Facebook Libra Won’t Receive Any Special Treatment from Russia’s Finance Ministry

Facebook Libra Won’t Receive Any Special Treatment from Russia’s Finance Ministry

Ever since Facebook released the whitepaper for its cryptocurrency Libra, regulators across the globe have been commenting on its implications over the world and national economies. The Russian Finance Ministry will not issue any special regulations for Facebook’s upcoming digital currency Libra, deputy minister Alexei Moisseev said to local news outlet Interfax. Russia has categorically denied that Libra will get any special treatment in the upcoming legislation for regulation of digital assets. Moisseev was answering…

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Russian Ministry of Finance Might Allow Cryptocurrency Trading After All

Russian Ministry of Finance Might Allow Cryptocurrency Trading After All

According to a recent report by the Russian news service Interfax, the Russian Ministry of Finance considers allowing sale and purchase of cryptocurrencies in the country. Russia has traditionally taken a hard stand against the idea of cryptocurrency trading. Russia had passed a bill prohibiting the use of crypto assets as a means of payment in May of last year. Just this month, in response to Facebook launching its long-awaited cryptocurrency Libra, Russia completely rejected…

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Russia Will Not Legalize Yet Facebook’s Cryptocurrency Libra

Russia Will Not Legalize Yet Facebook’s Cryptocurrency Libra

The Russian Deputy Finance Minister Alexei Moiseev says that the Russian Duma (parliament) will pass legislation in a few weeks, giving a legal and regulatory framework for cryptocurrencies. However, Moiseev revealed that Russia is taking a hard pass on Facebook’s stablecoin Libra, at least in the upcoming legislation. Anatoliy Aksakov, the chairman of the financial market committee of the lower chamber of the Duma, had a similar standpoint. “In my opinion, Facebook coin won’t be…

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New Data Suggests Russian Hackers were Behind Coincheck $530M Crypto Hack

New Data Suggests Russian Hackers were Behind Coincheck $530M Crypto Hack

It’s now thought that Russians were behind one of the biggest crypto heists in history, the crypto exchange Coincheck Inc heist. In January 2018, hackers broke into Coincheck, a popular cryptocurrency exchange, and made off with over $500 million in digital tokens. At the time, Coincheck didn’t reveal any details about how their system was breached, other than to say that it wasn’t an inside job. When asked how such a substantial amount of digital…

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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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