Cryptocurrencies

Russia’s new prime minister has an opinion of cryptocurrencies

January 31, 2020

The Russian Federation has a new prime minister, Mikhail Mishustin, previously head of the country’s tax administration. In this position, Mishustin made comments about cryptocurrencies on multiple occasions, crypto news outlet Forklog reminded. Nobody trusted paper money when it was introduced into circulation and it had to be backed with the gold reserves of central …

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Russia’s Supreme Court recognizes tokens as assets like money and property

December 26, 2019

Although many of them are still wary about legalizing decentralized digital money, governments around the world are nevertheless tempted to tap into incomes from the cryptoconomy or feel obliged to prevent illicit uses of cryptocurrencies. With each step authorities take to achieve their goals in either of these directions, however, they inevitably add another layer …

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New hints in leaked recordings: Russian spy agencies intertwined with bitcoin exchanges

November 29, 2019

In 2018, US Special Counsel Robert Mueller revealed precise evidence in alleging how Russia’s military intelligence agency used bitcoin transactions to mask meddling in the 2016 U.S. presidential elections.  Earlier this month, new glimpses into the shadowy world of cryptocurrencies emerged in a BBC Russian Service report that provided more indications of how exactly Russian spy agencies …

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Russian tax authority registers crypto as part of a company’s capital

November 27, 2019

At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called Artel has managed to officially add bitcoin to its authorized equity capital. Not without giving the entity a hard time, the country’s Federal Tax Service eventually agreed to register the change in its status. According to experts …

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Russia regulates digital rights, advances other crypto-related bills

October 10, 2019

On Oct. 1, the law “On Digital Rights” entered into force. It establishes the basic legal definition of rights in the digital realm and determines their status under the country’s civil rights law. “Digital right” in this context is a new legal term, the scope of which can be interpreted to include tokens such as …

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What you need to know about Facebook’s Libra, the next-coming cryptocurrency giant

August 6, 2019

In association with leading international publications, East-West Digital News presents a series of expert analysis and thought leadership pieces to shed light on global e-commerce and e-payment trends and prospects. This article by ThePaypers offers an analysis of Facebook’s Libra project, its business goals, technical background and implications for users and the payment industry.  On …

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Prime minister Medvedev: As cryptocurrencies lose popularity, regulation “not that relevant already”

May 18, 2019

Crypto regulation is not a priority for the authorities since cryptocurrencies have lost their popularity, the Russian prime minister has recently argued. Prime minister Dmitry Medvedev’s comments were reported by Russian news agency Fontanka on May 16. “The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already,” said the prime minister at an annual …

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Russian prosecutors take softer stance on crypto website

May 13, 2019

A court case in Russia has signaled a change in the attitude authorities have towards the cryptocurrency space, at least on first glance. After prosecutors gave up their efforts to block the website – citing the upcoming Russian legislation meant to regulate Bitcoin – Bestchange.ru  will be allowed to restore normal operations. This online portal …

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Russia-connected asset manager launches new crypto fund

March 22, 2019

Earlier this month ITI Funds, a buy-side intermediary, advisory and asset management company, announced the launch of a new crypto fund Dubbed ‘ITI Funds Crypto Index Fund,’ the fund focuses on index tracking, covering “30 crypto-assets with the largest market capitalization.” These include Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, ZCash, Stellar, and Ethereum Classic.  “The fund assets must …

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Russia’s Minister of Justice: Cryptocurrencies do not need to be legally defined yet

February 17, 2019

Alexander Konovalov, Russia’s Minister of Justice, said on February 13, during the government hour in the Federation Council, that clear legislation on cryptocurrencies would not be formalized anytime soon. According to news agency Tass, Konovalov said both the constitution and the current financial system’s legislation “categorically prohibits the use of the cryptocurrency as a means of …

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Crypto mining could bring Russia $1 billion in taxes, report claims

February 11, 2019

Russia’s electrical surplus last year reached 20 GW. According to a study conducted by industrial mining solutions provider Bitcluster, that’s enough energy to power 14.8 million of the popular Antminer S9i ASIC devices. If Russia uses the excess electricity to mint digital coins, the state would receive 70 billion rubles (over $1 billion) just from …

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