Russia

The crypto community just received another significant green light from a world superpower. Russian President Vladimir Putin recently stated that cryptocurrency “has the right to exist and can be used as a means of payment.” Russia Accepts Crypto Putin aired his thoughts in a recent interview with CNBC, when discussing alternative settlement means for crude oil contracts. Several months ago, Russia’s Deputy Prime Minister suggested that the country forgo dollar-denominated contracts in response to US sanctions. This spurred questions of…

Russian mobile operators are gearing up to introduce wallets for the digital rubles, according to reports. The European country is currently developing its digital currency to increase financial inclusion within its region.  Digital Wallets In Development  This development was revealed by local media outlet Izvestia in a report published on Tuesday, February 16. According to the report, mobile operators have expressed interest in introducing wallets for digital rubles on smart devices.  Two of the largest mobile operators Beeline and Megafon,…

According to reports, Russian officials have been informed that they must get rid of their crypto-assets before April 1. This is part of the sweeping regulations introduced by the European country in its quest to reduce corruption. Government Officials Must Relinquish Crypto-Assets The directive was issued by the Russian Ministry of Labor in a letter dated December 16th and recently published on the Ministry’s website. According to the contents, government officials at federal and local levels are prohibited from owning…

According to reports, Russia’s largest retail bank, Sber, could be set to launch its stablecoin. The bank has applied for a license with the Russian central bank to issue a stablecoin for corporate clients. Tokenized Ruble Sber revealed that the stablecoin would only be made available for companies that have accounts with the bank. It further highlighted that it would be issued in the form of tokenized rubles based on the amount held in the client’s accounts. Sber also revealed…

A severe fire outbreak gutted a poorly ventilated Bitcoin mining farm in Russia. According to reports from the Ministry of Emergency of the city, the fire outbreak started during the late hours of Tuesday in an apartment used for the mining operations. Poorly Organized Bitcoin Farm The fire started from the overheated mining equipment caused by the poorly established mining farm in a seven-room communal apartment located at Petrogradsky District, St. Petersburg. The farm owner failed to include a proper…

Cryptocurrency owners in Russia may soon be left with the option to declare their crypto holdings to the taxman or face up to three years in jail if caught, according to new reports from local media.  The Russian Ministry of Finance has drafted an amended proposal to ensure all crypto holders in the country report the value of their digital assets for tax purposes.  New Crypto Tax Rules The previous rule requires Russian citizens with small portfolios of at least…

This year started as a promising new chapter for the cryptocurrency market. A Bitcoin halvening, a global pandemic, and seven months later have made 2020 a completely different year for the industry than what anyone expected. There are plenty of reasons to remember 2020 for many years from now. This year, the cryptocurrency community could go down as the one with some of the most representative regulatory changes in history. Today, we take a closer look at the 2020 cryptocurrency…

Are governments keen to regulate cryptocurrencies to prevent financial fraud and protect citizens, or are they using regulation to Stifle Decentralized Finance? "What Was TON And Why It Is Over" is the title that was given to the parting statement made by Telegram's co-founder after Telegram was recently forced to abandon the TON blockchain project. After a continuous legal battle with the US Securities Exchange Commission (SEC), this ensued, which accused Telegram of conducting an illegal ICO sale and issuing…

Regulations in the cryptocurrency space have been a major point of focus. In February this year, Treasury Secretary Steven Mnuchin noted that cryptocurrency regulations will soon arrive in the United States. Some people consider cryptocurrency regulations as a hindrance to innovation and adoption. However, the cryptocurrency space is at higher risk due to the absence of clear regulation. Due to unclear regulations, numerous cryptocurrency exchanges have moved their base to other countries. Recently, Jason Williams of Morgan Creek Digital featured…