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

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...

Bitcoin Ban & Criminalization Bill Relaxed in Russia

Russia bitcoin

The Ministry of Finance in Russia, or the Russian FinMin, is not quite beating its drum to ban bitcoin anymore, going by recent remarks of deputy finance minister Alexey Moiseev. Instead, a new amendment to the infamous bitcoin ban bill will allow for the purchase of the cryptocurrency in the country, which can then be used and sold in other countries. Moiseev made the revelation in an interview...

Russian Political Party Calls For Bitcoin Legalization

Boris Titov bitcoin

Boris Titov, the leader of Russia’s Party of Growth, called for the country to legalize cryptocurrencies like bitcoin and become a leader in blockchain development, according to Tass, a Russian news agency. Speaking at a press conference, Titov also said Russia can take advantage of its difficult economic situation to embrace blockchain technology as a way to become a very profitable country. The...

Russian Banks Form Private Blockchain Consortium


Russian banks and financial services firms have come together to form the country’s first financial blockchain consortium, a coalition that will seek to explore and implement blockchain solutions in the banking and financial services industries. Announced at the beginning of the month, Russia’s first ever blockchain consortium will see various prominent banks and notable financial and...

Gaming Giant Steam Disables Bitcoin in Russia

Bitcoin Steam

Steam, a platform that offers instant access to games globally, is no longer accepting bitcoin in Russia, according to customers in the country. There was nothing about the change in policy for Russia on the company’s website at the time of this report. Steam’s acceptance of bitcoin in April garnered major attention at the time. Bitcoin Disabled A Steam user who goes by the name 'Eliot the...

Report: Russia to See Its Own Banking Blockchain Consortium

Blockchain Russia Consortium

According to a report, Russian payment platform Qiwi will create a blockchain consortium which will see Russia’s biggest banks at its members. In a move reminiscent of the private banking blockchain consortium led by New York-based R3, Russian payment operator Qiwi is reportedly looking to create a consortium for banks in the country. Qiwi intends to develop standards for the application of...

Russia Is Considering Its Own Cryptocurrency

Russia bitcoin

The Russian Ministry of Finance, known for its disdain and intent to criminalize bitcoin activity, is considering the issuance of a state-controlled cryptocurrency in discussions with banks and regulators. The idea of a state-controlled cryptocurrency in Russia is currently being deliberated in meetings between the Russian Ministry of Finance, the Central Bank of Russia and representatives from...

Russian Ministry of Justice Disagrees with Bitcoin Ban Bill, Again

Bitcoin Russian Ministry of Justice

The Ministry of Justice in Russia has, once again, not agreed to a draft bill put forth by the Finance Ministry seeking to ban bitcoin and introduce criminal liabilities to those who adopt, transact or mine the cryptocurrency. The Russian Ministry of Justice has disagreed with the bitcoin bill prepared by the Ministry of Justice, despite the bill being the second version of the draft, due to be...

Report: Russian Ministries Question Bitcoin Criminal Liabilities

Bitcoin law

The Ministry of Justice and the Interior Ministry in Russia have – according to reports – questioned the “public danger” that Bitcoin supposedly brings, as proposed by the Russian Ministry of Finance. Unsubstantiated reports from Russian news outlets quoting prominent Russian news agency Interfax have revealed voices in the Ministry of Justice and the Interior Ministry to question and even oppose...

Russia's NDS Uses Blockchain For E-Proxy Voting

Rubles settlement blockchain

Recently the Russia's National Settlement Depository (NDS), an organization that provides settlement and depository services, began testing blockchain technology as a potential solution for a corporate e-proxy voting system. The results will not shock you but the origin of praise for the system just might. NDS began looking into solutions for e-proxy voting in August of 2014. The prototype they...

Proposed Bitcoin Ban in Russia Could Be Revised in the Future


While Russian authorities are currently going through the notions to enforce a ban on bitcoin and cryptocurrencies, the hardline stance could change in the future. The Federal Financial Monitoring Service of the Russian Federation (also known as Rosfinmonitoring) has revealed that while the cryptocurrency ban is being considered as an applicable measure, it does not rule out that such a stance...

Russian Finance Ministry's Bitcoin Ban Bill Delayed, Due to Criticism

Bitcoin ban bill delay

The draft law proposed by the Ministry of Finance in Russia to ban the circulation of cryptocurrencies like bitcoin in the Russian Federation is delayed in its entry to the State Duma. A proposal by the Finance Ministry that is seeking to officially ban bitcoin and cryptocurrencies in Russia has hit a delay. The draft law will enter the State Duma –the lower chamber of the Russian Parliament –...

Russian Official Calls for Criminal Liability for Bitcoin


Russia’s Investigative Committee Chairman Alexander Bastrykin has, once again, opined that virtual and cryptocurrencies like Bitcoin are money substitutes or surrogates that need to be outlawed. He also claimed that virtual currencies are “often used” for the financing of terrorism. In a sweeping, wide-ranging column on Russian publication Kommersant, Alexander Bastykin – chairman of the...

Blockchain Tech Will Make Banks Disappear in 10 Years, Says VP of Russia’s Biggest Bank

Blockchain Shuts Banks?

The quotes are certain to raise eyebrows among bankers, everywhere. The Vice President of Sberbank, Russia’s biggest bank by assets and the third largest bank in Europe (2014 figures) has opined that the advent and spread of blockchain technology will see banks disappear by 2026. Speaking at Metro Expo 2016, an industry conference, Sberbank’s vice president Andrey Sharov shared his thoughts about...

Russia’s Presidential Advisor Dismisses Bitcoin as "Fiction"


Known for his outspoken and firm stance against bitcoin and cryptocurrencies, German Klimenko, Russian President Putin’s newly appointed counselor and advisor on the internet has now called the cryptocurrency an Internet meme that went viral. He further dismissed  the acceptance of the cryptocurrency in other parts of the world as “fiction”, claiming that the bitcoin is illegal everywhere in the...

Russia's Bitcoin Ban Proposal Likely to Enter Duma before August

bitcoin ban

The Russian Finance Ministry has long taken a determined hardline stance against bitcoin and other digital currencies, deemed by the regulator as ‘surrogates’ of the ruble. The Deputy Minister of Finance in Russia hopes that the draft law calling for the criminalization of bitcoin will be passed to the State Duma – the lower chamber of the Russian Parliament – before the end of the current...

Russian Firm Fails in Attempt to Trademark 'Bitcoin'

Bitcoin Blockchain

Update: Headline partly edited for clarity. In an attempt to patent the term ‘Bitcoin’ in Russia, a Moscow-based firm called M-Group filed an application at the Russian patent office. The application was duly rejected. Rospatent, the Russian patent agency has recently confirmed the rejection of an application by a Moscow-based firm which filed a patent request to trademark ‘Bitcoin.’ According to...

Russia’s Central Bank Establishes Blockchain Working Group


While Russian authorities and regulators take a notoriously hardline stance against Bitcoin, the country’s central bank has announced the establishment of a ‘working group’ that will seek to study distributed ledger or blockchain technology, the same underlying technology that powers Bitcoin. In a confirmed nod toward showing favorability toward blockchain technology and new financial...

Is 2016 the Year Russia Legalizes Bitcoin?


The Deputy Chairman of the Russian State Duma Committee -- the lower house of the Russian legislature -- spoke about cryptocurrencies today. The deputy had a few interesting things to say about Russia’s hardline stance on cryptocurrencies in the past and possible future of the legality of Bitcoin in Russia, particularly for settlement with individuals and peer-to-peer transactions. According to a...

Putin’s Counselor: Accepting Bitcoin Payments Unacceptable, a Crime


In adding to the recent stance taken by Russian regulators and official authorities, Russian president Putin’s counselor has reportedly stated that accepting bitcoin in Russia is “a crime”. Newly appointed counsel and advisor on the internet German Klimenko, has reportedly claimed that accepting bitcoin as a payment instead of Russian rubles, is unacceptable and is a crime. The seemingly matter...

Russian Finance Ministry Proposes a 2-Year Prison Sentence for Bitcoin Adopters

Ross Ulbricht

According to a report, the Russian Finance Ministry is seeking to push for amendments to the Criminal Code by proposing two-year ‘corrective labor’ sentence, or a fine of up to 500,000 rubles for bitcoin users. The Russian Interior and Finance Ministries see cryptocurrencies as a threat to not only the Russian economy, but also its national security. ‘Corrective labor’ colonies are among the most...

Bitcoin Exchange BTC-E Blocked by Russian Regulator


European bitcoin exchange operator BTC-e has revealed that users in the Russian Federation won’t get access to its website following a ban imposed by a Russian regulator today. In what may be sign of things to come prior to the review of a draft bill that seeks a Bitcoin ban by the Russian legislature , the official twitter account of European bitcoin and alt coins exchange BTC-e has revealed...

'It Would Be Better to Prevent Spread' of Bitcoin, Says Russian Official


Russia’s Investigative Committee Chairman Alexander Bastrykin spoke about the country’s economy and the usage of cryptocurrencies like Bitcoin in Russia, in an interview today. Brings up previous proposals for criminalizing the production and usage of Bitcoin and other cryptocurrencies. Claims Bitcoin’s rapid spread “will represent a real threat to the financial stability of the state.” Concludes...

Russian Legislature to Review Updated Bitcoin-Ban Seeking Bill in February


A draft bill submitted to Russia’s legislative assembly, the Duma, is updated to a new draft edition that may be reviewed as early as February. The updated draft is likely to exclude harsh punishments such as imprisonment for trading bitcoin and other cryptocurrencies, a punishment previously suggested by the Russian Finance Ministry. The legislative initiative – originally forwarded in December...

Russian Business Daily Publishes Article Advocating Russia to Court Cryptocurrency, Not Ban It


The leading business daily in Russia, the Vedomosti, a publication that pegs itself among the likes of the Financial Times and the Wall Street Journal has published an article titled “Deny or Lead the Cryptocurrency Economies”, which is also the editor’s choice at the time of publishing. An article published by the Vedomosti on December 23 argues that Russia is missing the opportunity to embrace...

Russian Roadmap Includes Draft for Blockchain Legalisation in 2017


The Internet Development Institute (IRI) of Russia has prepared a roadmap titled “Economics and Finance” which includes a proposal for regulating blockchain. A new roadmap that pitches the proposal to ‘legalize’ blockchain technology by January 2017 was submitted to President Putin this week, December 22, 2015. The roadmap is a supplement under the wider proposal called “Internet Program 2025”...

Russian Information Minister Is Keen to Explore Blockchain Technology


Nikolai Nikiforov, the Russian Minister for Communications and Mass Media spoke about Bitcoin’s underlying technology, the blockchain. The Minister notes the distributed ledger technology as “very interesting” and intends to monitor its development going forward. Speaking at the ‘Internet Economy’ forum today, the Russian Minister for Communications and Mass Media, Nikolai Nikiforov elaborated on...

Eugene Kaspersky: Cryptocurrencies Will Be Banned When They Unsettle National Currencies


Kaspersky Lab CEO and co-founder Eugene Kaspersky says that cryptocurrencies are a brilliant invention while noting their viability in a single world government. He adds that if and when they start supplanting national currencies, governments will move in to ban them. Eugene Kaspersky revealed his thoughts about cryptocurrencies such as Bitcoin at a recent event in Russia. Speaking to assembled...

Russia's Biggest Bank Wants to Join R3, Embrace Blockchain and Avoid Bitcoin

Sberbank Bitcoin

Sberbank, Russia’s largest bank in net assets intends to join the R3-led international blockchain consortium, according to reports. As reported by Russian news publication Kommersant, Sberbank, Russia’s biggest bank with over three times the net assets over its closest competitor is keen on joining the global consortium of 30 banks and financial institutions led by New York-based R3. Speaking to...

Russian Finance Ministry Proposes a 4-Yr Prison Sentence for Bitcoin Users


The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that –while not yet legal or enforced—aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years. While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the...

Global Economic Outlook: Putin Moves On Greece

vladimir putin bitcoin

During the past week, the Greek situation had apparently regressed back into negotiation stalemate and media attention turned to China's stockmarket slide. However, away from the media focus, the BRICS Bank was launched and Russia made a strategic overture to Greek business tycoons. This opened with an advancing Bitcoin price chart and, ironically, will feature several central bank announcements...

Russia's Bitcoin Website Ban Overturned in Russian Court


Russia has been in the news for many reasons over the last year, from the military conflict in the Ukraine to the Russian Ruble falling in value by over 50% in 2014. Russia has also developed issues with the digital currency Bitcoin, as far as the government and their aims to ban it. Their views on Bitcoin may be tied to the devaluation issues plaguing the Ruble, and the government's need to...

Russian Anti-Censorship Organization Starts to Accept Bitcoin Donations


The Russian anti-censorship organization «РосКомСвобода» / RuBlackList.NET announced today on their Google+ profile that they are now accepting bitcoin donations. The person that sent the tip to CCN explains: Even though anyone involved in Bitcoin in Russia is at risk of being prosecuted, the main Russian anti-censorship non-profit organization has announced today that they are starting to accept...

Bitcoin News in Review: Bitcoin Price, CryptoDouble, EgoPay, and More

Bitcoin News in Review: Bitcoin Price, CryptoDouble, EgoPay, and More

Happy Sunday, and welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week, here on CryptoCoins News. This week, the bitcoin price dropped below $200 USD before slightly rising again to the low $200's, bitcoin scam CryptoDouble disappeared with over 2000 bitcoins, bitcoin payments processor EgoPay ceased all trading, and more. Keep scrolling for this...

Russia Has Blocked Several Bitcoin Sites in Preperation for Russian Bitcoin Ban


The Russian Bitcoin Ban is still incoming, so it seems. Russian telecom regulator Roskomnadzor has finally acted on a court order from 2014. Russia is currently blocking access to several (seven at last count) Bitcoin-related sites. These websites have been blocked because Bitcoin contributes to the growth of the shadow economy." Some feel that this is just a warm-up for the upcoming Russian...

Russia Reconsidering Bitcoin Ban in 2015


Times are tough in Russia. The Ruble has lost about 50% of its value versus the dollar. The West is levying economic sanctions against them for their military actions in the Ukraine. And the Russian Ministry of Finance earlier this year drafted a bill to ban Bitcoin and other "quasi-money" in 2015. Also read: Indicators Show Russians Trading Rubles for BTC Russia reconsidering Bitcoin? Could...

Low Oil Price Won't Force Production Cut, Says Saudi Oil Minister


Oil prices have plummeted lately, bringing economic relief to consumers but leaner revenues to oil-exporting nations such as Russia, Venezuela, and Nigeria. The Organization of the Petroleum Exporting Countries (OPEC) debated cutting production, but leading exporter Saudi Arabia staunchly refuses to lower their production--no matter how low the oil price falls. As low oil prices place strain on...

Indicators show Russians Trading Rubles for BTC


The Russian Ruble continues its tumble against the US Dollar, losing over 50% of its value in 2014, and more than 11% on Tuesday alone. This one-day loss was the biggest in over 15 years. These issues has led to many well-to-do Russians investing in the future of Bitcoin over their fiat currency to stem the losses the Russian Central Banking system seems at a loss to curtail. Oddly, given the...

Bitcoin Badgers Onward toward St Petersburg Bitcoin Conference


Contrary to fears that Russia's hostility toward Bitcoin would inhibit its growth and adoption, the St Petersburg Bitcoin Conference will take place on December 4th, 2014. The St Petersburg Bitcoin Conference is spurred on by the success of last fall's Cryptoforum Conference also held in St Petersburg. The event will host some of the brightest industry minds, experts, and thought-leaders from the...

Russian Ruble's Depreciation Could Trigger Bitcoin Run


The Russian ruble is in serious trouble. A strengthening dollar, falling oil prices and a lethargic economy have conspired to cause the ruble’s latest plunge. On Thursday, the ruble fell by about 4% to exchange at 46.68 to the US dollar. This represents a 14-year low. Cumulatively, the ruble has shed 25% of its value in 2014 alone, making it one of the worst performers in the money markets...

Russia Can Move from the US Dollar; Bitcoin to Benefit

St. Petersburg, Russia

In the article "Why The Bitcoin Price Drop Is Really Good News" I mentioned the upcoming issues on the horizon for the U.S. Dollar. Many nations are trading internationally without it now, and these "bilateral trade agreements" are on the rise.  Growing global disinterest in the dollar will only increase the need for monetary alternatives that can be easily sent globally, like Bitcoin. Now, news...

BREAKING: Russia Plans Bitcoin Ban by 2015


According to leading Russian news organization Russia Today (RT), Russia will pass a Bitcoin ban within the next year, and it could happen as soon as the current parliament session. Deputy Finance Minister Aleksey Moiseev told journalists in Moscow:  “We will discuss this law in the current session of parliament, and possibly even pass it then, or at the very latest by spring next year. We are...

Russia to Ban Bitcoin, Again


One of the largest news agencies in Russia, RIA Novosti, reported today that the Russian Finance Ministry is preparing a bill to prohibit cryptocurrencies. “The Ministry proposes to establish a ban on the issue of money substitutes, including in electronic form. Also proposes to clarify the provisions of the law on the Central Bank of the Russian Federation, extending the ban not only on the...

Bank of Russia signals new attitude towards Bitcoin


Russia has had a rather broad legal gray area for Bitcoin in the past year. On January 27 of this year, the Bank of Russia issued a statement that warned against money substitutes banned for emission in Russia. Similar to actions of many other governments, it cited anonymity in the facilitation of drug trafficking, money laundering and terrorism. In February, the Russian Prosecutor General's...

Another Fiat Currency Crisis Pops Up in Russia as Ruble Falls


One of the most interesting things to look at when it comes to tracking Bitcoin adoption around the world is the current state of fiat currencies. In the past, we've talked about the current problems in Argentina and Ukraine, and now we can add Russia to the list of countries who are flirting with complete economic turmoil. Over the past few weeks, the Russian ruble has lost 11% of its value...

Bitcoin Client Downloads in Russia Decline by 90% in One Month

Russia Bitcoin Hyperinflation

It seems that Russia's ban on the usage of Bitcoin is working. As early as this time last month, Russia was actually in the top 3 when it came to ranking Bitcoin client download totals by country. It seemed that Russians were extremely interested in the digital currency, until certain members of the Russian government started to talk about Bitcoin in a negative manner. Russia is now in seventh...

CryptoCoaster 5 - Recent Events + This Week's Key Levels

Cryptocurrency Investment Club

In the 5th CryptoCoaster episode, I discuss my recent trade, some of the major stories of the previous week and the breaking Barclays story. Key levels for the week ahead are identified. Stories: 1) Mt. Gox. 2) Cypress. 3) Apple. 4) Russia. 5) Barclays. - This is a part of the Cryptocurrency Investment Club by CryptoCoinsNews.com Join our EXCLUSIVE Cryptocurrency Investment Club! Receive BREAKING...

Russia Uses Doublespeak to Ban Bitcoins and Cryptocurrencies

Russia Ban Bitcoins

It's been building up for a few weeks now, but Russia has finally decided to ban bitcoins as a form of money. In a statement released by the Prosecutor General's Office, it has been claimed that "bitcoins and other cryptocurrencies carry the risk of violating citizen's property rights." The main point of the statement was to point out that all forms of currency, besides the Russian ruble, are...

Why the United States Has the Largest Incentive to Stop Bitcoin

Bitcoin Currency Wars

Many people are looking at countries such as China or Russia when it comes to banning a revolutionary, freedom-enhancing currency such as Bitcoin, but the fact of the matter is the United States has more to lose from Bitcoin than anyone else. One of the main things propping up the American way of life right now is the fact that a large percentage of the world needs to hold US dollars in reserve...

Calm Down Internet, BTC-e is Not About to Be Shutdown

Bitcoin Russia

Update: BTC-e has increased fees on withdrawals to fiat. Update #2: Looks like we were right for the wrong reasons. The original source for the story is reporting that their website was hacked. A report out of Russia has some of the Bitcoin community worried because it mentions BTC-e and how it could be facilitating money laundering for terrorists. Let's get right to the facts: The report is...