Značka: Russia

Russian central bank proposes blanket ban on crypto mining and trading

In a report published on Thursday, The Central Bank of Russia has called for a blanket ban on domestic cryptocurrency trading and mining.The report titled “Cryptocurrencies: trends, risks, measures” compares cryptocurrencies to a Ponzi scheme and calls for a complete ban on their use throughout Russia. The authors claim that cryptocurrencies are highly volatile in nature and are being used as a tool for illegal activities. The report also warned that crypto could pose a risk to financial sovereignty and could aid people in taking money out of the national economy. The report read:“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia.” The Russian central bank demanded a complete ban on over-the-counter (OTC) trading desks, crypto exchanges as well as peer-to-peer exchanges. The report also called for reinforcing the crypto payment ban and the introduction of strict punishment for any violations.The central bank report further proposes a complete crypto mining ban in the country, claiming that mining activities create new supply which leads to demand for other crypto services such as exchanges. Crypto mining could undermine the existing green energy agenda and also disrupt Russia’s energy supply. The official paper read:“Crypto mining creates a non-productive electricity expenditure, which undermines the energy supply of residential buildings, social infrastructure and industrial objects, as well as the environmental agenda of the Russian Federation.”Russia became the third-largest Bitcoin (BTC) mining hub following China’s crypto mining ban in May. If acted upon, the latest proposal for a blanket ban on crypto mining in the country could lead to yet another realignment on the world’s crypto mining map.According to a Bloomberg report, Russia’s Federal Security Service (FSB) was instrumental in advancing the ban, having lobbied central bank governor Elvira Nabiullina to pursue a hardline course. The report claims that the FSB is worried about the increasing number of untraceable funding to opposition parties and media via crypto.The report is framed as an invitation for public discussion, with the deadline for comments and suggestions from interested parties set at March 1, 2022.Related: Russia prioritizes CBDC ruble as overall crypto outlook seems positiveThe central bank of Russia has been skeptical of cryptocurrencies for quite some time. However, what could be seen as signs of president Vladimir Putin’s interest in and understanding of crypto led some to believe that the Russian government might choose to regulate the decentralized industry rather than ban it.

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Russian Orthodox Patriarch is not a Bitcoiner, church clarifies

Patriarch Kirill of Moscow and all Rus’, the leader of the Russian Orthodox Church, has not urged his flock to invest in Bitcoin, despite videos claiming otherwise. A clip recently emerged claiming that Kirill had urged the faithful to invest in cryptocurrencies. While the video does include genuine comments from the patriarch regarding the benefits of robotics for the economy, and a mention of Bitcoin (BTC), the comments were heavily edited, with the narrator further claiming that the leader would bless those who wish to invest in crypto in a special service at a Moscow church.The church’s top media representative, Vakhtang Kipshidze, told local publication Daily Storm:“This is an absolute deception, misleading those people who might think that the patriarch allegedly encourages someone to participate in financial fraud and speculation.”Kipshidze said that he considered the fraudulent nature of the video to be apparent, stating, “It would never occur to any sane person that the patriarch would call for investing in some kind of fly-by-night scheme, the fraudulent nature of which, in my opinion, is quite obvious.”Religious communities around the world have had varying opinions about cryptocurrencies, ranging from cautious approval to outright condemnation. Related: Indonesia’s national Islamic council reportedly declares Bitcoin haramIn the Islamic world, which has its own set of guidelines and laws pertaining to finance — and now digital assets — the acceptance of cryptocurrency is far from uniformMalaysia’s shariah advisory council, for example, has declared that trading digital assets was permissible, while late last year, religious authorities in Indonesia have found it “haram,” or forbidden, namely due to its speculative nature and purported propensity for fraud. 

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Russian protest group Pussy Riot seeks to tackle gender inequality in the NFT space

Russian punk rock collective Pussy Riot is planning to launch a DAO for LBTQ+ and women artists.As the group’s co-founder Nadya Tolokonnikova told Cointelegraph, The DAO will be working on reducing the gender inequality that still marks the NFT space and, more broadly, the crypto industry. Despite the large gender gap in crypto — around 60% of US crypto investors are white men according to a survey from August 2021 — Nadya is convinced that it is still early enough for Pussy Riot to make an impact. “The NFT space is still so small, I feel that with a good enough effort you can actually change it”, she said. Nadya is already using her follower base to promote the work of women and LGBTQ+ artists and connect them with potential collectors. The DAO will continue doing so but on a larger scale. “We are going to hire a whole team who will be creating educational material for girls who want to enter the space”, said Nadya. Punk rock group Pussy Riot has gained worldwide popularity for its provocative performances and criticism of the Russian government. Last year, Pussy Riot started using NFTs to raise money for social causes. In March 2021, the video of their music single “Panic Attack” sold for a total of 178 ETH as an NFT series. Most of the money was then donated to victims of domestic violence. “I wanted to bring large human rights and charitable components to NFTs”, Nadya said. Check out the full interview on our Youtube channel and don’t forget to subscribe!

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Owner of Russian bank Tinkoff acquires Swiss digital asset firm

TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets.The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday.Citing data from Aximetria, the report suggests that TCS purchased 4,449 Aximetria shares worth 100 Swiss francs ($108) per share. Given that Aximetria’s total share capital was about 535,000 francs ($578,000), the publication reported TCS’ stake to be around 83.2%.A spokesperson for Tinkoff confirmed the news to Cointelegraph, stating that Aximetria will be “part of the international expansion of Tinkoff Group in compliance with all the requirements of the jurisdictions of international presence.”The representative emphasized that Aximetria is “not a crypto exchange” but rather a “financial service in the digital asset industry.”At the time of writing, Aximetria’s main page includes details on the firm being part of TCS. Aximetria lets users open a “Swiss crypto account” with free deposits and withdrawals in euros or U.S. dollars. The platform says it targets clients worldwide.Source: AximetriaAmid skyrocketing demand for crypto investments, Tinkoff has been struggling to offer crypto investment services in Russia as the Bank of Russia reportedly stopped the company from launching its own suite of related services. This led to a situation where Russia has no single legal company that is based in the country and offers crypto investment.The central bank is known for its hostility to the crypto industry and Bitcoin (BTC). However, it reportedly wants to allow people to invest in crypto investment using foreign platforms.Related: Russia’s largest bank struggles to register its digital asset platformDespite the ongoing harsh stance of local regulators, Russia’s largest bank, Sber, launched a crypto exchange-traded fund in December, tracking major crypto investment firms and exchanges like Coinbase and Galaxy Digital. Formerly known as Sberbank, the state-backed firm was previously planning to launch a crypto exchange business under its Sberbank Switzerland subsidiary back in 2018.

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Binance taps former central bank exec to push compliance in CIS and Russia

Binance, the world’s largest cryptocurrency exchange, is putting more effort into increasing compliance in the Commonwealth of Independent States (CIS), Russia and Ukraine.Binance is planning to extend its operations in the region and boost local cryptocurrency compliance and education, Gleb Kostarev, Binance’s head of operations for Russia and the CIS, told Cointelegraph on Tuesday. The company additionally expects to focus on the local Binance Smart Chain (BSC) development and community, he noted.As part of the effort, Binance announced several local hires, including Olga Goncharova, Binance’s new director of government relations in Russia and the CIS.Goncharova previously served at the Bank of Russia as director of the bank’s report processing department from 2014. She was responsible for processing financial statements from companies under the central bank’s supervision, also leading several Bank of Russia’s projects related to fintech and digital transformation.“Binance places a great emphasis on regulation and compliance in jurisdictions of operation. Binance’s unique community, cutting-edge technology and innovative approach to work give Binance great opportunities for further development,” Goncharova said.Vladimir Smerkis, co-founder of the cryptocurrency platform Tokenbox, has also joined Binance as director of Binance Russia. Other new regional hires include former BNP Paribas exec Kirill Khomyakov, who will act as general manager of Binance Ukraine.“With a proven track record, the new executives will certainly have a positive impact on Binance’s growing presence in Russia, Ukraine and Eastern Europe,” Kostarev said.Related: Bank of Russia to allow crypto investment via foreign firmsThe latest news marks a significant strategic move by Binance as the region has been increasingly emerging as one of the world’s biggest crypto spots and mining centers.Kazakhstan, a major CIS member state, is the second biggest Bitcoin (BTC) mining country after the United States, responsible for 18% of the total BTC mining hash rate as of October 2021. Going next to Kazakhstan, Russia produces 11% of the entire global BTC mining hash rate and is the third-largest visitor of Binance’s website, according to data from SimilarWeb.

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Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy Digital

Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets.Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB.SBBE’s portfolio will include some of the world’s biggest crypto companies, including the United States’ largest exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital and blockchain software provider Digindex.According to the announcement, Sber’s blockchain ETF will be the “first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding and selling digital currencies.”This story is developing and will be updated.

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Getting paid in BTC was a 'big part' of the reason this MMA fighter signed with Eagle FC

Kevin Lee, a professional mixed martial arts fighter, has said a major factor in his decision to sign with a new promotion company was Bitcoin (BTC).According to a report from MMA news outlet BJ Penn, the Russia-based Eagle Fighting Championship will be paying Lee in BTC as part of a four-fight contract. The fighter has reportedly been a HODLer since before the 2017 bull run, later using some of the profits to live off of after paying for knee surgeries.“To be paid in Bitcoin and not give me any pushback on it whatsoever, was huge in the decision [to sign with Eagle FC],” said Lee. “It gives me a lot more financial security and will help me fight better, too.”Уважение орёл #EagleFC pic.twitter.com/tgmCQyYK2R— Kevin MTP Lee (@MoTownPhenom) December 15, 2021Payments concerning the Eagle FC were not disclosed, but Lee has previously earned as much as $280,000 through his UFC fight with Tony Ferguson. In a Dec. 17 interview, Lee implied Eagle FC would pay more than he made while under contract with the Ultimate Fighting Championship, or UFC, meaning a potential payout of 5.86 BTC or more at current prices. Lee, also known as The Motown Phenom, was recently suspended from fighting for six months and fined after testing positive for Adderall. He was later released from his UFC contract before Eagle FC attempted to add him to their roster — his first fight with the company is expected to be against Diego Sanchez on Mar. 11.UFC has been delving into the benefits of digital assets through partnerships with crypto and blockchain firms. In July, the organization inked a $175 million deal with Crypto.com for the next ten years, an agreement that eventually led to the release of UFC-licensed nonfungible tokens. In addition, the fighting championship has previously partnered with blockchain rewards app Socios and tokenization platform Chiliz to release a fan token.Related: How crypto is going to shake up the world of mixed martial artsIndividual MMA fighters have been expressing interest in BTC and other tokens since Jon Fitch became the first professional fighter to be paid in Bitcoin in 2015. Last year, former UFC lightweight champion Eddie Alvarez said he had purchased some BTC, while Ben Askren was paid to promote Litecoin (LTC) and supported the most recent BTC halving.

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Law Decoded: Three regulatory trends of 2021, Dec. 20–27

It is that time of the year: Singular events must be abandoned in favor of end-of-year, big-picture narratives and yearly lessons learned. As many governments across the globe finally had to face the rapidly mainstreaming realm of digital finance, the year is packed with developments in crypto policy and regulation that are impossible to fit into a neat little summary. However, it is possible to try and distill several major trends that have come to the fore during the past 12 months, and that will keep shaping the relationship among societies, state power and the crypto space as we roll into 2022.Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the last week, register for the full newsletter below.U.S. Congress notices cryptoIn 2021, crypto regulation in the United States ceased to be mostly the domain of unelected officials sitting on various financial regulatory commissions and within the Treasury Department. Federal lawmakers called more high-profile Congressional hearings on digital assets than in any previous year. Their command of crypto-related issues has also improved visibly. The executive branch still attempted to steer important decisions — the approach most vividly illustrated by the last-minute inclusion of crypto broker reporting requirements into the infrastructure bill — yet the backers of such course were likely caught off-guard by a vocal, concerted pushback from the industry and its allies on the Capitol Hill. Granted, not everyone in Congress is a Bitcoin buff, but there are still quite a few, and some are making crypto salient on their legislative agendas.The emergence of crypto as a conspicuous matter of public policy in the age of partisan polarization has also raised a question of where each of the two major U.S. political parties stands on digital asset-related issues. The coming year will likely see further crystallization of partisan crypto stances.Authoritarians lean toward the hardlineAnother emerging rift can be observed in how various political systems have come to approach crypto depending on where they stand on the liberal-authoritarian continuum. Obviously, all agents of power strive to maximize the degree of control they exert over payment systems and the financial system more broadly, yet in 2021, those who make greater use of the free-market look more likely to co-opt rather than heavily restrict the digital asset space.The approach exemplified by China and its outlawing of crypto trading and mining mark the heavy-handed end of the policy palette. The alternative is opening up to financial innovation and reaping the benefits of such openness at the cost of limited control.The struggle between these two stances has been intensifying within several big economies that can be reasonably expected to opt for a more hardline scenario. While an imminent threat seems to have been averted in India, inconclusive signals emanating from Russia and Turkey suggest that forces championing the hawkish approach are extremely influential there.Unprecedented rates of legal exposureFrom El Salvador becoming the first crypto nation with a legal tender status for Bitcoin (BTC) to the U.S. Securities and Exchange Commission finally allowing a Bitcoin exchange-traded fund to the market, more people than ever now have a legal way to use cryptocurrency for payments and investment.Still, narrative shifts driven by these historic advancements resonate far beyond the crypto bubble, leading to new waves of mainstream interest. With both the awareness and exposure on the rise, it gets harder for policymakers to ignore the new economic and social reality where Bitcoin and its siblings are present in the lives of millions. At this point, there is no stopping the virtuous cycle of global crypto adoption, and in 2022, there will be even less room for the powers that be to remain oblivious to crypto-driven social transformation.

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Industry experts reveal a possible method for Bank of Russia to block crypto

Amid the ongoing uncertainty about the future of cryptocurrencies in Russia, one local industry executive has disclosed a potential method for the Bank of Russia to block crypto transactions.Andrey Mikhaylishin, CEO of the local crypto payment startup Joys, said that the Russian central bank is now considering several potential options to make its crypto ban possible, Forbes Russia reported Friday.One of the possible restriction methods includes blocking debit card payments to crypto exchanges or wallets using merchant category codes (MCC), Mikhaylishin said. The report notes that the executive became aware of this blocking method from Bank of Russia employees.MCC codes are four-digit numbers used by credit card processors like Visa or Mastercard to describe a merchant’s primary business activities. For example, crypto transactions are usually identified with the 6051 MCC code, while payments at grocery stores have the 5411 MCC code. According to the report, the Bank of Russia could oblige local banks to simply ban transactions with the 6051 MCC code.While the potential plan is apparently still being discussed in Russia, some industry figures have questioned the effectiveness of such a strategy.Maria Stankevich, a member of the Russian Committee on Blockchain Technologies and Cryptoeconomics, told Cointelegraph that potential MCC-based restrictions would trigger transparent businesses to leave the country while not affecting illegal crypto exchanges:“I am 100% sure if they prohibit transfers to cryptocurrency with the right MCC, then honest exchanges will leave the market in the first place. There will remain grey crypto exchanges, which will do so-called miscoding, using other codes for transactions.”Stankevich suggested that miscoding penalties at providers like Visa are insufficient for illegal crypto exchanges to stop their operations. As previously reported, there are several grey crypto businesses in Russia, with at least 50 of them located in Moscow City, a financial district in Russia’s capital.The exec also expressed optimism about the cryptocurrency industry in Russia, pointing out that the Bank of Russia is essentially the only regulator that is against crypto adoption in the country:“We have always known that the central bank is against crypto and wants it to be banned, but I still don’t think that this will be the way for Russia, because the central bank is in the minority there.”Related: Bank of Russia governor: Banning crypto in Russia is ‘quite doable’“I personally know many high-ranking officials in Russia that understand the importance of crypto,” Stankevich added.The news comes after Bank of Russia governor Elvira Nabiullina announced the Bank’s intention to prevent the local financial system from using crypto. Another exec at the bank subsequently claimed that Russians will only be able to invest in cryptocurrencies like Bitcoin (BTC) through foreign companies.

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Law Decoded: Making sense of mixed signals, Dec. 13–20

The crypto regulation regime in any jurisdiction is an equilibrium among multiple institutional, group and personal interests of actors who have a sway over financial and monetary policies. These interests never perfectly align, frequently resulting in contradictory signals coming out of various power centers. Speaking about systemic risks facing the world’s largest economy last week, the United States Federal Reserve chair said digital assets were not a financial stability concern. Two days later, the U.S. Financial Stability Oversight Council issued a report that concluded that stablecoins and decentralized finance could pose sizeable financial stability risks. The source of this discrepancy could lie in the fact that the Fed’s mandate is to maintain a robust economy, while the FSOC, which has roots in the Dodd-Frank reform, is explicitly tasked with spotting systemic risks. The shape of the hammer that each regulatory actor wields bears on how they see the digital asset nails, which holds true beyond the U.S. context.Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the last week, register for the full newsletter below.From Russia with FUDRecent reports from Russia have stirred crypto investors’ fears that the hard line on digital assets, championed by the nation’s central bank, could be prevailing in the crypto regulation debate that had been simmering for years. The Bank of Russia opened last week with an announcement that mutual funds will be banned from investing in cryptocurrencies and crypto derivatives. Next came a series of the central bank governors’ critical remarks on crypto, furnished with an implication that the idea of a blanket ban was not off the table. Anxious traders sought relief in the statements by the chair of the Financial Markets Committee of the Russian parliament, Anatoly Aksakov. At a press conference, Aksakov noted that the intransigent path was not the only one that the Russian authorities are considering. The alternative is a scenario where exchanges are regulated and mining is taxed.U.S. partisan divideAnother forum where opposing opinions on digital asset-related matters clashed last week was the U.S. Senate Committee on Banking, Housing and Urban Affairs floor. A hearing on “Stablecoins: How do They Work, How Are They Used, and What Are Their Risks?” saw industry experts, academics and think tank analysts offer a range of viewpoints on dollar-pegged cryptos and their role in the financial system. Critics such as Senator Elizabeth Warren have continued telling their cautionary tales of stablecoin risks and dangers of the DeFi space. Meanwhile, allies such as Senator Pat Toomey highlighted aspects of the technology that promote financial inclusion and increased efficiency.Updates from U.S. watchdogsInterestingly, conflicting signals emanated even from the U.S. Securities and Exchange Commission last week. Commissioner Hester Peirce, widely known as Crypto Mom, publicly pushed back against SEC Chair Gary Gensler’s lack of focus on urgent digital asset-related matters. This internal row, however, changed little in the agency’s usual policy of delaying decisions on Bitcoin (BTC) exchange-traded funds (ETF). Two products sponsored by investment firms Bitwise and Grayscale were denied certainty for another few months. Finally, on the SEC, the regulator’s former head, Jay Clayton, came out of the woodwork to laud “cryptocurrency technology” and its efficiency advantages. Clayton is remembered for his reasonable stances on many crypto-related issues, although regulated Bitcoin ETFs remained out of reach during his tenure.

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Here's why Ethereum traders could care less about ETH's current weakness

Since hitting an all-time high at $4,870 on Nov. 10, Ether (ETH) price has been posting lower lows over the past 50 days. If this downtrend continues, the lower trendline support suggests that the altcoin will bottom at $3,600. Still, derivatives data is signaling that pro traders are not concerned about the seemingly bearish market structure.Ether/USD price on FTX. Source: TradingViewNotice how the price peaks are getting lower on the 12-hour time frame as mounting regulatory concerns drive investors away from the sector. In a press conference on Dec. 17, Russia’s Central Bank governor, Elvira Nabiullina, stated that banning crypto in the country is “quite doable.”Nabiullina cited crypto’s frequent use for illegal operations and significant risks for retail investors. Russian President Vladimir Putin also recently criticized cryptocurrency by saying they are not backed by anything. Interestingly, the country plans to launch its own central bank digital currency even as the Russian ruble lost 44% against gold over the past four years.In the United States, a bipartisan group of U.S. senators has called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill relating to the crypto tax reporting requirements. Under the current broader “broker” definition, miners, software developers, transaction validators and node operators will likely be required to report digital asset transactions worth more than $10,000 to the Internal Revenue Service.Even with the regulatory uncertainty and negatively skewed price action, traders should monitor the futures contracts premium — also known as the “basis rate” — to analyze how bullish or bearish professional traders are.Pro traders are neutral despite the price weaknessThe basis indicator measures the difference between longer-term futures contracts and the current spot market levels. A 5% to 15% annualized premium is expected in healthy markets. This price gap is caused by sellers demanding more money to withhold settlement longer.However, a red alert emerges whenever this indicator fades or turns negative, also known as “backwardation.”Ether 3-month futures basis rate. Source: Laevitas.chNotice how the sharp decrease after the 24% intraday crash on Dec. 3 caused the annualized futures premium to reach its lowest level in two months. After the initial panic, the Ether futures market recovered to the current 9% level, which is close to the middle of the “neutral” range.To confirm whether this movement was specific to that instrument, traders should also analyze the options markets. The 25% delta skew compares similar call (buy) and put (sell) options. The indicator will turn positive when “fear” is prevalent because the protective put options premium is higher than similar risk call options.When market makers are bullish, the 25% delta skew indicator shifts to the negative area, and readings between negative 8% and positive 8% are usually deemed neutral.Ether 30-day options 25% delta skew. Source: Laevitas.chRelated: Senate hearing on stablecoins: Compliance anxiety and Republican pushbackFor the past three weeks, the 25% delta skew ranged between a positive 3 and 8 which is in the neutral zone. Consequently, options market data validate the sentiment seen in futures markets and signals that whales and market makers are not worried about the recent price weakness.If investors “zoom-out” a bit, they will see that Ether’s year-to-date gains are at 300%, and this explains why pro traders are not worried about a 20% drop from the $4,870 all-time high.Furthermore, the Ethereum network’s total value locked in smart contracts doubled over the past six months to $148 billion. This data gives derivatives traders the confidence needed to remain calm even with the current short-term price weakness.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bank of Russia governor: Banning crypto in Russia is 'quite doable'

In a Friday press conference, Central Bank of Russia governor Elvira Nabiullina further escalated the fear, uncertainty, and doubt (FUD) surrounding the state of crypto regulation in the country. When asked about the rise of digital assets, Nabiullina gave the following remarks, as reported by local news outlet finmarket.ru and translated by Cointelegraph:You know that our attitude towards cryptocurrencies is of, to put it mildly, skepticism. Related to this are the significant risks for retail investors and the substantial volatility for this type of asset. In addition, cryptocurrencies are opaque in that they are frequently used for illegal operations or criminal nature. Therefore, we cannot welcome investments in them. We seek to prevent the Russian financial infrastructure from using crypto transactions. This is quite doable.Nabiullina’s remarks came one day after conflicting reports pointed to the possibility of a blanket ban on cryptocurrency exchanges in Russia. As Cointelegraph recently reported, concerns about crypto have even made their way to the presidential office, with Vladimir Putin issuing a warning about digital assets. Related: Bank of Russia to ban mutual funds from investing in BitcoinIn context, countries of the former Soviet Union remain far more susceptible to financial crimes such as money laundering or tax evasion than their Western counterparts. This is because privatization of state enterprises from the breakup of the USSR concentrated power in the hands of individuals who possessed enough “capital” to purchase shares at that time — mafias, gangs, and black-market participants. Relatively speaking, the anonymous, borderless, instantaneous, and regulatory-lacking nature of crypto would therefore be a greater enabler of criminal activities in the region. Partly to combat the problem, Russia is prioritizing the development of a regulatory-compliant digital Ruble as a sizable competitor to cryptos developed in the private sector.

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