In a revolutionary step, Russia is embracing cryptocurrency exchanges to facilitate cross-border transactions, signaling a dramatic shift in its stance towards digital currencies. As this move aligns with the global trend towards digitized finance, it could trigger a wave of innovation and intensify competition in the crypto industry. This move
Significant revisions to the bill establishing the digital ruble have been submitted to the Russian parliament as the project moves forward. These amendments seek to alter the original legislation with respect to debt operations, services for non-residents, and the function of the central bank. The lower house of the Federal
U.S. prosecutors have filed charges against a Russian national who they say was involved in several ransomware scams. That together brought in about $200 million, most of it in cryptocurrency. Hospitals, schools, and even police stations were hit by ransomware attacks. Mikhail Pavlovich Matveev was a member of the Lockbit,
The Kommersant reported that seven placements of digital financial assets (DFAs) totaling roughly 1 billion rubles ($13 million) were done in Russia last month. While this market is currently relatively tiny. Big initiatives may be anticipated by the end of the year, according to experts cited by the business daily.
Russia has been actively discussing the expansion of the BRICS economic bloc with other member nations, according to a Russian official. Meanwhile, the group comprises Brazil, Russia, India, China, and South Africa. Discussions are ongoing, and a thorough analysis and delicate internal work by the five countries are required to
This year has seen a lot of headlines regarding the rising economic dominance of the BRICS bloc of countries. According to a recent Bloomberg report, the BRICS countries are expected to grow their economies faster than the G7 nations. The collective country will grow economically to shift the global power
Russia announced the development of special institutions in order to mine cryptocurrencies and transfer them internationally through certain legislation. As per the recent updates of BRICS nations, the payments over international settlements are taken into revaluation for legitimizing the crypto transactions. Being a low-cost energy consumer, Russia has provoked financial
The currency or method of payment used in international settlements is being reevaluated by a number of countries. On the one hand, several of them are working to lessen the role of the dollar in international trade. Moreover, several countries are beginning to legitimize cryptocurrency transactions. One nation making progress
Economic superpowers are stepping up their efforts to break free from US dollar hegemony, raising the possibility of the emergence of a new global order. Jim O’Neill, a former chief economist at Goldman Sachs, urged the BRICS bloc to grow and challenge the dollar’s hegemony this week. He stated that
Russian cryptocurrency miners who want to escape prosecution by the state will be required to file tax returns. This would include detailing their earnings and providing authorities with information about their digital assets, including wallet addresses. That’s what the Moscow government is considering doing, at least in terms of a
