Russia | ForkLog

ForkLog 8 10.07.2024

Bank of Russia Rules Out Stablecoins for Domestic Payments

Stablecoins lack the characteristics of a universal payment method, such as the national currency, and thus their use in transactions between Russian residents is deemed unacceptable, according to a statement from the Bank of Russia. An analytical report highlighted that the emergence of “stable coins” was a response to the excessive volatility of cryptocurrencies and […]

AI translated

ForkLog 9 05.07.2024

Rising Interest in Cryptocurrency Mining Among Russian Investors

The recent Bitcoin halving has not diminished the enthusiasm for mining among Russian investors. According to a survey by Intelion Data Systems, 38% of respondents began investing in this sector shortly before the event, reports Kommersant. Data from the equipment supplier, part of the Association of Industrial Miners, indicates that 14% of respondents directed capital […]

AI translated

ForkLog 7 03.07.2024

Russia’s Central Bank Plans to Legalize Cross-Border Stablecoin Transactions

Russian authorities intend to permit the use of stablecoins for international transactions. This was reported to Izvestia by Alexey Guznov, Deputy Chairman of the Central Bank. According to him, the issue is to regulate the entire supply chain, which “would allow individuals to transfer [stablecoins] into Russia, accumulate them, and use them for cross-border payments.” […]

AI translated

ForkLog 9 01.07.2024

Russia Proposes Crypto Fund for Cross-Border Transactions

RSPP has proposed the creation of a crypto fund to facilitate international transactions amidst sanctions, according to Vedomosti. Andrey Lisitsyn, Managing Director of the Financial Policy and Financial Markets Department of the organization, stated that the fund would consist of cryptocurrencies mined within the country. Due to legal restrictions, the introduction of digital assets into […]

AI translated

ForkLog 97 27.06.2024

Bybit Enforces Rigorous Checks on Russian Clients to Comply with Sanctions

Cryptocurrency exchange Bybit is conducting thorough checks on Russian clients and adhering to “very strict rules” to comply with sanctions, according to the platform’s CEO Ben Zhou in an interview with Bloomberg. He noted that Russia and CIS countries account for approximately 20% of the exchange’s trading volumes. Bybit is currently seeking a license to […]

AI translated

ForkLog 22 26.06.2024

Russia Plans Platform for Digital Ruble Transactions

Russia, in collaboration with the central banks of BRICS nations, is working on launching the BRICS Bridge platform for transactions in national currencies, including digital ones. This was reported by Izvestia, citing Deputy Finance Minister Ivan Chebeskov. The new system will enable direct transactions between countries and reduce the impact of Western sanctions on international […]

AI translated

ForkLog 8 24.06.2024

EU Bans Transactions with Crypto Firms Supporting Russian Military-Industrial Complex

The European Union, as part of its 14th package of sanctions against Russia, has prohibited transactions with banks and cryptocurrency services from third countries that facilitate dealings with the Russian defense industry. In a press release, the EU Council explains that the restrictions apply to any transactions with Russia concerning dual-use goods and technologies, sensitive […]

AI translated

ForkLog 16 19.06.2024

Russian Prosecutor General Announces Oversight of Cross-Border Cryptocurrency Transfers

Russia has implemented special software to track illegal cross-border financial flows, according to Prosecutor General Igor Krasnov, as reported by TASS. The official noted a rise in criminal use of cryptocurrencies. “To combat this, our country has developed special software. It is used for financial monitoring and criminal investigations, enabling the successful uncovering of entire […]

AI translated

ForkLog 13 18.06.2024

Bank of Russia Proposes Freeze on Suspicious Digital Ruble Transactions

The Bank of Russia has unveiled a draft directive to introduce a “cooling-off period” for suspicious digital ruble transactions, according to Interfax. Transfers are to be suspended for a couple of days if there are doubts about the voluntary consent of clients. In such cases, users will need to reconfirm the transaction order. The regulator […]

AI translated

ForkLog 16 17.06.2024

New Digital Ruble Scam Alert Issued in Russia

Fraudsters are attempting to steal funds from Russians under the guise of converting them into digital rubles, reports the Telegram channel Lapsha Media. They are sending messages purportedly from the Bank of Russia, claiming that cash and non-cash rubles have supposedly become obsolete. To avoid losing funds on their bank cards, victims are advised to […]

AI translated

ForkLog 31 11.06.2024

Russian Traffic Surges to 27% on Bybit

In May, Russian users accounted for 27% of the total traffic on the cryptocurrency exchange Bybit, according to journalist Colin Wu. Read more. Traffic from Russia to Bitfinex increased to 22%, Deribit to 15%, and OKX to approximately 9%. Other platforms popular among Russians include HTX (14%) and MEXC (10%). Data: Wu Blockchain. From April […]

AI translated

ForkLog 23 10.06.2024

Moscow to Implement Digital Ruble for Public Transport Payments

Moscow Mayor Sergey Sobyanin and the First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, have signed a cooperation agreement to develop the digital ruble platform as part of the SPIEF-2024. This was reported by TASS. Following the widespread adoption of the national CBDC, passengers will be able to pay for all types of […]

AI translated

#Russia