Russia’s central bank recently said that it is looking to begin a pilot for the digital ruble next year, with plans to use the central bank digital currency (CBDC) for international payments. Digital Ruble a Priority, Says Central Bank Governor According to a Reuters report, the governor of the Bank of Russia, Elvira Nabiullina, speaking...Read More
The U.S. government has just sanctioned the first cryptocurrency mining company, which also happens to be from Russia. This comes a day after the IMF warned that Russia could potentially evade economic sanctions by mining cryptocurrencies. On April 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned BitRiver, a cryptocurrency mining company...Read More
Russia could use cryptocurrency mining to evade sanctions, according to the IMF. The IMF warned in its new report that sanctioned countries like Russia could use cryptocurrencies and significantly boost their mining industry to evade any economic sanctions imposed on them. The International Monetary Fund (IMF) indicated in its report on global financial stability that...Read More
Citing fears of Russian intervention, Irish authorities have implemented new integrity rules that prohibit political donations sent in the form of cryptocurrencies. The nation has also incorporated stricter rules on all foreign campaign donations. No Political Crypto Donations in Ireland The near two-month-long war, still called a “special military operation” by the aggressor, continues to...Read More
As one of the major crypto exchanges in Europe, CurrencyCom has a solid customer base in both Russia and Ukraine. On Saturday, the company confirmed that it had been attacked hours after announcing plans to halt onboarding new customers from Russia and reassured its customers that the attack was a failure. The owner of CurrencyCom,...Read More
Russia’s Ministry of Finance has reportedly finalized its cryptocurrency regulation bill and is ready to apply it soon. The legislation particularly touches upon digital asset mining as experts believe it will create new opportunities for participants. On the other hand, it might drive investors to “the black market.” It Is High Time for Some Clarity...Read More
Mikhail Mishustin – Russia’s Prime Minister – believes the Russian population collectively holds more than 10 trillion rubles ($130 billion) worth of cryptocurrencies. He assumed that most of those individuals were from the younger generations. 7% of Russians are HODLers Apart from being in the global spotlight due to its “special military operation” in Ukraine,...Read More
The European Union (EU) has imposed the fifth round of sanctions against Russia in light of its continuing war against Ukraine. The council has targeted cryptocurrency wallets as it aims to close potential loopholes in existing restrictions that could allow Russians to circumvent sanctions and move money. Fifth Round of Sanctions Against Russia In a...Read More
Chengpeng Zhao, aka CZ, CEO of Binance – believes that cryptocurrencies are a terrible option for evading sanctions. Cryptocurrencies have come in aid to the Ukrainian government as well as the several NGOs that have managed to secure donations to help the war-stricken country distribute emergency resources and push back against Russian invasion. However, concerns...Read More
Frankfurt’s Central Office for Combating Cybercrime (ZIT) and the Federal Criminal Police Office (BKA) conducted a joint operation against the Russian Darknet Marketplace “Hydra Market.” The authorities shut down its server infrastructure and seized over $25 million worth of bitcoin. ‘Hydra Market’ is Down According to a federal police statement, German law enforcement agents “secured...Read More
As the war in Ukraine unfolds, the international cryptocurrency community has raised millions in donations to support its people. At present, the number of tallied funds raised for the invaded nation tops $100 million. Writing for Finbold Tuesday, Jordan Major noted: “Ukraine continues to receive a substantial influx of cryptocurrency contributions, with the value now...Read More
As the war between Russia and Ukraine continues and Western sanctions loom over the former, the country might accept Bitcoin for oil payments, according to some reports. Pavel Zavalny, deputy for the United Russia party in the 7th State Duma of the Russian Federation, was quoted saying that the country might accept Bitcoin for oil...Read More
Anonymous has hit the Russian Federation again by hacking its central bank and threatening to release thousands of sensitive documents. Additionally, the group continues to warn global companies that have not withdrawn from Russia to do so, otherwise, they could be hacked next. Anonymous Exploits Russia’s Central Bank It’s been precisely a month since Russian...Read More
The President of the European Central Bank, who’s safe to describe as a cryptocurrency critic, asserted during today’s conference that the institution has noticed digital assets are being used by Russians to bypass the sanctions imposed by the West. Shortly after Russia launched its military operation against Ukraine, the EU and NATO started imposing countless...Read More
Following the launch of Russia’s “special military operation” against Ukraine, which turned out to be an all-out war, NATO, the EU, and other countries decided to take a different approach and impose sanctions against Russia’s leaders and its economy instead of getting directly involved in the conflict. But it wasn’t just governments that went in...Read More
With the start of the war between Russia and Ukraine, cryptocurrencies have taken a few roles, being sent as donations to aid the attacked nation but also in speculations that Russian oligarchs used such assets to bypass sanctions. However, community insiders continue to refute these allegations, and the latest to do so was FTX’s founder...Read More
Russia’s central bank granted the country’s largest lender Sberbank a license to issue and exchange digital assets. The latest move opens new avenues for the nation’s economy hammered by western sanctions. The Approval According to the official statement, local companies will be able to issue their own digital assets to lure market investments, purchase digital...Read More
Dominic Williams, the founder of Dfinity Foundation, proposed a way that blockchain and smart contracts can potentially help by getting millions of Russians to watch an entire informational video(s) about the ongoing war. The exec stated that the proposal is made in a personal capacity rather than as an employee of the decentralized blockchain project....Read More
Earlier this week, the President of the Chechen Republic – Ramzan Kadyrov – advised Elon Musk not to measure his strength against Vladimir Putin. Kadyrov went further, ironically calling Tesla’s CEO – Elona (the female version of his name). As it goes with the nature of the crypto community, scammers created over 30 tokens containing...Read More
Elliptic – a blockchain forensics firm – has reportedly given authorities information about a digital wallet that could possibly be linked to sanctioned Russian entities. It apparently stores “significant asset holdings,” amounting to millions of dollars worth of crypto. Caught Using Crypto? In an interview with Bloomberg on Monday, Elliptic co-founder Tom Robinson noted that...Read More
The Japanese authorities reportedly urged local cryptocurrency platforms to stop facilitating digital asset transactions subject to sanctions against Russia and Belarus. The Asian nation is among the superpowers that imposed financial penalties on the largest country by landmass. Previously, Japan froze the assets of nearly 50 Russian and Belarusian oligarchs alleged to be part of...Read More
Dapp discovery and analysis platform DappRadar has released a detailed report covering how the war between Russia and Ukraine has impacted the crypto industry. It argues that blockchain-based solutions could “play an important role” as the war continues, especially in light of global sanctions and asset freezes against Russia. The Macroeconomic Picture The report begins...Read More
Amid its ongoing invasion from the Russian Federation, the Ukrainian government wants to depict some war moments to show the world in the form of non-fungible tokens (NFTs). Thus, the nation continues to employ the asset class to help fund its defense. Russia-Ukraine War as NFTs The popularity boom of the NFT sector last year...Read More
Vitalik Buterin on Wednesday whetted his support for Ukraine against the Russian invasion. He said similar wars may be raging on in other parts of the world but that doesn’t mean people should stop caring about the Ukrainians or vice-versa. Buterin in Support of Ukraine In a tweet Wednesday morning, Ethereum’s co-founder said: “Ukrainians are far...Read More
Continuing his quest to spread political and economic sanctions against Russia as much as possible, the Ukrainian Vice Prime Minister, Mykhailo Fedorov, asked Tether to halt servicing Russians. Mykhailo Fedorov, the Vice Prime Minister of Ukraine, asked tether to halt servicing Russian users. Today, the entire democratic world has united against Russia to punish the...Read More
The Lower House of Russia’s Parliament – State Duma – has reportedly called upon establishing a regulatory framework on cryptocurrencies rather than imposing a blanket ban on them. The authorities joined the likes of the Finance Ministry, which urged for the same thing. The Never-Ending Saga Earlier this year, the Bank of Russia – the...Read More
In light of global trade restrictions against Russia, Chainalysis has introduced two new tools for helping businesses ensure that they don’t interact with sanctioned entities through blockchain. Enforcing Sanctions in Crypto The first of these tools – according to a statement from the company – is an on-chain oracle. The smart contract will store data...Read More
The leading cryptocurrency exchange – Kraken – will give $1,000 in bitcoin to each Ukrainian citizen who opened an account on the platform before March 10th. The initiative is designed to help those in need after Russia launched its “special military operation” in the country. Kraken’s Support to Ukrainians The list of companies, trading venues,...Read More
The European Union made it clear that cryptocurrencies, which fall into the category “transferable assets,” are included in the financial sanctions imposed on Russia for its invasion of Ukraine. Additionally, the EU implemented similar penalties on Belarus for assisting the Russian war-like regime. The Bloc Extends Its Sanctions Similar to the USA, the European Union...Read More
The Phuket Tourist Association (PTA) and the Bank of Thailand (BOT) are reportedly contemplating introducing cryptocurrency payment methods to Russian travelers in Thailand. The move would serve as an escape hatch since Russia’s citizens were slammed with severe restrictions from numerous countries, companies, and businesses following Putin’s invasion of Ukraine. Thailand Seeking to Help Russians...Read More
