Tag Archives: russia

Residents of the Chinese capital will receive 40 million renminbi ($6.2 million) of the digital currency. They can use two banking apps to apply to win one of the 200,000 so-called ”red packets”, each containing 200 yuan, as part of a lottery. Simultaneously, the governor of Russia’s central bank called digital currencies the future of money. Another CBDC Trial in China In yet another attempt to test its CBDC, the Chinese officials decided to distribute 40 million renminbi...

Russian cryptocurrency investors have started complying with authorities to provide information about their crypto dealings and pay the stipulated taxes.  According to a report by local news outlet Izvestia, several accounting and legal firms, including FTL and PwC, noted that they had recorded a surge in compliance with the tax legislation.  Cryptocurrencies Are Properties  The development comes on the heels of Russia’s State Duma approving a bill to legally recognize...

A large investor in Telegram’s failed Open Network (TON) has reportedly requested $100 million in compensation from the company. Otherwise, the investor – Da Vinci Capital – has warned with taking legal actions against the messaging platform.TON Investor Demands $100MTelegram’s TON initiative was among the most widely-discussed blockchain-related projects in the past few years. However, the endeavor faced almost immediate backlash from the US Securities and Exchange Commission (SEC) as a US...

Several weeks after signing legislation that required Russian officials to disclose their crypto holdings, the world’s largest country by landmass has gone a step further by prohibiting them from owning any digital assets. The Ministry of Labor and Social Protection of the Russian Federation has sent a letter to civil servants regarding their cryptocurrency holdings, according to Forklog coverage. It reads that such officials have until April 1st, 2021, to get rid of their digital asset...

Giant state-owned Russian bank Sberbank has reportedly sought approval from the nation’s central bank to launch its own cryptocurrency through a blockchain platform.Separately, a Russian court has removed the leading crypto exchange Binance from a regulator’s blacklist.Sberbank Looks Into Launching Its Own Crypto?According to the local coverage, Sberbank of Russia, one of the largest banks in the world’s largest country by landmass, has applied with the central bank to register a blockchain...

Russia’s attempts to provide more clarity toward cryptocurrencies continue with a new amendment to the Digital and Financial Assets (DFA) – a law that’s already in effect. The country has signed a decree obliging Russian officials to reveal their digital asset investments by June 30th, 2021.Russian Officials To Disclose Crypto HoldingsAccording to local news, President Vladimir Putin has signed the decree on December 10th. Country officials have to disclose thorough information regarding...

One of Russia’s largest banks – known as Sberbank – says that it’s potentially looking to issue its own cryptocurrency sometime next year.Sberbank Is Joining the Crypto BandwagonThe coin – which would be known as Sbercoin – will be issued directly by the financial institution as part an experiment through its recent partnership with JPMorgan, which in the past, has also taken the liberty of issuing a cryptocurrency all its own known as JPM Coin. Many banks and financial enterprises throughout...

Russia’s attempts to establish clear legislation on digital assets continue. During a recent meeting that was primary focused on the COVID-19 consequences on the country’s economy, Prime Minister Mikhail Mishustin made a few remarks on cryptocurrency regulations.Mishustin called them a “relatively new tool, the interest in which is constantly growing.” As such, he believes that the world’s largest country by landmass has to put into motion a plan to steer the market in a “civilized...

In the latest turn of events, the Russian Ministry of Finance has taken a harsh stance wrt cryptocurrency regulations. Crypto holders on not disclosing their digital assets (worth 45 million rubles or more) at least twice in a period of three years stand to face a jail term of up to three years. This, however, is an amendment from a previous version. Russian BTC And Crypto Holders Could Face Jail Term As per the latest update on Bitcoin and cryptocurrency regulation, Russia’s...

A survey among over 2,000 Russian investors has placed cryptocurrency next to gold in terms of popularity. Moreover, younger investors aged below 30 have displayed significant favoritism towards digital assets. Crypto Ranks Above Gold Among Russian Investors According to the study published by the World Gold Council, investors from the world’s largest country by landmass have allocated the most funds into generally accepted as safer instruments such as savings accounts,...