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Cryptocurrency firm Payeer hit with record €9.3M penalty in Lithuania for Russian sanctions breaches
Payeer, a cryptocurrency firm, has been fined a record €9.3 million in Lithuania for breaching sanctions related to Russia. The penalty highlights increasing regulatory scrutiny on cryptocurrency companies and their compliance with international sanctions. This action by Lithuanian authorities underscores the importance of adhering to financial regulations and the potential consequences for firms that fail to do so.
#Russia #CPI_BTC_Watch #US_Job_Market_Slowdown #BinanceTournament #SuperMacho
Payeer, a cryptocurrency firm, has been fined a record €9.3 million in Lithuania for breaching sanctions related to Russia. The penalty highlights increasing regulatory scrutiny on cryptocurrency companies and their compliance with international sanctions. This action by Lithuanian authorities underscores the importance of adhering to financial regulations and the potential consequences for firms that fail to do so.
#Russia #CPI_BTC_Watch #US_Job_Market_Slowdown #BinanceTournament #SuperMacho
Breaking News
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Russian Central Bank Proposes Cryptocurrency as Sanctions Countermeasure
In a bold move, the Russian Central Bank has put forward a proposal to utilize cryptocurrency as a strategic tool to counter the economic impact of Western sanctions. This innovative approach aims to mitigate the effects of these sanctions on the country's economy, paving the way for a more resilient financial future.
By embracing cryptocurrency, Russia may be able to:
- Diversify its financial transactions
- Reduce dependence on traditional currencies
- Enhance economic resilience
This groundbreaking proposal has the potential to reshape the country's economic landscape and set a new precedent for cryptocurrency adoption in the face of economic sanctions. Stay tuned for further developments!
#CryptoNewss #updates #Write2Earn! #Russia
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Russian Central Bank Proposes Cryptocurrency as Sanctions Countermeasure
In a bold move, the Russian Central Bank has put forward a proposal to utilize cryptocurrency as a strategic tool to counter the economic impact of Western sanctions. This innovative approach aims to mitigate the effects of these sanctions on the country's economy, paving the way for a more resilient financial future.
By embracing cryptocurrency, Russia may be able to:
- Diversify its financial transactions
- Reduce dependence on traditional currencies
- Enhance economic resilience
This groundbreaking proposal has the potential to reshape the country's economic landscape and set a new precedent for cryptocurrency adoption in the face of economic sanctions. Stay tuned for further developments!
#CryptoNewss #updates #Write2Earn! #Russia
🇷🇺😱Very important crypto move from Russia: Stablecoins are becoming legal👀
Russia, which is experiencing difficulties in trade due to Western sanctions, aims to legalize the use of stablecoins in cross-border payments. The Central Bank of #Russia also actively participates in the work.
Russia, which has been on the agenda with its anti-#cryptocurrency policies for a while, has warmed up to this field, especially with the Western sanctions following the Ukraine war, and it is stated that it is finally planning to legalize the use of cryptocurrencies. The use of stablecoins in cross-border payments within the country.
According to the news of Russian media Izvestia; It was stated that the volatility of the cryptocurrencies to be used is desired to be low, therefore it is aimed to use fixed currencies indexed to gold or the US dollar.
“It is not a temporary trial, but a permanent regulation…”
Deputy Governor of the Central Bank of Russia Alexey Guznov also officially confirmed the study and said:
Our first focus here should be on streamlining the transaction chain. Movements such as transferring the relevant cryptocurrency to Russia, saving it and using it in cross-border payments need to be placed within a certain framework. "We want this to be a permanent regulation, not a temporary trial."
It was also written in the news that there was a possibility that these stablecoins could be used in transfers between BRICS countries. The volume of stablecoin usage in Russia increased to 6.8 trillion dollars in the first quarter of 2024. This figure is also equal to the volume of the entire year in 2022... So, it is obvious that there is a serious usage situation in the country. It is thought that this volume consists of payments made to China rather than use by individuals.
#BTC #binance #Stablecoins
Russia, which is experiencing difficulties in trade due to Western sanctions, aims to legalize the use of stablecoins in cross-border payments. The Central Bank of #Russia also actively participates in the work.
Russia, which has been on the agenda with its anti-#cryptocurrency policies for a while, has warmed up to this field, especially with the Western sanctions following the Ukraine war, and it is stated that it is finally planning to legalize the use of cryptocurrencies. The use of stablecoins in cross-border payments within the country.
According to the news of Russian media Izvestia; It was stated that the volatility of the cryptocurrencies to be used is desired to be low, therefore it is aimed to use fixed currencies indexed to gold or the US dollar.
“It is not a temporary trial, but a permanent regulation…”
Deputy Governor of the Central Bank of Russia Alexey Guznov also officially confirmed the study and said:
Our first focus here should be on streamlining the transaction chain. Movements such as transferring the relevant cryptocurrency to Russia, saving it and using it in cross-border payments need to be placed within a certain framework. "We want this to be a permanent regulation, not a temporary trial."
It was also written in the news that there was a possibility that these stablecoins could be used in transfers between BRICS countries. The volume of stablecoin usage in Russia increased to 6.8 trillion dollars in the first quarter of 2024. This figure is also equal to the volume of the entire year in 2022... So, it is obvious that there is a serious usage situation in the country. It is thought that this volume consists of payments made to China rather than use by individuals.
#BTC #binance #Stablecoins
🇬🇧 The Central Bank of #Russia does not plan to increase interest rates and considers it necessary to introduce limits on rates on digital wallets. 🚀
#crypto2023 #Binance #BTC #keepbuilding #
#crypto2023 #Binance #BTC #keepbuilding #
🇷🇺💥Digital ruble added to the tax law in Russia: Putin signed
Digital rubles have also been officially added to the tax code in Russia, which has been progressing very rapidly in the last 1 year regarding digital currencies. According to the new rules signed into law by President Putin, CBDC transactions will now be subject to tax. Even from those who do not have enough money in their bank account, these payments can also be received in digital rubles.
Russia, which has been working on a central bank digital currency (CBDC) since 2020 and has almost stepped on gas with the Ukrainian war, has taken another important step. President Vladimir Putin has signed and signed into law the bill that came to his desk and integrated the digital ruble into the tax code.
With the new law, digital ruble transactions will also now be subject to tax. While the official definition of the digital ruble is also being made, the relevant institutions will also be able to pay in digital rubles if there is not enough money in the person's account.
Bans will become easier
One of the most important points here will be related to account freezing and bans. One of the biggest criticisms of CBDCs was the issue of censorship and freezing of accounts. With this new law in Russia, the authorities will be able to stop and block digital ruble transactions.
Companies providing services on this issue will also have to transmit the necessary official documents, i.e. KYC information, to government agencies. In other words, almost all transactions will be recorded.
As it will be remembered, President Putin in Russia, who has been working on the digital ruble for about 4 years, officially signed the CBDC law in July.
It is expected that about 40% of the central banks in the world will also have CBDC by 2028.
#Russia #binance #cryptoahmet
Digital rubles have also been officially added to the tax code in Russia, which has been progressing very rapidly in the last 1 year regarding digital currencies. According to the new rules signed into law by President Putin, CBDC transactions will now be subject to tax. Even from those who do not have enough money in their bank account, these payments can also be received in digital rubles.
Russia, which has been working on a central bank digital currency (CBDC) since 2020 and has almost stepped on gas with the Ukrainian war, has taken another important step. President Vladimir Putin has signed and signed into law the bill that came to his desk and integrated the digital ruble into the tax code.
With the new law, digital ruble transactions will also now be subject to tax. While the official definition of the digital ruble is also being made, the relevant institutions will also be able to pay in digital rubles if there is not enough money in the person's account.
Bans will become easier
One of the most important points here will be related to account freezing and bans. One of the biggest criticisms of CBDCs was the issue of censorship and freezing of accounts. With this new law in Russia, the authorities will be able to stop and block digital ruble transactions.
Companies providing services on this issue will also have to transmit the necessary official documents, i.e. KYC information, to government agencies. In other words, almost all transactions will be recorded.
As it will be remembered, President Putin in Russia, who has been working on the digital ruble for about 4 years, officially signed the CBDC law in July.
It is expected that about 40% of the central banks in the world will also have CBDC by 2028.
#Russia #binance #cryptoahmet
BitRiver approved for Russia's largest AI data center. 📟🪙🇷🇺
In a bold move challenging international sanctions, BitRiver-B, a subsidiary of the sanctioned Bitcoin mining firm BitRiver Group, is set to unveil Russia's largest AI data center in the second half of 2024.
BitRiver-B is poised to redefine data center capabilities in the Republic of Buryatia and the Far Eastern Federal District, boasting an impressive 100-megawatt capacity—unmatched in the region.
Despite facing sanctions from the U.S. Treasury Department, BitRiver has invested over 1.4 billion rubles (approximately $15.1 million) in this ambitious project, signaling the company's commitment to advancing Russia's technological landscape.
Originally sanctioned in April 2022 for operating in the Russian technology sector, BitRiver and its subsidiaries faced isolation from the global financial system. The U.S. Treasury Department aimed to curb Russia's leverage on its natural resources, particularly through crypto mining.
BitRiver-B is strategically designed to meet the rising demand for high-performance, energy-intensive computations in Russia. With a focus on crypto mining, cloud services, and AI operations, the data center aligns with projections estimating a demand of several tens of gigawatts in the AI sector by 2035.
Sergey Bezdelov, the director of the Association of Industrial Mining, underscores the facility's significance in fueling the growth of high-performance and energy-intensive computing in Russia.
Despite sanctions, BitRiver's commitment to contributing to Russia's technological evolution remains unwavering. The launch of BitRiver-B stands as a testament to the company's determination to play a pivotal role in shaping the country's AI landscape, defying international restrictions with a forward-looking approach.
#BitRiver #mining #SergeyBezdelov #BitRiverGroup #Russia
In a bold move challenging international sanctions, BitRiver-B, a subsidiary of the sanctioned Bitcoin mining firm BitRiver Group, is set to unveil Russia's largest AI data center in the second half of 2024.
BitRiver-B is poised to redefine data center capabilities in the Republic of Buryatia and the Far Eastern Federal District, boasting an impressive 100-megawatt capacity—unmatched in the region.
Despite facing sanctions from the U.S. Treasury Department, BitRiver has invested over 1.4 billion rubles (approximately $15.1 million) in this ambitious project, signaling the company's commitment to advancing Russia's technological landscape.
Originally sanctioned in April 2022 for operating in the Russian technology sector, BitRiver and its subsidiaries faced isolation from the global financial system. The U.S. Treasury Department aimed to curb Russia's leverage on its natural resources, particularly through crypto mining.
BitRiver-B is strategically designed to meet the rising demand for high-performance, energy-intensive computations in Russia. With a focus on crypto mining, cloud services, and AI operations, the data center aligns with projections estimating a demand of several tens of gigawatts in the AI sector by 2035.
Sergey Bezdelov, the director of the Association of Industrial Mining, underscores the facility's significance in fueling the growth of high-performance and energy-intensive computing in Russia.
Despite sanctions, BitRiver's commitment to contributing to Russia's technological evolution remains unwavering. The launch of BitRiver-B stands as a testament to the company's determination to play a pivotal role in shaping the country's AI landscape, defying international restrictions with a forward-looking approach.
#BitRiver #mining #SergeyBezdelov #BitRiverGroup #Russia
1 GW of #electrical power involved in #crypto #mining in #Russia during Q1 of 2023, #Bitriver says.
https://news.bitcoin.com/russia-takes-second-place-rank-by-power-capacity-in-crypto-mining-reports/
https://news.bitcoin.com/russia-takes-second-place-rank-by-power-capacity-in-crypto-mining-reports/
$BTC
💰Bitcoin symmetrical Triangle formation.✅
Price Can Break in Both Directions.📈
Once Price Breaks upside then 66762$ Can be the Next Target.
Once the Price Breaks to the downside then 57500$ can be the next target.
#BinanceTurkeySquare #USACryptoTrends #Russianbank #Russia
💰Bitcoin symmetrical Triangle formation.✅
Price Can Break in Both Directions.📈
Once Price Breaks upside then 66762$ Can be the Next Target.
Once the Price Breaks to the downside then 57500$ can be the next target.
#BinanceTurkeySquare #USACryptoTrends #Russianbank #Russia
Russia’s Positive Signals: Legalizing Cryptocurrency Transactions?
CryptosHeadlines.com - The Leading Crypto Research Network
Cryptocurrency is rapidly evolving, with countries even creating their own digital currencies. The concept of central bank-backed cryptocurrencies, which gained traction around 2019, has turned into a reality in various nations.
Russia is also moving forward to become a part of this trend. A survey by BankInform.ru, a major banking news website in Russia, sheds light on Russian opinions about this matter.
The survey shows that a considerable number of participants, about 32%, don’t have confidence in Russia’s central bank issuing the Digital Ruble. They view it as potentially fraudulent and suggest approaching it carefully.
Out of the participants, 21% expressed disinterest in the topic, while 13% indicated they’re open to giving Russia’s own cryptocurrency a try. Despite the majority of Russians showing concern and skepticism, the project is advancing.
The Digital Ruble, introduced in 2020, gained traction with the presentation of the plan two years later. This draft, recently approved by the Duma, is now heading to the main assembly. This process is expected to take at least two more years, and the ongoing developments are certainly intriguing.
Russia’s Project That Gets Noticed Because of Restrictions
In July, the Ministry of Digital Development announced that the use of this new cryptocurrency would happen nationwide from 2025 to 2027. This official approval marked a shift to digital currency. While it’s officially stated that the Digital Ruble isn’t a regular cryptocurrency or stablecoin, many view it as one. There’s an expectation that Russia will implement some form of internal regulations.
China’s own digital currency also has similar strict features, making it likely that Russia’s version will be related in a similar way. Despite this, it’s believed that the arrival of digital currencies will lead to greater acceptance of cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #Russia
Cryptocurrency is rapidly evolving, with countries even creating their own digital currencies. The concept of central bank-backed cryptocurrencies, which gained traction around 2019, has turned into a reality in various nations.
Russia is also moving forward to become a part of this trend. A survey by BankInform.ru, a major banking news website in Russia, sheds light on Russian opinions about this matter.
The survey shows that a considerable number of participants, about 32%, don’t have confidence in Russia’s central bank issuing the Digital Ruble. They view it as potentially fraudulent and suggest approaching it carefully.
Out of the participants, 21% expressed disinterest in the topic, while 13% indicated they’re open to giving Russia’s own cryptocurrency a try. Despite the majority of Russians showing concern and skepticism, the project is advancing.
The Digital Ruble, introduced in 2020, gained traction with the presentation of the plan two years later. This draft, recently approved by the Duma, is now heading to the main assembly. This process is expected to take at least two more years, and the ongoing developments are certainly intriguing.
Russia’s Project That Gets Noticed Because of Restrictions
In July, the Ministry of Digital Development announced that the use of this new cryptocurrency would happen nationwide from 2025 to 2027. This official approval marked a shift to digital currency. While it’s officially stated that the Digital Ruble isn’t a regular cryptocurrency or stablecoin, many view it as one. There’s an expectation that Russia will implement some form of internal regulations.
China’s own digital currency also has similar strict features, making it likely that Russia’s version will be related in a similar way. Despite this, it’s believed that the arrival of digital currencies will lead to greater acceptance of cryptocurrencies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #Russia
Breaking news: Russia has announced plans to establish dedicated institutions for #cryptocurrency mining. This move is set to further bolster the country's position in the global crypto space. #crypto2023 #Russia #digitalassets
In recent years, Russia has been considering the legalization and regulation of cryptocurrency mining, with a proposed law aiming to recognize it as a legitimate business. While various ministries express support for this move, challenges remain, particularly from the Central Bank, which previously called for a ban on mining. Despite these hurdles, the draft law could pave the way for Russia to become a leading player in the global cryptocurrency mining market, leveraging its abundant energy resources. However, achieving legalization will require careful consideration of regulatory, tax, and security issues. Overall, the process represents a significant step towards integrating digital assets into Russia's economy and could have far-reaching implications for the global cryptocurrency market and Russia's technological standing.
#Russia #cryptooinsigts #marketanalysis #BTC
#Russia #cryptooinsigts #marketanalysis #BTC
Bank of #Russia creates pilot plan to use #bitcoin for international #payments
The Russian government discusses a project to "experiment" with #cryptocurrencies in some cross-border engagements.
#crypto2023
The Russian government discusses a project to "experiment" with #cryptocurrencies in some cross-border engagements.
#crypto2023
