Meet the world's most powerful bitcoin backers

There's no point in prohibiting this reality, says Siluanov.

The US might be of the same mind-broadly speaking, but it's moving at a slower pace in the race to control the world's new currency.

And it's its own worst enemy in this scenario, says Dr. Tamara Makarenko, managing director of West Sands Advisory, a UK-based global consulting firm.

But Russia, for one, is much more motivated. Cryptocurrency is a great way to skirt sanctions.

"The US is rightfully concerned about cryptocurrencies, but like anything that may have a negative impact on national security, there are way too many stakeholders that need to be brought to the table to discuss, so the US is not capable of acting quickly," Dr. Makarenko told Oilprice.com.

"The right conversations are taking place, but at the end of the day, it is in the US interest to secure the value of the global position of the dollar."

So, while China is banning cryptocurrency and the US is still trying to figure things out, Russia seeks to dominate.

But just like China's ban will be largely ineffective, so too will Russia's move to dominate. Cryptocurrency is stateless, and that is its real power. It can be regulated, but not enslaved.

Resilience Proven, Investors Flock to the Future

Right now, about 85 percent of the world's bitcoin trading volume comes from China. Countries with heavily subsidized energy are obvious ether mining haunts, but now the colder countries have something to offer that has nothing to do with the government, and doesn't involve any legal gray areas that will come under scrutiny.

With even Putin's IT advisor getting into the great game, hoping to challenge China's hegemony in Bitcoin mining, the race is on in full force. They're hoping to capture 30 percent of the global cryptocurrency mining share in the future.

Japanese billionaire Masatoshi Kumagai, co-founder of giant GMO Internet, announced plans recently to invest over $90 million in a new Bitcoin mining business that will operate as a fund, partially by soliciting capital from investors and repaying them in cryptocurrency.