Tagrussia

Putin’s Orders: Russia Will Have its National Cryptocurrency, the ‘CryptoRuble’

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Russian president Vladimir Putin has called for a state-issued cryptocurrency – the cryptoruble. According to Russian publication AIF, a closed-doors meeting between President Putin and Moscow’s political elite at the city’s Capital Club led to Putin make the significant decision to have Russia issue its own cryptocurrency, dubbed the ‘cryptoruble’. Details of the meeting were revealed by...

$4,920: Bitcoin Price Scales the Charts in Pursuit of All-Time High

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The bitcoin price punched through $4,900 on Tuesday, defying hostile Russian regulators and reaching ever closer to a new all-time high. Bitcoin Price Breaks Past $4,920 “It feels like a $5k kinda day,” Blockchain Capital’s Spencer Bogart tweeted this morning, and he was not alone in this sentiment. Since breaking through the psychologically-important $4,500 barrier earlier this...

Russian President Putin Praises and Bashes Cryptocurrencies

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Russia’s Vladimir Putin has commented on cryptocurrencies by acknowledging their growth as a legitimate method of payment and warning against “significant” risks. Speaking at a government meeting in city or Sochi today, Russian president Vladimir Putin warned of “serious risks” accompanying cryptocurrencies. The remarks are notable for Putin becoming highest-profile global leader to comment on...

Breaking: Russia Will Block Bitcoin Exchange Websites, Says Central Bank Official

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Russia Bitcoin Ban

According to a Reuters report, Sergei Shvetsov – first deputy governor of the Central Bank of Russia (CBR) has stated today that Russia will block access to websites belonging to exchanges and trading platforms offering cryptocurrencies like bitcoin. The central bank official was speaking at a financial markets conference today when he pointed to the “dubious” nature of bitcoin – as an investment...

Russian Official Compares Bitcoin Price with Infamous Ponzi ‘MMM’

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Bitcoin price MMM Maxim Oreshkin

The head of a Russian government ministry has cautioned against cryptocurrency investments by comparing bitcoin price ’ to that of ‘MMM’, a former Russian ponzi scheme. In public comments last week, Russia’s Minister of Economic Development Maxim Oreshkin urged everyday investors to be wary of investing in cryptocurrencies, particularly bitcoin. In statements reported by regional news source RIA...

Russia’s Tinkoff Bank Is “Almost Ready” to Launch TinCoin, Its Own Cryptocurrency

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Tinkoff Bank Cryptocurrency Tincoin

At a time in which Russian central bank officials question whether or not they should legalize cryptocurrencies, the founder of Russian bank Tinkoff, Oleg Tinkov, published a post on his Facebook page in which he states that his bank is “almost ready” to launch its own cryptocurrency, TinCoin. According to reports, Tinkoff bank was founded in 2006 and managed to obtain a large number of clients...

‘No Sense in Banning Cryptocurrencies’, Says Russia’s Finance Minister

Russia’s finance minister has revealed plans to regulate the use of cryptocurrencies in the country, rather than ban them, by the end of the year. Speaking at a financial forum in Moscow, Russian finance minister Anton Siluanov revealed the government’s significantly-shifting stance on regulatory and legal future of cryptocurrencies like bitcoin in the country. After years of Russian authorities...

Russia’s Central Bank Issues Warning on ICOs, Cryptocurrencies

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Central Bank of Russia Bitcoin

The Bank of Russia has issued a public statement on the risks it sees inherent in initial coin offerings (ICOs) and cryptocurrencies. The Bank of Russia, the country’s central bank, published a public notice on its stance toward cryptocurrencies and digital token sales, citing a number of queries from investors and media about the rise in popularity and adoption of digital currencies. The central...

Russia May Ban Bitcoin Mining in Residential Spaces

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Russia Bitcoin

Russia could prohibit bitcoin mining in large residential spaces like apartments and high-rise flats if one prominent government-backed organization had its way. According to a report by Russia Today, Russian authorities will discuss the possibility of banning bitcoin mining farms in residential complexes during an upcoming meeting of the Presidential Council on the Internet. Spearheading the...

Russian State-Owned Bank VEB Joins Ethereum in Long-Term Partnership

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In significant developments in the Ethereum blockchain space, Russian state-owned bank VEB has entered a longstanding partnership with the Ethereum foundation toward the development and implementation of blockchain-based government applications. At a ceremony this week, Russian state-owned development bank Vnesheconombank (VEB) signed a partnership agreement with Ethereum foundation founder...

Russian Regulator Wants to Keep Bitcoin Away from the Public

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In a turn of events, Russia’s deputy minister of finance Alexei Moiseev has claimed bitcoin is akin to a ‘high-risk financial pyramid’ while planning regulation that could potentially ban the sale of the cryptocurrency for everyday investors or individuals. In a televised interview with Russian channel Rossiya 24, Moiseev spoke about the proposed regulation of bitcoin in Russia – a notable...

Putin’s Advisor Plans $100 Million ICO for Bitcoin Mining Farm in Russia

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At a time in which Russia prepares to legalize Initial Coin Offerings (ICOs), a company co-owned by Russian President Vladimir Putin’s internet ombudsman Dmitry Marinichev reportedly plans on raising as much as $100 million through an ICO, in order to help Russian entrepreneurs challenge China’s bitcoin mining supremacy. The company, Russian Miner Coin (RMC) is going to issue tokens in exchange...

Russia’s First Deputy PM Supports a State Cryptocurrency

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Russia Cryptocurrency Bitcoin Igor Shuvalov

A major Russian politician has called for a Russian state cryptocurrency, revealing himself to be a supporter of the “crypto-ruble.” In an interview with Russian publication RBC, Igor Shuvalov, Russia’s First Deputy Prime Minister spoke of his support for cryptocurrencies. The senior official specifically called for the creation of a “crypto-ruble”, a state-backed cryptocurrency that would...

Russia Begins Work on Developing Blockchain Standards

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Russia Blockchain

Russia’s national standards authority is working toward the standardization of blockchain and distributed ledger technologies. Russia’s Federal Agency for Technical Regulation and Metrology, also known as Rosstandart, has announced the formation of a new technical committee tasked toward the standardization of “the software and hardware of distributed register and blockchain technologies”. In its...

Building Bitcoin, One BRIC at a Time

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One area that is often discussed during conversations regarding bitcoin is its place in the developing world and how it can greatly improve the lives of individuals transacting in those countries. In developed nations, it is often taken for granted that there is nationwide financial infrastructure, available to all citizens and accessible from almost anywhere in the country. People can deposit...

BREAKING: Alleged BTC-E Admin Arrested for Laundering $4 Billion in Bitcoin

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money laundering cryptocurrency exchanges

According to Reuters, Greek police, in cooperation with U.S. authorities, recently arrested a Russian man, 38-year-old Alexander Vinnik, for laundering at least $4 billion of ill-gotten money using bitcoin. Police managed to arrest the Russian national at a small beachside village in northern Greece after being tipped off. Sources suggest Alexander Vinnik was running popular bitcoin exchange BTC...

Russia is ‘Considering’ Blockchain Tech for Real Estate

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Russia blockchain

Russian authorities are looking into the possibility of registering real estate and housing projects on a blockchain. According to a regional report, the Russian Ministry of Communications is considering the use of blockchain technology for agencies including the Federal Registration Service, a federal executive body that records registration of rights to real estate and all related transactions...

NotPetya Ransomware Extortionists are Moving their Ill-Gotten Bitcoin

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NSA Shadowbrokers Bitcoin

As reported by CCN, last week a global ransomware campaign, using a strain dubbed NotPetya by Kaspersky Labs, hit computers in over 60 countries and managed to receive over four bitcoins, over $10,000, from it. The payout is significantly lower than expected. In May a ransomware strain known as WannaCry managed to raise over $130,000 in bitcoin from a global cyberattack. These recent payouts are...

Russia’s Parliament is Discussing the Legalization of Bitcoin

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In April, CCN reported that Russia could recognize and regulate bitcoin and other cryptocurrencies in 2018, according to the words of Deputy Finance Minister Alexei Moiseev who spoke about the subject. At the time, this market a U-turn from the official who had in the past proposed to imprison bitcoiners in the country. Only a few days later, Bank of Russia’s Fintech chief Maxim Grigoriev...

Opinion: How Barclays Seeking Cryptocurrency Regulation Impacts Bitcoin

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On Monday 26th June, CNBC reported that in an interview with Barclays UK Chief Executive Ashok Vaswani, Barclays had discussed with the FCA the possibility of bringing cryptocurrencies, like Bitcoin, ‘into play’ through the introduction of regulation. As one can imagine, such news can have a largely positive impact on Bitcoin. Two years ago, a news article of this magnitude would send the bitcoin...

6 Factors Pushing Bitcoin Prices Higher in 2017

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The Bitcoin price this year has climbed to unprecedented levels. For newcomers to the market looking to make a quick win, the rollercoaster of a year has probably been a time of scratching heads and possibly a few tears shed. For the long-term investor, however, these periods are part of the journey and opportune times to snap up some more coins when the price takes a dip.   Despite the...

Breaking: Russia’s Central Bank is Developing a National Digital Currency

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Russia National Digital Currency

The Central Bank of Russia is testing a number of digital currency pilots toward the development of a national digital currency. Speaking at the 2017 St. Petersburg International Economic Forum today, deputy chairwoman of Russia’s central bank Olga Skorobogatova has, in a significant revelation, stated that the regulator is working on a national digital currency. According to a report by TASS...

Russia Won’t See Bitcoin as Currency, Says Central Bank Chief

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Central Bank of Russia Bitcoin

The head of the Central Bank of Russia has stated that bitcoin will not be considered a currency, amid plans toward regulating it as a ‘digital asset’. Elvira Nabiullina, the governor of the Central Bank of Russia, has confirmed that the authority is looking into the possibility of regulating bitcoin. Earlier in April, Russia’s deputy finance minister Alexei Moiseev – having led the effort to ban...

Russia’s Central Bank Plans to Tax Bitcoin, Deem it a ‘Digital Commodity’

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Russia Bitcoin

The Central Bank of Russia could soon recognize digital currencies like bitcoin as digital commodities and tax them accordingly. According to the central bank’s deputy chairwoman, Olga Skorobogatova, the central bank is in the process of drafting legislation to legally recognize and monitor digital currencies. The preliminary draft regulation could be presented to the Russian State Duma, the...

ChronoPay Looks to Kickstart Bitcoin Adoption in Russia

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mo

ChronoPay, one of Russia’s oldest online payments providers, is including bitcoin to its payment gateway, enabling all of its clients to accept the world’s most popular cryptocurrency. “I have publicly criticized bitcoin in the past,” stated ChronoPay founder and chief executive Pavel Vrublevsky, in a phone call with CCN today. The former bitcoin skeptic, a controversial figure, has since changed...

Russian Ministry: Blockchain Regulations Coming in 2019

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The Russian government is continuing its pivot to embrace innovation in financial technologies by planning to legalize and regulate blockchain technology in 2019. According to TASS, Russia’s largest news agency that is also state-owned, the move toward regulation comes from a program titled ‘Digital Economy of the Russian Federation’, drafted by the Ministry of Communications and Mass...

Russia’s Largest Online Retailer Will Accept Bitcoin Despite Central Bank Slapdown

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Russian e-commerce giant Ulmart is planning to start accepting bitcoin as a method of payment from 1 September, 2017. The online retailer was considering accepting bitcoin earlier in February 2017, only to see intervention by Russia’s central bank. Launched in 2008, Ulmart – essentially the Russian counterpart of Amazon – is based in St. Petersburg and serves over 240 cities and towns...

Russian Leader Boris Titov Proposes Bitcoin Friendly Region in Crimea

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Boris Titov, a Russian businessman/ombudsman, and bitcoin advocate, has proposed the creation of a region in the Crimea similar to the “kriptodoliny” (Cryptovalley) in Zug, Switzerland for funding cryptocurrency and blockchain organizations, according to Rambler News Service. Titov said this during the All-Russian scientific-practical forum “Blokcheyn: dialogue between business and the...

Talk of 2018 Bitcoin Legalization Premature: Bank of Russia Official

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Red Yellow Bitcoin Russia

Days after the Russian deputy minister for finance hinted at the possibility of legally recognizing bitcoin next year, a central bank official has poured scorn on such expectations. Earlier this week, Alexei Moiseev, deputy finance minister of the Russian federation who notably led the effort to ban bitcoin as early as 2014, spoke about recognizing the cryptocurrency in 2018 in a legal capacity...

Japan Proposes Common Digital Currency with Russia for Contested Kuril Islands

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Japan has suggested a common digital currency with Russia as the regional currency in place of the Russian ruble and the Japanese yen at the long-disputed southern Kuril islands. An economic proposal by Tokyo to Moscow to build bridges between the two countries includes a number of joint economic projects on the Russian-controlled Kuril islands and, notably, a new regional joint digital currency...

Blockchain Will Be Commercial in 2019, Says CEO of Russia’s Largest Bank

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Noted blockchain advocate, bitcoiner and chief executive of Sberbank, Herman Gref, has stated that the commercial applications of blockchain technology in Russia will take shape in two, or two-and-a-half years from now. According to regional news publication Prime, the chief executive of Russia’s largest bank by assets opined that the timeframe, while optimistic, is likely to be achieved. Gref...

Blockhain Considered in Proposal to Improve Regulating Russia’s National Payment System

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Russia’s Association Financial Innovation (AFI) released a “roadmap” for improving the regulation of the National Payment System that includes using blockchain technology, according to Plusworld, a Russian news source. Following discussion, the proposal is to be submitted to the Bank of Russia, the Ministry of Finance, the Federal Financial Monitoring Service and the State Duma. First Provision...

Russian Authorities: Bitcoin Poses No Threat, Won’t Be Banned

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moscow

Russia’s deputy finance minister has now stated that the country’s Central Bank and the Federal Financial Monitoring Service do not see any threats in the use of cryptocurrencies like bitcoin. More notably, the much-publicized and long-deliberated bitcoin ban by the Bank of Russia will not be pursued any longer, the bank’s deputy chairwoman Olga Skorobogatov revealed. According to a report by...

Russian Airline and a Bank Execute a Blockchain Service Payment

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PJSC Siberia Airlines, commonly known under its operative name of S7 airlines has executed the first of its kind service payment using Ethereum blockchain smart-contracts through a letter of credit, with Russia-based Alfa-Bank. The announcement reveals that the agreement took place between the airlines and a counterpart using a letter of credit, through Alfa-Bank. A letter of credit is issued as...

Putin Critic & Russian Prez Candidate Alexei Navalny Accepts Bitcoin Donations

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Alexey Navalny

Russian politician/anti-corruption lawyer Alexei Navalny is accepting donations in bitcoin in his newly-announced bid for the 2018 presidential election, according to the candidate’s website. The campaign also accepts Yandex.money, bank cards and PayPal. First revealed by regional publication Coinfox, Navalny’s open acceptance of bitcoin marks another sign of the cryptocurrency’s rising...

Bitcoin Legal by Default in Russia, Confirms New Federal Tax Document

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Bitcoin

A document by the federal tax authority in Russia has revealed its first official stance on the legal status of cryptocurrencies and it makes for good reading for adopters of bitcoin and other digital countries in the Russian federation. Bitcoin cannot be blocked or banned as they can be deemed foreign currency transactions according to Russian laws. First reported by regional publication...

The CEO of Russia’s Largest Bank is a Bitcoiner

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While Russian authorities and officials have frequently poured scorn on bitcoin and digital currencies, going as far as to craft laws aimed at criminally prosecuting adopters and miners, the head of Russia’s largest bank has revealed that he has owned and exchanged bitcoins for fiat currency. Herman Gref, CEO and chairman of the executive board of Sberbank, Russia’s largest bank by assets has, in...

After South Africa, the Russian Central Depository Partners China over Blockchain

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Dash cryptocurrency

A memorandum of understanding signed today sees Russia’s National Settlement Depository (NSD) and the China Securities Depository and Clearing Corporation Limited (CDSC) – both their respective countries’ central securities depositories – partner to develop blockchain applications in the post-trade space. The partnership was announced today by the NSD, which has also engaged in a similar endeavor...

Russia’s Largest Bank & a Federal Agency Launch a Blockchain Project for Document Exchange

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Sberbank, Russia’s largest bank by assets and the Federal Antimonopoly Service of the Russian Federation (FAS Russia) have launched a blockchain pilot for the encrypted exchange of documents. The blockchain binge doesn’t quit, especially in Russia. Just a week after the Russian central bank and prominent banks like Sberbank announced the successful testing of a blockchain prototype among major...

P2P Bitcoin Transactions Increase in Venezuela and Russia

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Bitcoin transactions have been shown to rise in volume in Russia and Venezuela, as demonstrated by the charts on popular peer-to-peer platform LocalBitcoins. In Venezuela, hyperinflation of the bolivar, restrictions placed on the citizens’ ability to move gold and other national fiat currencies out of the country, along with capital controls imposed by the government, has led to a growing...

The Russian Bitcoin Ban Plan is on Indefinite Hold

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Russia bitcoin

The Deputy Finance Minister of the Russian Federation has now stated that the spread of bitcoin in Russia does not represent a threat the country’s financial ecosystem, at its current rate of adoption. As such, the plan to ban the cryptocurrency is now paused. Alexei Moiseev, the Deputy Finance Minister who has primarily spearheaded the Russian Finance Ministry’s intent to ban bitcoin beginning...

Cryptocurrencies Can Destroy Russian Economy, Says State Official

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The deputy general director of Russia’s Federal Financial Monitoring Service has reportedly stated that cryptocurrencies -like bitcoin- threatens the Russian economy and could lead to its destruction. Paul Livadniy, the deputy director at the Federal Financial Monitoring Service of the Russian Federation, aka Rosfinmonitrong, has warned that the cryptocurrency industry represents a threat to the...

Moscow to Use Blockchain Tech in ‘Active Citizen’ Project

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moscow

Government officials in Moscow are willing to explore and implement the potential and uses of blockchain technology in various applications including the Active Citizen project. The city government initiative is a technology-laden program aimed to make citizens of Moscow more inclusive in affecting government decisions. The Department of Information Technology of Moscow is ready to implement...

Moscow Opens its First Bitcoin Exchange

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Bitcoin

Days after Russian authorities reversed plans to penalize bitcoin use, the country’s capital has unveiled that it has opened its first digital currency exchange. Launched in Moscow, the bitcoin exchange was opened by a team of bitcoin enthusiasts who will provide a 24/7 offline service for exchanging the digital currency, according to local news report, ForkLog.com. Located at Novy Arbat, 8 St...

Russia Reverses Plan to Penalize Bitcoin Use

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Bitcoin

Russian authorities have gone back on their idea to penalize whoever is caught in bitcoin operations in the country, says a report by Russian news agency Interfax. Though Interfax referenced unnamed sources close to the Russian government’s financial departments, it suggested that representatives from the country’s Ministry of Finance, central bank, and other government bureaus are...

Bank of Russia Executive: 50% of Today’s Banking Industry Shuts Down in 10 Years

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Bank of Russia

The Russian central bank’s director of Fintech, Projects and Process Management has opined that half of the banks’ branches and jobs in existence today will be obsolete in 10 years. The Fintech revolution is poised to deal a comprehensive blow to the current banking sector, according to Vadim Kaluhov, director of the Financial Technology, Projects and Process Management at the Bank of Russia...