Russia

Russia bans the general circulation of cryptocurrency to boost ruble dominance and control the crypto market, with exemptions for miners and Central Bank projects. Debate has erupted over the necessity of regulation in Russia’s crypto ban; some call for clear laws, while others, like Finance Minister Anton Siluanov, prefer a moderate approach. Russia has announced a sweeping ban on the general circulation of cryptocurrency assets, aiming to bolster the ruble’s dominance and assert control over the crypto ecosystem. Anatoly Aksakov,…

The post Why Russia Imposed Ban On Cryptocurrencies? appeared first on Coinpedia Fintech News From September 1, 2024, Russia will impose strict restrictions on cryptocurrency circulation. However, this restriction excludes assets issued within its jurisdiction. Anatoly Aksakov’s move aims to strengthen the Russian ruble’s dominance amidst geopolitical tensions. Aksakov has highlighted the need to maintain the status of the ruble as the primary monetary unit. Non-Russian crypto operations will be restricted to ensure this. However, exceptions will be made for…

Russia is preparing to enforce a total ban on the circulation of crypto assets like Bitcoin as it looks to reinforce the ruble amid rising geopolitical tensions and crippling sanctions.  Instead, Russia will allow only digital financial assets issued within its jurisdiction.  Russia Looks To Enforce Crypto Ban  Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Market, is leading the initiative. The committee is part of a larger effort by the Russian government to control the…

Wally Adeyemo, Undersecretary of the U.S. Treasury, released an official statement saying Russia is increasingly resorting to alternative payment methods, such as the stablecoin Tether (USDT), to evade sanctions and sustain its military operations. The hearing, titled “Countering Illicit Finance, Terrorism, and Sanctions Evasion,” marks the committee’s second discussion on the topic within the last six months. Russia Employs Tether to Evade Sanctions In his testimony, Ademayo shed light on the exploitation of crypto assets by terrorist groups and rogue…

The Office of Foreign Assets Control (OFAC) has escalated its enforcement efforts by tightening its grip on individuals and entities operating within the financial services and technology sectors in Russia, particularly those involved in virtual assets, enabling evasion of US sanctions. The enforcement agency claimed that these individuals and entities played a crucial role in facilitating transactions or providing services aimed at aiding other designated entities in circumventing sanctions imposed by the US. OFAC Tightens Grip on Russian Entities According…

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

The government of Russia may be partnering with Iran’s central bank to issue a new stablecoin backed by gold.  The stablecoin’s purpose will be to facilitate cross-border trade settlement. Russia’s New Trade Plan Per a report from the Russian media outlet Vedomosti on Monday, the stablecoin could ideally work as a substitute for dollars, ruble, and euro in foreign trade.  Anton Tkachev confirmed that negotiations for such a token were already taking place. However, the ongoing discussion at state level…

In a release on Thursday, a Russian news outlet revealed that the nation’s authorities have given the green light to crypto cross-border settlements. Beneath a new bill from the relevant entities, Russia will grant people access to crypto wallets. Central Bank Agrees on a Proposal for Cross-border Settlements The Bank of Russia and the Russian Ministry of Finance have agreed to let residents use digital assets for cross-border payments. Deputy Minister of Finance Alexei Moiseev claims both entities joined forces…

Russian President Vladimir Putin signed a bill into law preventing the use of digital assets as a means of payment According to the explanatory note on the draft law, the bill prevents “the use of digital financial assets… as a means of payment.” Specifically, it establishes a direct ban on the “transfer or acceptance of” digital financial assets as compensation for work, goods, or services. The note reinforces the primacy of the ruble as Russia’s official monetary unit.  “This article…