allegations were unfounded. The company is also convinced that the restrictions have no legal basis and intends to ask U.S. authorities to remove them from the blacklist. It also highlights:

Bidriver is not a government agency, but a 100% private company that will never help the Russian Federation evade sanctions.

The Russian group also accused the Treasury Department of violating World Trade Organization rules by accusing the Treasury of unfair competition practices and lobbying for the U.S. mining industry. Bitriver CEO Igor Runets described the unit’s move as “an attempt to shift the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”

Bidriver claims that despite the restrictions, all of its production facilities and offices in the Russian Federation are operating normally. The company has also continued to serve its international clients, who have reportedly confirmed their interest in further cooperation with the Russian bitcoin mining operator.

Western allies introduced several Sanctions Program Oppose Russia restricting its access to global financial and foreign exchange reserves.There are concerns that the Russian government and citizens may use cryptocurrency to circumvent restrictions. Officials in Moscow have highlighted Russia’s competitive advantage in mining on cheap energy and cool climates. A draft law tailored to regulate the industry was presented to parliament in April.

tags in this story

Bute River, company, conflict, cryptocurrency, crypto mining, cryptocurrency, cryptocurrency, group, litigation, legal action, mining, mining operator, limit, Russia, Russian, sanction, US Treasury, Ukraine, war

Do you think Biriver can successfully challenge U.S. sanctions against it? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

Source link