Russia to Ban Crypto Mining in Energy-Strapped Regions
Cryptocurrency mining will soon be banned in several regions across Russia due to an escalating electricity crisis.
Russia Legalises Crypto Mining and adopts Crypto to Sidestep Sanctions
Russia looks to crypto to avoid sanctions and moves to legalize cryptocurrency mining later this year.
Tether market cap hits all-time-high
Controversial stablecoin Tether is growing rapidly. The market cap of the cryptocurrency has doubled since January and now sits at a cool $4 billion dollars. What’s driving the demand for Tether?
A new report says blockchain is a threat to American hegemony
Blockchain technology has the potential to undermine one of the most powerful means of US influence — financial dominance.
Mueller indictment details Russian spy’s preference for Bitcoin
The Special Counsel indictment related to Russian cyber-attacks during the 2016 U.S. election makes fascinating reading for a number of reasons — not least of which is its revealing insight into the widespread use of bitcoin by the perpetrators in an attempt conceal their identities.
Pressure builds as Russia struggles to define cryptocurrencies
The Bank of Russia recently held a meeting with Russian President Vladamir Putin, where the legal status of cryptocurrencies was discussed. Citing the belief that cryptocurrency legalization represents “a loss of control over the money flows from abroad," the Chairwoman of Russia’s Central Bank, Elvira Nabiullina, clarified that her organization is against any type of legalization. Earlier this month the Bank made a general announcement that revealed more of their stance on cryptocurrencies, including Bitcoin. Recalling the usual risks from fluctuating exchange rates, technical difficulties, anonymity, and the lack of a responsible issuer, the Central Bank stated clearly that its position hasn’t changed on cryptocurrencies since they declared non-state-issued currency banned in January of 2014.
Russia’s Internet Ombudsman takes on China’s Bitcoin mining industry
A Russian Government-linked startup named RMC One published a presentation on Tuesday that describes an upcoming Initial Coin Offering (ICO). The organization is looking to raise US$100 million to become a leading cryptocurrency mining hardware manufacturer. Formally referring to themselves as the ‘Russian Mining Company,’ RMC One was founded by Dmitry Marinichev, better known as Russia’s Internet Ombudsman, the technology advisor to Russian President Vladimir Putin.
S7 Airlines and Alfa-Bank pilot the first Russian blockchain Letter of Credit transaction
Two Russian companies, S7 Airlines, and Alfa-Bank, have successfully closed a deal using a smart contract to settle and record a Letter of Credit (LoC) on a blockchain. A Deloitte in Russia provided legal support to the project.
Amidst bitcoin boom, Russia plans its own cryptocurrency
Russian media recently revealed plans to create a national cryptocurrency to be used alongside the ruble. The Federal Financial Monitoring Service's (Rosfinmonitoring), released the plan to TV stations and newspapers across the country. Deputy Director of Rosfinmonitoring, Pavel Livadny, hopes that the new currency will be more convenient for Russians, and reduce the costs related to financial transactions. At the same time, there are plans to ban all other cryptocurrencies, including bitcoin.
In brief: Outlawing bitcoin is a matter of control
On Wednesday, Russia’s ministry of finance continued with its pursuit to outlaw the world’s top cryptocurrency, Bitcoin (BTC). The new draft, banning the production and circulation of BTC, comes attached with punitive damages that could range from million ruble fines, up to seven years in jail, and the closure of business operations.
Russia’s Central Bank Could Be Warming Up To Bitcoin
The Central Bank of Russia will meet next week with representatives of the digital currency industry, and broader financial markets, to discuss the use of bitcoins in Russia.
Russian Courts Reportedly Overturn Ban on Digital Currency
Russian Bitcoin news site, [Forklog.net](http://forklog.net/), reports that the Sverdlovsk regional court has overturned a decision made last year by the of city council of Nevyansk to ban any media references to digital currency like Bitcoin.
Bitcoin Sites Axed in Russia
The Russian Government has had its hands full with the tumbling Ruble and declining oil prices. Bitcoin, which could be a solution in these troubled times, is being censored by the Russian government.