Lưu trữ cho từ khóa: Russia

Bitcoin

Sanctioned BitRiver sees Russia poised to surpass US in Bitcoin mining by 2027 with Kremlin’s support

Để lại phản hồi

Sanctioned crypto mining firm BitRiver suggests Russia could soon outpace the U.S. in mining due to favorable regulations.

As U.S. presidential candidates increasingly highlight the importance of blockchain and crypto mining leadership, sanctioned crypto mining firm BitRiver is optimistic about Russia‘s potential to surpass the U.S. in Bitcoin (BTC) mining by 2027.

In an interview with state-owned news agency Prime, BitRiver CEO Igor Runets highlighted recent regulatory developments that have bolstered Russia’s standing in the crypto sector.

In early August, Russia’s President Vladimir Putin legalized crypto mining by signing new laws that exempt low-energy mining operations from restrictions. This legislation allows citizens using energy-efficient rigs to legally mine Bitcoin, further solidifying Russia’s position in the industry, according to Runets.

“The recent legislation supporting mining in Russia has further solidified our country’s position in this field.”

Igor Runets

The BitRiver CEO claims that Russia’s growth rate in crypto mining has caught up with that of the U.S. in the past year, narrowing the gap in absolute figures. Per his calculations, Bitcoin mining in Russia currently consumes over 2.5 GW of energy compared to more than 7 GW in the U.S.

Runets emphasized that the evolving regulatory environment is prompting oil and gas companies to reevaluate their strategies, fostering collaboration with Russian crypto miners. He expects the effective utilization of associated petroleum gas through data centers for mining will provide a significant growth stimulus, positioning Russia to outpace the U.S. in the crypto landscape within the next two to three years.

In April 2022, the U.S. government added BitRiver along with several of its subsidiaries to its sanctions list for operating in the technology sector of the Russian economy in an effort to isolate the country from the global financial system. The U.S. Treasury said at the time that crypto mining companies helped Russia monetize its natural resources, noting that Russia had a “comparative advantage in crypto mining due to energy resources and a cold climate.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Russia’s central bank to probe crypto-linked cross-border transfers, banking channels

Để lại phản hồi

The Bank of Russia is planning to investigate cross-border crypto transfers by residents, focusing on banking channels to assess the volume of crypto-related operations.

Russia‘s central bank will conduct an investigation into cross-border crypto transactions by residents in Q4 and Q1 2025, according to its latest oversight program in a bid to identify and quantify operations involving the purchase and sale of cryptocurrencies.

The investigation will focus on key factors such as transaction forms, transfer directions, counterparties, and the banks facilitating these transfers, the central bank said in a statement. The study will include major financial institutions like Raiffeisenbank, Citibank, MTS Bank, Unistream, and several regional banks, including Asia-Pacific Bank, Ak Bars Bank, and Avangard.

The regulator’s statistics department will analyze the volume and value of crypto-related cross-border transfers to assess their impact on the broader financial system.

The move comes as crypto adoption in Russia continues to rise. Per the latest research, nearly 20% of Russians have used cryptocurrency, while over 65% are aware of it but lack detailed knowledge. Despite this growing awareness, most Russians do not currently hold any digital tokens, with only a small fraction using crypto for savings or investment purposes.

In June, a research report from fintech company Triple A showed that approximately 6% of Russians hold cryptocurrency, equating to over 9 million individuals, suggesting that more than 12% of the working population has acquired cryptocurrencies.

In April 2022, Russia’s prime minister Mikhail Mishustin revealed in the State Duma that more than 10 million citizens possess crypto wallets, which could contain over 10 trillion rubles (exceeding $107 billion at current rates). However, he did not disclose the source or methodology behind this estimate.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Survey finds 20% of Russians engaged with crypto

Để lại phản hồi

Nearly 20% of Russians have used cryptocurrency, while 66% are aware of it but lack detailed knowledge, according to a new survey.

Nearly one-fifth of Russians have used cryptocurrency, while more than 65% are aware of them but lack detailed knowledge, Russia’s state-run TASS news agency reported on Monday, Sept. 30, citing data from a survey conducted by a local financial marketplace.

The survey of 1,200 respondents aged 18 and older across Russia highlights the gradual uptake of crypto among Russian consumers, with over 20% reporting some experience with crypto. The survey found that almost 80% of respondents have never used cryptocurrency, although 15% expressed interest in adopting digital assets in the future. Of those who have tried crypto, 63% indicated they did so out of curiosity, while 19% used it for savings or investment purposes. Only 2% reported regular crypto usage.

Despite growing awareness, most respondents — nearly 90% — do not currently hold any cryptocurrency. Of the minority who do, 6% reported holding less than 10% of their savings in crypto, with only 4% having up to half of their assets in digital form.

Russia’s evolving relationship with crypto comes as the government explores the use of digital assets for foreign trade, particularly in industries with potential military applications.

As crypto.news reported in mid-September, Russia formed a focus group to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions. The move came shortly after China announced in early August that it would ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Russia nears crypto exchange trials to bypass sanctions: report

Để lại phản hồi

Russia is said to begin trials of crypto exchanges and token transactions for cross-border payments to mitigate the impact of international sanctions.

Russia appears to be days from starting trials of crypto exchanges and token transactions for cross-border deals in a bid to bypass challenges faced under international sanctions, Bloomberg has learned, citing sources familiar with the matter.

The trials, scheduled to start on Sept. 1, will involve using the National Payment Card System to facilitate the exchange between Russian rubles and cryptocurrencies, the sources say. This initiative follows recent legislation passed by Russia’s parliament that legalizes crypto mining and establishes a framework for testing digital tokens for cross-border payments under the supervision of the central bank.

The move comes as Russian businesses face increasing difficulties in paying foreign suppliers and receiving payments for exports due to sanctions. Some major Russian metal producers have already started using stablecoins for transactions with China, as traditional payment methods have become constrained.

In mid-August, reports indicated that Russia is planning to establish at least two domestic crypto exchanges, with one possibly utilizing the infrastructure of the St. Petersburg International Mercantile Exchange and the other potentially based in Moscow, though details remain unclear.

The National Payment Card System, created by the central bank in 2014, operates Mir cards and Russian instant interbank payment systems. Officials selected this network for the crypto exchange trials due to its existing infrastructure, which includes interbank settlement and clearing capabilities, the sources said.

If successful, the trials could lead to the launch of crypto platforms by the Moscow Exchange and the St. Petersburg Currency Exchange next year, the sources added. The experiment will allow the use of any existing crypto, according to those familiar with the plans.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Russia’s central bank set to legalize crypto for qualified investors

Để lại phản hồi

The Bank of Russia appears to be moving forward with plans to test cross-border crypto deals for qualified investors.

Russia‘s central bank, the Bank of Russia, is considering amending the law to introduce a new category of “particularly qualified investors,” which would allow these individuals to trade crypto as the country explores the use of cryptocurrencies for cross-border transactions.

In an interview published Monday, Aug. 26, in the Russian newspaper Izvestia, Alexey Guznov, the Bank of Russia’s state secretary and deputy governor, indicated a possible shift in the nation’s stance on cryptocurrencies. Guznov disclosed that the central bank is contemplating the possibility of permitting a limited group of specially qualified investors to participate in buying and selling cryptocurrencies.

“There is currently a discussion about allowing a limited group of particularly qualified investors to trade digital currencies, enabling them to buy and sell such assets. However, this is a topic for the next stage. In the meantime, all potential risks need to be thoroughly analyzed.”

Alexey Guznov, Bank of Russia’s state secretary and deputy governor

Currently, there is no legal framework defining these investors, but the central bank is reportedly considering legislative changes to establish this new category.

The central bank is also showing openness to the use of stablecoins for international trade, provided they meet certain criteria. According to Guznov, if a stablecoin is backed by an obligated party and resembles digital financial assets — centralized, tokenized assets issued in Russia — then it can already be used for cross-border settlements under current laws. However, algorithmically managed stablecoins without a backing entity would be treated as cryptocurrencies and would require an experimental regime for cross-border use, he added.

Guznov’s remarks come shortly after reports surfaced saying that Russia is considering the establishment of at least two domestic crypto exchanges, potentially utilizing the infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. The primary objective of these exchanges, however, is not to facilitate crypto trading but to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Russia considers launching trading platforms for stablecoins on domestic stock exchanges: report

Để lại phản hồi

Russia is set to launch two new crypto exchanges, one in St. Petersburg and another in Moscow, with a focus on stablecoin development.

As sanctions continue to impact Russia‘s financial sector, the country is now planning to establish at least two domestic crypto exchanges, with one potentially utilizing the infrastructure of the St. Petersburg International Mercantile Exchange and the other to be set up in Moscow, though its exact framework remains undecided, Russia’s newspaper Kommersant reports, citing sources familiar with the matter.

The Moscow-based crypto exchange could either integrate with the stock Moscow exchange or operate under a new experimental legal regime. The primary goal for these exchanges, however, is not to facilitate crypto trading, but rather to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

Thus far, the cryptocurrency industry in Russia is regulated by a local bill “On Digital Financial Assets,” which provides a framework for digital financial assets but lacks specific guidelines for crypto exchanges. As a result, the new exchanges will initially operate as a pilot under the experimental legal regime, an official said.

Once approved, the exchanges are expected to launch with a limited user base before gradually expanding to include major exporters, importers, and affiliated businesses, people familiar with the plans say.

Russia advances crypto exchanges amid regulatory talks

The establishment of crypto exchanges aligns with ongoing discussions between Russia’s Finance Ministry and the country’s central bank. Finance Minister Anton Siluanov confirmed that while negotiations are progressing, no final decisions have been made.

The development follows a recent legislative move by President Vladimir Putin, who signed a law in early August legalizing crypto mining in a bid to create a legal framework for the issuance and circulation of cryptocurrencies.

In July, crypto.news reported that Russian lawmakers are exploring the introduction of gold-backed tokenized assets, directly managed by the central bank, as a solution for persistent cross-border payment challenges.

Ongoing discussions, involving senior officials and key banking figures, indicate that Russia is exploring this approach as a means to provide businesses with a stable mechanism for international transactions. However, this initiative has not yet progressed to the development stage at the state level.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Russia’s Minfin considers launching a domestic crypto exchange

Để lại phản hồi

Russia’s Finance Ministry and central bank are in talks about setting up a domestic crypto exchange, though no final decision has been made yet.

As Russia explores the development of its own crypto trading platforms, driven by the need to circumvent the impact of international sanctions, the country’s top financial authorities are grappling with unresolved complexities.

According to a report by state-run news agency TASS, Finance Minister Anton Siluanov confirmed the ongoing negotiations between the Ministry of Finance and the Bank of Russia. Siluanov noted that while the discussions are thorough, no definitive decision has been reached.

“We are actively discussing this topic, but we have not yet found a solution on how to implement it.”

Anton Siluanov

The move to establish a regulated crypto exchange follows a legislative step made by President Vladimir Putin, who signed a law in early August legalizing crypto mining in Russia. The legislation aims to create a legal framework for the issuance and circulation of cryptocurrencies, which are still banned as legal tender in the country.

Russia one step closer to legalizing crypto

Russia, which ranked third globally in Bitcoin mining capacity at the end of 2021, according to data from the Cambridge Centre for Alternative Finance, has since risen to become the second-largest Bitcoin miner, trailing only the U.S. The new law appears to be part of a broader strategy to leverage this capacity by facilitating legal crypto activities within the country.

In addition to these efforts, Russia has been considering ways to integrate cryptocurrency into its financial system to ease cross-border trade. In mid-July, the Ministry of Finance reportedly explored the possibility of permitting crypto trading on traditional stock exchanges, but limited to professional investors. However, it remains unclear if any progress has been made on this front.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

El Salvador proposes crypto for trade with Russia, embassy official says

Để lại phản hồi

El Salvador has proposed using crypto for trade with Russia to navigate financial constraints imposed by sanctions, according to a Russian embassy official.

El Salvador has proposed using Bitcoin (BTC) for trade with Russia, as the latter has limited options for maintaining financial ties with the South American country due to sanctions.

In an interview with the Russian state-owned newspaper “Izvestia,” Alexander Ilyukhin, the first secretary of the Russian embassy in Nicaragua and head of the office in El Salvador, highlighted the challenges of conducting trade with El Salvador, given that the country recognized the U.S. dollar as a national currency. Therefore, El Salvador has suggested that cryptocurrencies could serve as an alternative, the Russian official said.

“El Salvador is the first country to officially adopt Bitcoin as legal tender. Within the country, any tourist can pay for services using Bitcoin.”

Alexander Ilyukhin

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, a decision announced by President Nayib Bukele at the Bitcoin 2021 conference in Miami. Despite the offer, Ilyukhin noted that embracing crypto for cross-border trade at the current stage is unlikely as Russia banned crypto as a legal tender in early 2021.

“[…] Bitcoin is not widely used in our country, so we seek other ways to boost trade. The government of El Salvador is ready to continue economic cooperation with Russia.”

Alexander Ilyukhin

The discussion of crypto as a medium for trade comes amid broader efforts to facilitate financial transactions between the two nations. For the development of tourism, Ilyukhin said it’s crucial for Russians to be able to make payments freely in different countries, suggesting that cryptocurrencies might be the only viable option for now.

“A more pragmatic approach for our tourists would be payment using cryptocurrencies.”

Alexander Ilyukhin

Although Russia has banned cryptocurrency payments, legislative changes are on the horizon. As crypto.news reported earlier, the Russian parliament recently advanced two crypto-related bills in their first readings, which could potentially permit the use of digital assets for international trade with major partners like China, India, the UAE, and Turkey.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Russian parliament passes bill for crypto use in international trade, legalizes crypto mining

Để lại phản hồi

Russian parliament passed a bill allowing the use of crypto for international trade and also legalized crypto mining.

The legislation aims to facilitate international transactions that Western sanctions and regulatory pressures on local banks have hampered. The use of crypto will allow certain industries to bypass specific trade regulations. 

According to Reuters, Russia has experienced notable interruptions in global transactions with key trading partners like China, India, the United Arab Emirates, and Turkey. This is due to local banks exercising increased caution under pressure from Western regulators.

While crypto is not permitted for domestic payments in Russia, this new bill represents a significant shift in the country’s approach to digital currencies internationally. 

The new law aims to strengthen Russia’s trade relationships and challenge global regulatory dynamics. Other countries have already taken similar actions. For example, Venezuela has used crypto to bypass international sanctions, causing worry among U.S. lawmakers.

Russia starts legalizing crypto mining

Today, the parliament passed a bill to legalize cryptocurrency mining in Russia. Drafted by Deputy Anatoly Aksakov and others, the bill mandates government and Bank of Russia regulations for mining activities, with compliance monitored by a federal body. The initiative aims to legalize mining, ensure income declaration, and facilitate tax payments.

The bill also seeks to reduce legal risks by allowing the sale of mined digital currencies without using Russian information infrastructure and exempting these transactions from currency regulation laws. It includes a ban on cryptocurrency advertising and, if approved, will take effect on September 1, 2024.

Impact on crypto and U.S. relations

The approval of this bill places Russia in opposition to the United States’ longstanding efforts to curtail Moscow’s international trade capabilities. U.S. officials, including Treasury Secretary Janet Yellen, have closely monitored Russia’s use of crypto to evade sanctions. 

“We are very attentive to the [Russian] use of cryptocurrencies and stablecoins. We don’t think it’s a very substantial thing that Russia is doing but as our sanctions bite more and more, it becomes a concern,” Yellen said recently.

As sanctions tighten, Russia’s use of crypto could concern U.S. legislators trying to tighten their grip on the country’s international trade. 

President Vladimir Putin, while critical of bitcoin mining’s high energy consumption, supports using crypto to mitigate the impact of international sanctions. This legislative development underscores Russia’s determination to explore alternative financial mechanisms to sustain its international trade amidst ongoing economic pressures from the West.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News