Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Anatoly Aksakov, Chairman of Russia’s State Duma Committee (parliament), announced that Russian lawmakers have been considering imposing fines on the mining of cryptocurrencies which are based on an open blockchain, like Bitcoin. This was revealed in an interview with Russian news outlet TASS. Anatoly Aksakov said: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for…

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Russia’s Central Bank Plans to Use Gold-Backed Cryptocurrency for International Trade

Russia’s Central Bank Plans to Use Gold-Backed Cryptocurrency for International Trade

Russia’s central bank, the Bank of Russia, will be considering issuing gold-backed cryptocurrency according to the Russian news agency TASS. The head of the Bank of Russia, Elvira Nabiullina, revealed that the bank may be interested in creating gold-pegged cryptocurrency (a stablecoin) for conducting mutual settlements. However, Nabiullina expressed her preference to develop international settlements using national currencies. She was speaking at the meeting of the State Duma, and stated: “As for mutual settlements, we…

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Russian Lawmaker Warns Governments of Crypto Threats and Advises to Ban Cryptocurrencies

Russian Lawmaker Warns Governments of Crypto Threats and Advises to Ban Cryptocurrencies

A Russian lawmaker with the Communist Party in the State of Duma has come up to advise governments of the world to steer clear and to never adopt Bitcoin and other cryptocurrencies as such digital assets could lead to their downfall. Nikolay Arefyev (who also doubles as the Deputy Chairman of Duma’s committee in charge of economic policy, innovative development, industry, and entrepreneurship), warned governments sternly about the potential threat that Bitcoin and other cryptocurrencies…

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Venezuela to Rely Further on Petro and Russia’s Ruble to Circumvent Sanctions

Venezuela to Rely Further on Petro and Russia’s Ruble to Circumvent Sanctions

Venezuela is in talks with Russia to use the Russian Ruble in mutual trade settlements, abandoning the US dollar for country-to-country transactions. The news story was reported by both Russian and Venezuelan news media outlets. The talks follow sanctions on Venezuela imposed by the United States and are seen as Venezuela trying to bypass those sanctions. Furthermore, El Petro, Venezuela’s oil-pegged cryptocurrency will become another medium of exchange for the country. The Petro is pegged…

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Advisor to President Putin: Cryptocurrencies Can Help Russia Avoid Upcoming Sanctions

Advisor to President Putin: Cryptocurrencies Can Help Russia Avoid Upcoming Sanctions

Sergey Glazyev, advisor to the president of Russia Vladimir Putin, has proposed to adopt cryptocurrencies in Crimea to help attract global investments and avoid any further sanctions. An important context for this news story is the fact that special counsel Robert Mueller’s report of the investigation of Russia’s meddling into the 2016 US elections was released last week (and as we reported previously, a crypto connection was already established). The investigation was able to determine…

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Corrupt FSB Officers Arrested in Russia for a Huge Bitcoin Extortion

Corrupt FSB Officers Arrested in Russia for a Huge Bitcoin Extortion

Crypto frauds among other cybercrimes is eating deep into several sectors of the economy of countries across the globe. This called for governments to create special task forces to oversee the cyber circle to ensure unsuspecting citizens are not defrauded of their hard-earned cash. Sadly, today’s story is actually the opposite. Two law enforcement officers who are in charge of ensuring citizens are not defrauded in Russia are being charged for defrauding a suspect of…

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Russia’s Social Networking Giant VK Plans on Creating its Own Cryptocurrency

Russia’s Social Networking Giant VK Plans on Creating its Own Cryptocurrency

The emergence of cryptocurrency in social media platforms is one that we have played with in time past. A number of social media platforms have risen up to the task, as Facebook and Telegram are probably the most significant one; however, they are yet to clinch the deal to make this present-day dream a full reality. Last year, Facebook announced its intention to create its own crypto coin that would be functional on the platform….

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Head of Russia’s Second Largest Bank: Mining Bitcoin is Just Another Form of Counterfeiting

Head of Russia’s Second Largest Bank: Mining Bitcoin is Just Another Form of Counterfeiting

Andrey Kostin is the head of VTB, Russia’s second-largest bank. Recently he was reported making a statement regarding crypto mining in which he compared crypto mining to counterfeiting. The statement was made during a speech to students who participated in an educational contest organized by Yandex, a Russian tech corporation. He said: “I am not a big fan of the crypto ruble. To me, this is a kind of counterfeiting. A person who is mining [cryptocurrencies] is similar…

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Eurasian Economic Commission Considers Regulations on Cryptocurrencies

Eurasian Economic Commission Considers Regulations on Cryptocurrencies

All the major players in the crypto market are in a hurry to introduce the regulations and laws that will help bring the vast market to the mainstream. Countries like China, US, UK, France, Korea, Japan, Thailand, and India are constantly working to find the correct mix of oversight and freedom (to different degrees, of course) to allow cryptocurrencies and other DLT’s to progress in their relevant demographics. In another example, the Eurasian Economic Commission,…

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Russian Prime Minister Medvedev: Don’t Bury Cryptocurrencies Yet!

Russian Prime Minister Medvedev: Don’t Bury Cryptocurrencies Yet!

Russia generates quite a lot of crypto-related headlines lately. Is it just a coincidence that many cryptocurrency events currently surround Russia, or is it some sort of coordinated effort of the Russian Federation to use cryptocurrency? And now more interesting crypto news are arriving from Russia, this time directly from the state’s Prime Minister Dmitry Medvedev. During a speech at the plenary meeting of the 10th Gaidar Forum where he delineated global challenges that the…

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