Pro-Russian outfits have resorted to digital asset funds in a bid to support the war efforts against Ukraine while evading international sanctions. A new report suggests that these groups are raising a massive amount of Bitcoin and other cryptocurrencies via crowdfunding campaigns. According to Chris Janczewski, head of global investigations at TRM Labs, the blockchain...Read More
The President of Kazakhstan – Kassym-Jomart Tokayev – said the authorities are ready to introduce a mechanism that will allow the converting of cryptocurrencies to cash if there is enough demand for such services. The positive tone toward the digital asset industry comes days after nearly 100,000 Russians entered Kazakhstan to escape the partial military...Read More
The Bank of Russia and the Ministry of Finance of the Russian Federation (MiFin) have agreed that crypto mining should be allowed only in certain areas. According to a new report by RBC-Crypto, Russian officials are preparing to legalize mining activity only in energy-rich regions and aim to ban the niche in energy-scarce ones. The...Read More
Russia is on course to launch its CBDC early next year and use the new currency in mutual settlements with China that has already tested its digital Yuan, a senior Russian lawmaker said in an interview. The move aims at reducing the US hegemony over the global financial system, media reports said. Russian CBDC to Take on...Read More
Former NSA contractor and famous whistle-blower Edward Snowden was granted Russian citizenship by President Vladimir, as reported by the state-run news agency TASS on Monday. His name was included on a list of 71 other foreigners who also became citizens. Snowden applied for citizenship alongside his wife in 2020 after receiving permanent residency rights, citing...Read More
After reconsidering its position on cryptocurrencies following the outbreak of the war, Russia is now looking to enable provisions for digital assets trading. Moscow Exchange, the largest exchange organization in the country, is looking to enable trading in digital financial assets (DFAs) and securities trading based on a set of bills currently being prepared. Per...Read More
Russia’s central bank and Ministry of Finance have agreed on legislation to enable cross-border payments using cryptocurrency, according to a report from the Russian outlet Kommersant on Wednesday. The policy change is reportedly intended to let Russian nationals access digital wallets. Taking Advantage of Blockchain According to Russian Deputy Finance Minister Alexei Moiseev, the bill...Read More
The United States Treasury Department added five cryptocurrency addresses to its sanctions blacklist. All wallets are connected to the Russian neo-Nazi paramilitary group – Task Force Rusich – that has participated in the Ukraine war. Prior to that, the Department sanctioned the Ethereum-based cryptocurrency mixer – Tornado Cash – and Blender.io (a software tied to...Read More
The leading global accounting firm – KPMG International – claimed in one of its recent reports that the cryptocurrency market has displayed growing maturity in the past several months. This comes despite the ongoing military conflict between Russia and Ukraine and the record inflation that spreads in some countries. It is also worth noting that...Read More
In a rather swift departure from its prewar crypto stance, the Bank of Russia is weighing in on the possibility of legalizing crypto for facilitating cross-border payments in the near future. As local news agency TASS reported, the country’s central bank and the Ministry of Finance have agreed that “it is impossible to do without...Read More
The United Kingdom’s Office of Financial Sanction Implementation (OFSI) has included “cryptoassets” in a list of assets that must be frozen if they belong to a person or company who is facing sanctions. These developments come as the list of sanctioned Russian entities continue to increase. Eye on Sanctioned Accounts, Breaches As per the new...Read More
Tornado Cash was added to the US sanctions list by the Office of Foreign Asset Control (OFAC) on August 8. Two days later, Alexey Pertsev, a coder tied to the crypto mixing service, was arrested by Dutch authorities. The blacklisting and the subsequent events sparked an outcry from privacy proponents, with many protesting and engaging...Read More
Accused crypto money launderer Denis Mihaqlovic Dubnikov has been extradited to the United States from the Netherlands to face charges in the District of Oregon. The US Department of Justice (DOJ) said Dubnikov was charged by a federal grand jury in Portland for his alleged role in an international crypto money laundering conspiracy last August....Read More
Tokyo-based online financial services company SBI Holdings will shut down its crypto mining operations in Siberia, Russia. The company argued that the war between Russia and Ukraine is among the reasons behind this decision. Pullout From Siberia The pullout decision was taken in view of the geopolitical uncertainty due to the ongoing Russia-Ukraine war and...Read More
The United Nations Conference on Trade and Development (UNCTAD) believes the impact of cryptocurrencies should be limited in developing nations. According to the agency, digital assets are unstable financial products that could cause further issues to already shattered economies. Amid the global monetary crisis, numerous residents of emerging countries chose to convert their depreciating fiat...Read More
Russian lawmakers recently approved a draft law that could possibly exempt digital asset issuers from making value-added tax payments. It has also established new tax rates on income earned through the sale of such assets. Russia’s New Crypto Legislation As reported by Reuters, the draft law was approved following second and third readings by members...Read More
Russian President Vladimir Putin recently blamed the United States and other G7 countries for causing rampant inflation in global commodities markets. Under these circumstances, he predicts the world will start to transition its reserves away from sovereign debt into “real resources,” deepening the commodity inflation spiral. End of a Unipolar World The President aired his...Read More
U.S sanctions against Russia have played a role in the adoption of cryptocurrencies in the European country, causing oil companies like the giant Gazpromneft to look for new ways to exploit natural resources —this time for cryptocurrency mining. On June 16, Gazpromneft, a subsidiary of Russian oil and natural gas giant Gazprom, announced a 2-year...Read More
Legislation to prohibit payments using crypto-assets sponsored by the Financial Markets Committee of the State Duma Anatoly Aksakov has passed through the first reading. Inconsistencies in the Bill According to a report by the state media, the official document recommends an obligation for digital asset exchanges, referred to as “DFA exchange operators,” to decline transactions...Read More
The head of the Russian parliament’s lower chamber (State Duma) – Anatoly Aksakov – presented legislation focused on cryptocurrencies and their employment inside Russia’s borders. If the bill gets approved, “digital financial actives” (DFA) won’t be accepted as a means of payment for any type of products or services inside the country. Scrap Crypto, the...Read More
Russia is reportedly considering allowing cryptocurrencies to be used as means of international payments. This comes at times when the country is under heavy scrutiny from almost all western countries. According to a Reuters report, Russia is mulling, allowing cryptocurrencies to be used for international payments. The idea of using digital currencies in transactions for international settlements...Read More
China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations. A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity. China’s Apparent Comeback Cambridge Centre for Alternative Finance (CCAF) reported the...Read More
BitRiver – Russia’s largest data center services provider – is pondering over filing a lawsuit against the US Treasury Department for adding the company to the sanction list last month. Besides, the firm accused the US of breaching WTO rules through the act of promoting unfair competition and lobbying for the US mining industry. BitRiver...Read More
With the West leading the fight with sanctions, a US-based company – Compass Mining – is planning to sell around $30 million in Bitcoin mining equipment located in Siberia. The move to liquidate the Bitcoin mining rigs comes after the United States government imposed fresh sanctions on the mining operation BitRiver and ten subsidiaries. Averting...Read More
Russia’s central bank recently said that it is looking to begin a pilot for the digital ruble next year, with plans to use the central bank digital currency (CBDC) for international payments. Digital Ruble a Priority, Says Central Bank Governor According to a Reuters report, the governor of the Bank of Russia, Elvira Nabiullina, speaking...Read More
The U.S. government has just sanctioned the first cryptocurrency mining company, which also happens to be from Russia. This comes a day after the IMF warned that Russia could potentially evade economic sanctions by mining cryptocurrencies. On April 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned BitRiver, a cryptocurrency mining company...Read More
Russia could use cryptocurrency mining to evade sanctions, according to the IMF. The IMF warned in its new report that sanctioned countries like Russia could use cryptocurrencies and significantly boost their mining industry to evade any economic sanctions imposed on them. The International Monetary Fund (IMF) indicated in its report on global financial stability that...Read More
Citing fears of Russian intervention, Irish authorities have implemented new integrity rules that prohibit political donations sent in the form of cryptocurrencies. The nation has also incorporated stricter rules on all foreign campaign donations. No Political Crypto Donations in Ireland The near two-month-long war, still called a “special military operation” by the aggressor, continues to...Read More
As one of the major crypto exchanges in Europe, CurrencyCom has a solid customer base in both Russia and Ukraine. On Saturday, the company confirmed that it had been attacked hours after announcing plans to halt onboarding new customers from Russia and reassured its customers that the attack was a failure. The owner of CurrencyCom,...Read More
Russia’s Ministry of Finance has reportedly finalized its cryptocurrency regulation bill and is ready to apply it soon. The legislation particularly touches upon digital asset mining as experts believe it will create new opportunities for participants. On the other hand, it might drive investors to “the black market.” It Is High Time for Some Clarity...Read More
