The rollout of the digital ruble is facing significant challenges, as approximately 30% of Russian banks reportedly remain unprepared due to outdated infrastructure and resistance to the country’s Central Bank Digital Currency (CBDC) initiative, the Digital Ruble. A recent survey conducted by tech firms Flant and Diasoft, as reported by ...
Russian oil companies are increasingly using cryptocurrencies to bypass Western sanctions and facilitate transactions with China and India, according to Reuters. Some firms are reportedly using Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into Russian rubles. While still a small portion ...
Russia’s Ministry of Finance is advancing plans to regulate the cryptocurrency market by establishing a legal framework and national infrastructure. Deputy Finance Minister Ivan Chebeskov confirmed this initiative through a statement to TASS, highlighting the ministry's commitment to fully legalizing and regulating digital currencies. To achieve this, the Ministry of ...
Garantex, Russia’s largest sanctioned cryptocurrency exchange, has temporarily shut down all services following a major freeze on its assets by Tether. The stablecoin issuer blocked over 2.5 billion rubles ($27 million) worth of USDT, sparking immediate disruption for the exchange and its users. In a statement on Telegram on March ...
Russia is considering launching an experimental cryptocurrency trading platform for “super-qualified” investors as a way of providing a controlled framework for digital asset transactions. According to state news agency Interfax, Aleksey Yakovlev, head of the Ministry of Finance’s financial policy department, confirmed that discussions are underway to establish the initiative. ...
The Bank of Russia has postponed the mass rollout of its central bank digital currency (CBDC), the digital ruble, as authorities work to refine the pilot program and ensure a robust economic framework for banks and their customers. According to a state-backed news agency TASS report, the central bank initially ...
The European Union has introduced a new round of sanctions targeting financial networks that support Moscow, adding Russian cryptocurrency exchange Garantex to its blacklist. This marks the first time the EU has sanctioned a Russian-based crypto exchange, signalling a broader crackdown on entities allegedly aiding the country’s war efforts. According ...
Russia's Bitcoin mining industry witnessed substantial expansion in 2024, with mining farms increasing by 7% to 136,600 nationwide, according to a report by the Russian newspaper Kommersant. Kommersant, citing data from MTS EnergyTool, stated that the country's total mining capacity exceeded 11 GW by January 2025. The geographical distribution of ...
Russian-language no-KYC crypto exchanges continue to re-emerge despite crackdowns, often as rebranded versions of previously shut-down platforms. A report from blockchain forensic firm Chainalysis, dated February 19, notes that while new platforms keep appearing, the overall inflows have declined, suggesting that U.S. and international sanctions are effective. These newly reopened ...
Illegal cryptocurrency mining operations have cost Russia’s power grid operator, Rosseti, more than 1.3 billion rubles in 2024, as unauthorized connections continue to drain the country’s electricity supply. The company reported that it had uncovered and halted 130 cases of illegal power consumption, with authorities launching over 40 criminal investigations ...
