Russia

In a release on Friday, Russian news outlet Interfax shared updates regarding the nation’s largest bank, Sberbank’s forthcoming DeFi platform. Russia’s leading financial entity is reportedly making steady progress as it approaches its project’s launch date. According to Konstantin Klimenko, Product Director of the Blockchain Laboratory of Sberbank, open testing should kick off by March.  SberBank’s DeFi System to Replace its TradFi Systems At the moment, Sberbank’s platform is undergoing private beta testing. However, Klimenko set a tentative deadline for…

The government of Russia may be partnering with Iran’s central bank to issue a new stablecoin backed by gold.  The stablecoin’s purpose will be to facilitate cross-border trade settlement. Russia’s New Trade Plan Per a report from the Russian media outlet Vedomosti on Monday, the stablecoin could ideally work as a substitute for dollars, ruble, and euro in foreign trade.  Anton Tkachev confirmed that negotiations for such a token were already taking place. However, the ongoing discussion at state level…

In a release on Thursday, a Russian news outlet revealed that the nation’s authorities have given the green light to crypto cross-border settlements. Beneath a new bill from the relevant entities, Russia will grant people access to crypto wallets. Central Bank Agrees on a Proposal for Cross-border Settlements The Bank of Russia and the Russian Ministry of Finance have agreed to let residents use digital assets for cross-border payments. Deputy Minister of Finance Alexei Moiseev claims both entities joined forces…

Russian President Vladimir Putin signed a bill into law preventing the use of digital assets as a means of payment According to the explanatory note on the draft law, the bill prevents “the use of digital financial assets… as a means of payment.” Specifically, it establishes a direct ban on the “transfer or acceptance of” digital financial assets as compensation for work, goods, or services. The note reinforces the primacy of the ruble as Russia’s official monetary unit.  “This article…

A representative of Russia’s Central Bank recently denounced private stablecoins in favor of a possible digital ruble. He claimed that the former is unsafe because its owners do not control the assets backing their value. CBDC VS Stablecoins As reported by local media on Monday, the unnamed representative argued that stablecoins are not in fact “stable” in value. Stablecoins are cryptocurrencies that attempt to circumvent industry volatility by pegging their value to relatively stable, real-world assets. They typically rely on…

Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date.  Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…

The international hacktivist collective known as “Anonymous” is now sourcing funds from the crypto community to help fight Russia and other governments alike. It has partnered with an organization “CultDAO”, which has already agreed to donate 13 ETH to the cause. Understanding CultDAO Anonymous announced its support from CultDAO over Twitter on Wednesday. It promised to ramp up its cyber-warfare efforts after declaring war on Russia’s government for invading Ukraine in March. This included allying with CultDAO, which it claims…

Binance – the world’s largest crypto exchange – recently released an update on its treatment of Russian accounts due to international sanctions. The company will place accounts holding crypto worth over 10,000 EUR into “withdrawal-only mode”, preventing them from making more trades. Politics Versus Principles As its war with Ukraine continues, sanctions against Russia from the former’s allies have continued to tighten. Meanwhile, both the European Union and United States have been particularly concerned about crypto’s potential role in bypassing…

One day after the IMF’s warning, the US treasury has hit multiple Russian Bitcoin mining companies with secondary sanctions. The increased restrictions should prevent Russia from monetizing its energy resources using proof-of-work crypto networks. Cutting Off Mining Resources As reported by CNBC, this marks the first time the Treasury has ever placed trade restrictions on virtual currency miners. Last month, President Biden announced that America would no longer accept Russian oil, with other jurisdictions following suit. Gas prices in the…