The Russian Agricultural Bank is thinking to keep crypto-based tools as an alternative to traditional settlement methods for exporting more than 49.5 million tonnes of grain. This step will help in amalgamating commodities market to digital assets, introducing this use case. Russia is very active in terms of crypto adoption.
Russia’s Central Bank is set to introduce new regulations that could effectively limit Tether (USDT) use within the country. According to experts, trading USDT may no longer be allowed on domestic exchanges due to worries over international sanctions and wallet freezes. However, it seems that using USDT and similar stablecoins
While cryptocurrencies are rapidly revolutionising financial systems, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) is trying to prevent their misuse to circumvent sanctions by Russia and China. At the London Digital Assets Summit on May 6, Tom Zschach, SWIFT’s Chief Innovation Officer, laid out how the company is enhancing
The Finance Ministry and Central Bank of Russia are expectedly to work on introducing a crypto exchange for elite investors under an experimental legal regime. The Russian Media Group RBC reported on April 23 that during a ministry meeting, the Finance Minister of Russia, Anton Siluanov, mentioned that the exchange
With more strict Western sanctions, Russian oil companies are using more and more cryptocurrencies to trade with India and China, Reuters. This reflects the part played by cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) in avoiding traditional financial rules. Crypto as a Tool to Trade Russian
The face of the crypto industry changed significantly with the support of the US president. Donald Trump promised to make the US a crypto capital of the globe and is already taking steps towards it. With the anticipated Bitcoin reserve creation, the crypto industry is set to achieve new heights
The Russian government and central bank reported that they successfully tested the CBDC for budget settlements. Apparently, the officials revealed the news one month after the actual trials. The Russian Finance Minister Anton Siluanov has been planning to test and launch the digital ruble for more than a year. The
Russia’s state-owned energy giant, Rosseti is spearheading an ambitious initiative to enter the Bitcoin mining sector. The company plans to maximize “underutilized power facilities” to power cryptocurrency mining operations, to improve grid efficiency and as a revenue stream. “The Rossetti Group is the largest grid company in Russia. We can
Russian authorities have started liquidating 1,032 Bitcoin worth around one billion rubles. The cryptocurrency was confiscated from Marat Tambiev, a former investigator convicted in a major bribery case. Tambiev took Bitcoin bribes from the Infraud Organization, a prominent hacking group. Tambiev, a former chief investigator in Moscow’s Tver District, accepted
The Russian government plans to ban crypto mining activity in 10 selected regions to reduce energy consumption. For over 6 years, people in these regions will not be able to mine digital currencies and also participate in mining pools. As per the local new agency TASS, Russia bans crypto mining
