Cryptocurrency Analysis and News Portal
The Russian government continues to establish links with major players in the cryptocurrency mining industry despite staying skeptical about legalizing cryptocurrency trading and payments.Russia’s state-owned gas giant Gazprom Neft has entered into a partnership with BitRiver, the largest crypto-mining colocation services supplier in Russia providing hosting services for major crypto
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Russia’s central bank governor Elvira Nabiullina is the latest official to confirm that the country is warming to the idea of cryptocurrency payments, but not domestic ones.According to Nabiullina, cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system.The digital currency
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Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well. Criminal Cases Involving Cryptocurrency in Russia Near 1,000 in 2021 Lawsuits
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The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed
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The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned. CBR to Launch Transactions, Smart Contracts With
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The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate. On this backdrop, the country’s industry ministry believes it’s time to bring the sector out of the shadows and regulate it. Crypto Miners Burn More Electricity Than Russian Farmers Miners extracting digital
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Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners. Finance Ministry Suggests Russia May Employ Crypto in International Trade The possibility
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The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year. The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the financial policy division within Russia’s
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Russia’s ability to employ cryptocurrencies to circumvent international sanctions is restricted by the limited size of the crypto market, according to Moody’s. Despite increased use in small transactions, low liquidity is another factor preventing Russians from exploiting the utility of bitcoin and the like. Crypto Assets Not Viable Option for
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Any currency can be traded via SWIFT, but more than 40% of its deals are dollar-denominated, so it tends to reinforce the U.S. dollar-based system. It should be no surprise, then, that in 2015, China launched a SWIFT competitor, the Cross-Border Interbank Payment System (CIPS), to boost international use of
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