Russia

A representative of Russia’s Central Bank recently denounced private stablecoins in favor of a possible digital ruble. He claimed that the former is unsafe because its owners do not control the assets backing their value. CBDC VS Stablecoins As reported by local media on Monday, the unnamed representative argued that stablecoins are not in fact “stable” in value. Stablecoins are cryptocurrencies that attempt to circumvent industry volatility by pegging their value to relatively stable, real-world assets. They typically rely on…

Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date.  Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…

The international hacktivist collective known as “Anonymous” is now sourcing funds from the crypto community to help fight Russia and other governments alike. It has partnered with an organization “CultDAO”, which has already agreed to donate 13 ETH to the cause. Understanding CultDAO Anonymous announced its support from CultDAO over Twitter on Wednesday. It promised to ramp up its cyber-warfare efforts after declaring war on Russia’s government for invading Ukraine in March. This included allying with CultDAO, which it claims…

Binance – the world’s largest crypto exchange – recently released an update on its treatment of Russian accounts due to international sanctions. The company will place accounts holding crypto worth over 10,000 EUR into “withdrawal-only mode”, preventing them from making more trades. Politics Versus Principles As its war with Ukraine continues, sanctions against Russia from the former’s allies have continued to tighten. Meanwhile, both the European Union and United States have been particularly concerned about crypto’s potential role in bypassing…

One day after the IMF’s warning, the US treasury has hit multiple Russian Bitcoin mining companies with secondary sanctions. The increased restrictions should prevent Russia from monetizing its energy resources using proof-of-work crypto networks. Cutting Off Mining Resources As reported by CNBC, this marks the first time the Treasury has ever placed trade restrictions on virtual currency miners. Last month, President Biden announced that America would no longer accept Russian oil, with other jurisdictions following suit. Gas prices in the…

The EU Council has decided to impose another ban on Russia, bringing the total number of sanctions against the Russian Federation to five. Its latest will tighten up previous sanctions on Russian-related wallets. As well as traditional accounts linked to Russia and Belarus. What the New Sanction Entails According to a press release issued by the EU, the current package features five items. The package focuses on coal and fossil fuels, access to EU ports, road transportation, exportation bans, as…

Pavel Zavalny – chairman of Russia’s Congressional energy committee – recently stated that his country would be open to accepting Bitcoin as payment for natural gas sales. This is part of Russia’s willingness to accept new currencies for trade. Also, it follows its ban from access to US dollar payment systems. Russia’s Post-Dollar Plan The chairman revealed the nation’s willingness to trade Bitcoin during a press conference on Thursday.  He said that Russia would be willing to adjust to accepting…

As part of efforts to evade UN-imposed financial sanctions, Russian legislator Sergei Mironov has proposed that Russia hasten its introduction of a CBDC. CBDC to Combat Inflation Mironov, who also heads the political party, A Just Russia, shared his thoughts with Russia’s central bank. The lawmaker believes that a digital ruble will be a good fit for infrastructural projects. Additionally, Mironov also pointed out that a CBDC could be instrumental in aiding advancement within the production and transport sector.  Mironov’s proposal…

US Senator Elizabeth Warren’s fight against criminal misuse of cryptocurrency presses on. The Democrat is reportedly drafting a bill to prevent sanctioned Russian entities from possibly pivoting to crypto rails for facilitating international trade. A Choice For Exchanges According to NBC News, the bill will threaten secondary sanctions on foreign crypto exchanges that choose to service sanctioned individuals and groups. Should they not comply, they would be refused access to the United States, where one of the most active bases…