Russia

22 Mar 23

Russia will use Chinese yuan for transactions, avoiding sanctions

A shift in the digital currency environment may occur due to Russia’s latest decision to utilize the Chinese yuan instead of the U.S. dollar in trade settlements with nations in Asia, Africa, and South America. Despite Russia’s choice having nothing to do with the digital yuan, still, it may increase the digital yuan’s exposure and […]

Pro Russian military groups are using cryptocurrency to raise funds Blockchain intelligence firm

11 Jan 23

Russia pushes foreign CBDC transactions as sanctions tighten

Amidst continuous sanctions imposed on Russia for its invasion of Ukraine, the country is accelerating its CBDC program. According to the Jan. 9 report, Russia’s central bank will research two potential cross-border settlement solutions as part of its intentions to move forward with the country’s digital ruble in the first quarter of 2023. The first […]

Russias Former President Dmitry Medvedev Banning Crypto May Lead to the Opposite Result

01 Jan 23

Draft legislation for the digital Ruble forwarded by legislators in Russia

A group of Russian legislators, headed by Anatoly Aksakov, Chairman of the Financial Market Committee, have proposed draft legislation to create the digital Ruble that the Bank of Russia will issue. The bill outlines the necessary changes to establish the conditions for introducing the central bank-backed currency (CBDC). The proposed draft legislation According to reports, the main […]

01 Jan 23

Former president of Russia says collapse of global financial system will accelerate crypto adoption

Dmitry Medvedev, the former President of Russia, believes that a worldwide financial collapse will result in widespread acceptance of cryptocurrencies. He predicts that both the US dollar and the euro will become less influential as reserve currencies. In a December 26 thread on Twitter, Dmitry Medvedev said the failure of the Bretton Woods monetary control […]

24 Dec 22

Policymakers in Russia postpone debating cryptocurrency mining bill

The Russian Parliament is delaying the passing of the recently proposed crypto mining bill, citing capital flight risks. Regulation on crypto mining stalled over capital flight fears Despite initial manifestations to the contrary, Russian legislators will consider drafting the law on virtual currency mining in 2023 rather than in December 2022. As a result […]

23 Dec 22

Russia to legalize crypto for international trade

Russian officials announced that the country will legalize the use of cryptocurrency for international trade in January 2023 in a move to circumvent the Western sanctions. The congressional finance committee chairman, Anatoly Aksakov, said that although bitcoin (BTC) and cryptocurrency will be permitted for international trade, their use as a means of payment within the […]