Russia

The post Russia Eyes Increase in Crypto Mining Tax with New Legislation appeared first on Coinpedia Fintech News According to the local news report, at the Eastern Economic Forum (EEF-2024), Sergey Bezdelov, Director of the Industrial Mining Association, announced that Russia mined 54,000 bitcoins in 2023, generating 50 billion rubles in taxes. Bezdelov noted that with the upcoming “gentle” regulation of cryptocurrency mining, the tax contribution is set to increase as new infrastructure investors join the market. This comes after…

The post Russia is Ready to Start Crypto Trials! appeared first on Coinpedia Fintech News Russia is working rapidly to utilize crypto as payment for international trades. In just 2 months, from lower house bills to becoming ready to test payments, they has worked very fast. Lower house of Russian parliament passed the bills in July and on August 8, the president approved them. By September, Russia will start testing. Why is Russia in so much hurry and how are…

Despite Russian President Putin's claims of robust trade in Yuan with China, recent reports highlight major payment issues. Many Chinese banks, especially smaller regional ones, have stopped processing payments from Russia due to U.S. sanctions. As a result, Russian businesses face difficulties in using Yuan and have turned to cryptocurrencies as an alternative. Russia legalized cross-border crypto payments, viewing them as a temporary solution while working on a central bank digital currency system with China and other BRICS nations. Meanwhile,…

In a significant boost for the largest cryptocurrency on the market, Bitcoin (BTC) has surged nearly 9% in the last 24 hours, inching closer to the coveted $60,000 milestone. This price rally comes after BTC hit a 7-month low of $49,000 earlier this week amid broader market uncertainty. Fueling this crypto resurgence is a significant development in Russia, where President Vladimir Putin has officially signed a law legalizing cryptocurrency mining in the country.  Russia Formalizes Crypto Mining Rules According to…

The post Putin Signs the Law : Russia To Mine Crypto appeared first on Coinpedia Fintech News In a significant ruling, the President of Russia, Vladimir Putin, has signed a law on Thursday to legalize crypto in Russia. This bill will enable registered Russian entrepreneurs to mine cryptocurrency. Let’s understand who will be allowed to mine crypto and where they can sell it. Legalizing of Crypto Mining BRICS started embracing digital assets in the last few months. Reports suggest that…

The post Russia to use Cryptocurrency in Off-Border payments! appeared first on Coinpedia Fintech News In a significant legislative move, Russia passed two crypto bills on Tuesday. After their attack on Ukraine, Russia has been cut off from the global payments network. This is affecting their economy. Keeping a full crypto ban domestically, they wish to use crypto payments internationally. Let’s explore how these two bills can help Russia to save their economy. Crypto for International Trades In the first…

Big moves are on the horizon as Russia steps into the world of cryptocurrency. Initially, Russia imposed strict regulations, banning crypto payments and controlling exchanges. However, recent developments indicate a policy shift, with the government preparing to adopt a law on cryptocurrency payments and aiming to launch international crypto transactions by year's end.  Meanwhile, America is exploring the idea of holding Bitcoin reserves and candidate in president Trump has a crypto narrative.These developments could ignite a new bull market. Which…

According to early reports, Russia might be moving to legalize stablecoins for international payments to mitigate the impacts of international sanctions and exclusion from traditional financial systems. Stablecoins To Evade Sanctions The Russian government is reportedly contemplating legalizing stablecoins for international transactions to facilitate cross-border payments for Russian companies amid ongoing sanctions. This potential move, reported by the Izvestia news service, seeks to address the challenges faced due to exclusion from the SWIFT system. These stablecoins are pegged to stable…

The President of Iran, Ebrahim Raisi, who is also a key member of the BRICS alliance has reportedly died from a helicopter crash that occurred in the Northwest region of the country.  To many, this could halt the common currency goal of BRICS, however, others expect nothing to change.  Iran’s president, Ebrahim Raisi, and Foreign Minister, Hossein Amirabdollahian, have been confirmed dead after a helicopter they were traveling with crashed in the wild northwest region of the country. It is…