Tag: Russia

In early November, internet traffic to major cryptocurrency exchanges in Russia saw an 8% increase. This rise was attributed to the increasing prices of Bitcoin and changes in local regulations, according to an analysis by MegaFon, one of Russia's leading telecommunications providers. The analysis showed that users in Russia accounted ...

The Russian Ministry of Industry has suggested a two-year transition period before mandating that payments be made using the digital ruble, the central bank's digital currency(CBDC), due to concerns over the readiness of the existing infrastructure, according to Russia's state-run media outlet Izvestia. The Russian Ministry of Industry has issued ...

The Bank of Russia has warned that though the market of tokenized real-world assets is still in its infancy and does not yet pose significant systemic risks, its expansion could introduce critical challenges. In a detailed 47-page report, the central bank noted that tokenized assets inherit the risks of their ...

Russia is advancing a draft amendment to its Bitcoin mining legislation, proposing new tax regulations for crypto mining activities, transactions, and associated infrastructure.    According to a report by local media Interfax, the country’s Ministry of Finance has introduced amendments detailing tax guidelines for income and expenses in the crypto ...

According to Russia's state news agency TASS, a Kremlin official has cautioned that Russia could face an energy shortage within the next 5 to 10 years due to the rapid growth of crypto mining. Maxim Oreshkin, deputy head of the presidential administration, raised concerns about pressure on Russia's energy supply ...

Small Russian banks are encountering significant financial hurdles in joining the country's central bank digital currency (CBDC) platform, according to a recent report by local media outlet, Kommersant.  The report claimed that the integration costs, ranging from ₽120 million to over ₽200 million ($1.3 million to $2.2 million), exceed the ...

The BRICS nation bloc—Brazil, Russia, India, China, and South Africa—has officially launched its highly anticipated cross-border payment system, "BRICS Pay." The blockchain-based platform, designed to streamline transactions among member nations, was unveiled on October 17 at the ongoing BRICS Business Forum in Moscow. Attendees at the event were given demo ...

The Russian government has established a focus group under an experimental legal framework to explore the use of cryptocurrency for foreign trade payments, according to a report by local media outlet Vedomosti on September 17, 2024. The focus group includes representatives from the Russian Chamber of Commerce and Industry, the ...

Blockchain analytics firm Chainalysis has raised concerns about the potential use of domestic crypto exchanges by the Russian government to evade international sanctions. In a recent report, the firm highlighted two crypto platforms, Garantex and Exved, as potential resources for Russia to facilitate cross-border trade despite ongoing financial restrictions. According ...

Russia's largest bank, Sberbank, will start offering the country's central bank digital currency (CBDC), the digital ruble, to its customers by early 2025. Anatoly Popov, Deputy Chief Executive of Sberbank, reportedly confirmed the bank's involvement, alongside around 20 other financial institutions, in the second phase of the Bank of Russia ...