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RBC Price   

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RBC Price:
$74.6 K
All Time High:
Market Cap:
$8.7 M

Circulating Supply:
Total Supply:
Max Supply:


The price of #RBC today is $0.08 USD.

The lowest RBC price for this period was $0, the highest was $0.078, and the exact current price of one RBC crypto coin is $0.07809.

The all-time high RBC coin price was $0.82.

Use our custom price calculator to see the hypothetical price of RBC with market cap of ETH or other crypto coins.


The code for Rubic crypto currency is #RBC.

Rubic is 2 years old.


The current market capitalization for Rubic is $8,714,408.

Rubic is ranked #570, by market cap (and other factors).


There is a modest daily trading volume on #RBC.

Today's 24-hour trading volume across all exchanges for Rubic is $74,587.


The circulating supply of RBC is 111,599,999 coins, which is 90% of the total coin supply.


RBC is a token on the Ethereum blockchain, and has digital contracts with 2 other blockchains.

See list of the RBC Blockchain contracts with 3 different blockchains.


RBC has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 5 crypto exchanges.

View #RBC trading pairs and crypto exchanges that currently support #RBC purchase.


Note that there are multiple coins that share the code #RBC, and you can view them on our RBC disambiguation page.



Tron and AllchainBridge: Facilitating Cross-Chain with Rubic

Boosting over 113 million accounts and 3.9B transactions, Tron has become one of the world’s fastest-growing blockchains with more than 567 dApps built on its infrastructure, and we’re proud to announce that Tron is now a part of Rubic’s ecosystem. By integrating the SWFT AllchainBridge built on the Tron blockchain, has enabled swaps of stablecoins, native and wrapped tokens from and to Tron with the Ethereum, BNB, Polygon, and Fantom chains, as well as on-chain swaps conducted through Rubic’s smart contracts. With our Tron integration, Rubic further expands into non-EVM chains, providing users with more highly sought-after swapping options. Tron is home to the most popular stablecoins like $USDT, as well as $USDC, with a total market cap of over $34B and $3.2B, and over 15.6M and 362,000 holders respectively. Also, Tron has launched its own high-profile stablecoin, decentralized USD or USDD. The Tron integration into Rubic has granted users access to exchanging the most popular stablecoins in the crypto space in a secure, decentralized, and profitable manner. By integrating Tron and AllchainBridge, Rubic gets not only vast liquidity, but also a new userbase reaching out to millions, and expands the tokens available for cross-chain and on-chain swaps. Without further ado, let’s throw light on the Tron ecosystem, the AllchanBridge dApp, TRON stablecoins, and how this collaboration can help Rubic grow!...

LI.FI & Rubic: Pushing Forward the Boundaries of Web3 Interoperability

On September 26th, Rubic started its anniversary five-week NFT giveaway, with each week dedicated to a specific Rubic provider. Several cross-chain providers, as well as Rubic’s beloved partners, are taking part in this event — compiling unique and brand-new NFTs for our users! This week goes out to LI.FI, which means that by swapping via LI.FI at users will get our joint NFTs — a key to future benefits and airdrops! You can find the details of this promotion here. So, what is LI.FI? How is LI.FI pushing the interoperable cross-chain future forward with Rubic? Find out right here! — LI.FI in Rubic’s Ecosystem - Since LI.FI was integrated into in July 2022, Rubic has ramped up liquidity for users as well as for SDK and Widget integrators by adding new networks — Optimism, Cronos, OKExChain, Gnosis (xDAI), Fuse, Moonbeam, Celo, as well as the bridges — Connext, Multichain, Hyphen, Y Pool, Polygon PoS, Optimism Bridge, deBridge, Across, Avalanche Bridge, Arbitrum Bridge, Optimism Gateway, XY Finance, and Ethereum Bridge. As a bridge and DEX aggregator, LI.FI has not only expanded Rubic’s tokens’ assortment and network’s circle, but helped Rubic in optimizing asset routing between chains even further.Transaction flow from Rubic through LI.FI’s smart contracts Since day one, Rubic has generated more than $5.3M of cross-chain swap volume to LI.FI, whi...

Rubic Weekly Report 09/30/22

Hello, friends! Rubic’s official Birthday has passed, but we’re celebrating until the end of October! Let’s keep up with the latest news. Development Tron Integration, Rubic’s ecosystem is getting bigger! This week, we are completing the integration process of the Tron network into Rubic. Cross-Chain swaps are now available between Tron and the ETH, BSC, Polygon, and Fantom networks. Currently, we are working on a Tron On-Chain integration and a new SDK version for On-Chain and Cross-Chain swaps, so the full Tron announcement is coming next week. Please note, that you need a Tronlink wallet for implementing swaps to and from Tron on Rubic. 2. Bitgert Bridge Integration Our Development team is getting ready to integrate the Bitgert Bridge into the Rubic platform. The Bitgert bridge will support swaps from Bitgert to BNB Smart Chain and Ethereum, or vice versa. Our users will be able to trade $USDT, $USDC, $BUSD, $ETH, $BNB, $MATIC, $SHIB to or from Bitgert. We’ll keep you updated on further details! 3. Incoming Updates The “Fast Choice” Feature is 80% complete. Soon, our users will be able to see the providers in real-time whenever a route for their trade is being calculated. Then, you’ll be able to choose your preferred one from the list of all available providers. ETA: October 6th Unified Contract. As soon as the Unified Contract goes live, all On-Chain swaps will be implemented through this contract...

Building Cross-Chain dApps: Ways to Become Interoperable

Cross-chain Web3 is not the future anymore, it’s a reality that will have an impact on every business in the crypto industry — be it a wallet, a DEX, an NFT marketplace, or any other crypto project that already exists, or is yet to be launched. Can dApps, as a major crypto market player, ignore this trend? Mass adoption, traction, number of users, and many other business indicators fall under the influence of current and future Web3 trends. How does one scale up and grow a successful decentralized application by following today’s market direction? What cross-chain Web3 solutions already exist on the market? Why is Rubic’s Cross-Chain toolkit the ultimate way for any dApp to jump into cross-chain? Get the answers to these questions right in this article! — Why Do dApps Need to Become Cross-Chain?. — In this day and age, the blockchain world is witnessing a huge dApp adoption which has soared in the past few years. In total, there are around 4,073 dApps in the crypto space with 80% of them built on Ethereum (2,970 dApps and 117.82k daily transactions to Ethereum dApp contracts). Given the ever-increasing number of projects, networks, and blockchains, the crypto space is moving toward enhanced interoperability layers, cross-chain messaging, and transferring assets from any chain to any chain. Here is where Cross-Chain Web3 technology comes in. How does it benefit dApps? Advancing Web3 Thanks to interoper...

Symbiosis & Rubic: Ground-Breaking Synergy in Web3

Cooperation is the blood of Web3, and it brings lots of good projects to life! Rubic and Symbiosis represent a true example of partnership, where synergies drive great solutions. From September 26th to October 30th, we’ll be conducting Rubic’s Anniversary NFT giveaway, where every week is dedicated to a specific Rubic provider. This week, September 26th to October 3rd, is the week of Symbiosis — our beloved partner. Swapping via Symbiosis at, you get our joint NFTs, which can be a key to future benefits and airdrops. You can find the details of this promotion at Let’s take an in-depth look at how Symbiosis is powering the cross-chain space and what role it plays in the Rubic ecosystem. — Symbiosis in the Rubic’s Family - Symbiosis was integrated into Rubic in July 2022, and it constitutes a very important part of the Rubic ecosystem. Since then, Rubic has generated more than $3.4M of cross-chain swap volume to Symbiosis. It’s great that our users trust Symbiosis, who are leading in the number of transactions in Ethereum and BNB Chain versus other Rubic providers. Symbiosis helps Rubic to conduct secure, fast, and profitable transactions for its users as well as for the integrators of Rubic’s cross-chain tools (SDK/Widget). — What is Symbiosis? - Symbiosis Finance is a multi-chain liquidity protocol that aggregates decentralized exchange liquidity a...

Rubic Weekly Report 09/23/22

Hello, friends! Let’s review the hard work done this week before we all start celebrating Rubic’s Birthday! — Development. — — 1. ‘Recent Transaction’ Upgrade. — Our development team added a new feature for you! Now, you can see transaction details for both networks during Cross-Chain swaps. This feature allows you to check the transaction hash not only for the ‘From’ network, but now for the ‘To’ network as well. We’ve made the process of Cross-Chain transactions more transparent and clear. This feature will help you to locate your funds and track the transaction status the entire way. This update also relates to the SDK version of the Rubic platform. — 2. ‘WalletConnect’ Update. — We’ve finished a ‘WalletConnect’ improvement, and added all of the networks supported on to the ‘WalletConnect’ Protocol. ‘WalletConnect’ supports 170+ different wallets, including MetaMask, Rainbow, and Argent. We are creating an easy and comprehensive Cross-Chain tool for you! — 3. Tron Integration Process. — The Tron Network Integration process is almost done! Now, the Integration is 90% complete. Join our Twitter to see all the updates! ​​ — 4. Ethereum PoW Integration. — Rubic has integrated ETHPoW for On-Chain swaps via Uniswap V2 and V3, as well as SushiSwap, which are not available there natively. This is a unique opportun...

NFT Giveaway to Celebrate Rubic’s Birthday

Bam! September 25th is just around the corner and many of you can guess what it means… Rubic’s Birthday! It will be 2 years for Rubic since its launch, which is a lot for a crypto project, and we can call ourselves crypto veterans already! Let’s go back and see what our project has reached over this time. An array of new networks have been integrated into Rubic: Cronos, OKX, Boba, CELO, Moonbeam, Fuse, ETHPOW, Optimism, Gnosis, and finally, Bitcoin, making it 18 chains in total for cross-chain swaps!, The number of supported tokens spiked to 15,500, which is the biggest the market currently offers., Rubic has become the premier aggregator of cross-chain providers, such as Celer, Symbiosis, deBridge, Via Exchange, Rango, and LI.FI. This gives us over 70+ DEXs & bridges, and helps provide seamless services even if a particular bridge or provider stops working!, We launched stable, trustworthy, convenient, and constantly-updated cross-chain SDK and widget solutions for crypto projects, and helped more than 90+ projects to become cross-chain., We reached over a 271M total swap volume, more than 53,700 users, and 13,000 token holders. Rubic’s Market Cap grew from $0.5M to over $7M., Rubic received grants from Celer, deBridge, NEAR, Harmony One, Symbiosis, Bitgert, Polygon, and Telos to develop its ecosystem by integrating more solutions for its cross-chain functionality., Our Twitter spiked to over 50K followers, an...

Rubic Weekly Update 09 / 16 / 22

Hey, Rubicans! We’re glad to share with you our latest news updates. This week was full of big events in the crypto world, so let’s see what Rubic’s team managed to achieve during the week. Development Receiver Address Feature, This week, our developers were working on the second part of the “Receiver Address” feature for Rubic’s platform. As the first part of this innovation, we added the feature to Rubic’s SDK. Since our users wanted to have an opportunity to choose the receiving address, we decided to make this feature live! You can now enter the address of the receiver’s wallet directly on The “Receiver Address” feature can be enabled for any network in your settings, both for On-Chain and Cross-Chain swaps. Users now have the feature of sending tokens to another address, meaning that implementing Cross-Chain transactions and transferring tokens won’t take long anymore. Rubic turns all the overly-complicated processes into a one-click action! 2. The “Fast Choice” Feature Now, the Rubic Dev team is working on a new feature. Soon, our users will be able to see the providers in a real-time manner, whenever a route for their trade is being calculated. You can choose the first which has appeared, or wait for several providers to show up and choose your preferred one from the list of all available providers. 3. Unified Contract Rubic’s team is in the process of creating a uni...

Cross-Chain Web3: The Future of dApps?

Aiming to increase interoperability in the blockchain world, cross-chain Web3 technology has already been adopted by an ever-increasing group of crypto market participants. Can dApps as a major crypto market player ignore this trend? How can they unleash their power at full throttle with cross-chain Web3? What benefits will it bring to users? To get the answers to these and many other topical questions, Rubic is organizing the virtual panel discussion “Cross-Chain Web3: The Future of dApps?”. This will be a discussion on wider perspectives of cross-chain Web3 technology, and its future prospects in the blockchain space. The event will be held at 16 PM UTC on September 15th, in the Rubic Discord, and all of the participants will get a chance to win brand-new NFTs from Rubic and the participating projects. It’s a great chance to meet with founders and VPs of leading projects in cross-chain Web3. Check out the list of confirmed participants: SushiSwap: Sarang, Core Developer, Chainge Finance: Dejun Qian, CEO/Founder, Celer: Steve Yu, VP of Business Development and Operations, deBridge: Alex Smirnov, CEO, and Co-Founder, Symbiosis: Nick Avramov, CMO and Co-Founder, Axelar: Jason Ma, Director of Business Development, Rubic: Vladimir Tikhomirov, Founder, XP Network: Dima Brook, CTO, The moderator: Collin O’Brien, Marketing Manager at Rubic The following questions are going to be discussed at this event: Cross-Chain as a...

Rubic Weekly Report 09/09/22

Hey, Rubicans! Let’s see what we’ve achieved during the week. Development Wallet Connect Update, Now, our users who log in through ‘Wallet Connect’ will have more opportunities for Cross-Chain trading. This week, we’ve been working on adding all of the networks supported on to the ‘Wallet Connect’ Protocol. We are creating an easy and comprehensive Cross-Chain tool for you! 2. Tron’s Upcoming Integration Soon, our Dev team will share more details on the Tron integration process. Founded in September 2017, the TRON network has delivered impressive achievements since Mainnet launch in May 2018. The TRON network has gained incredible traction in recent years, with over 110 million users on the blockchain and upwards of 3.8 billion transactions. The TRON network completed full decentralization and is now a purely community-governed DAO. The network is in demand among USDT holders, and we’d like to make their trading process even more convenient via! While working on the Tron integration, Rubic’s team is doing research for further blockchain integrations. 3. Platform Updates Soon, our users will be able to choose the specific provider for their Cross-Chain trades. We’ve already started implementing this feature, as constant improvements to our platform are the keys to success. If you have any suggestions on how to make more user-friendly and convenient, you can...


Crypto Exchange Okx Blocked by Russia's Telecom Watchdog

    Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading platform was one of those that did not restrict access for Russians amid sanctions that affected the industry's business in Russia.Okx Blacklisted on Request From Russian Prosecutor's Office for Disseminating Banned Information Russia's Federal Service for Supervision of Communications, Information Technology and Mass Media, also known as Roskomnadzor, has added this week the domain name of crypto exchange Okx to its list of sites containing information, the distribution of which is prohibited in the Russian Federation. The move follows a decision by the Russian Prosecutor General's Office. The Seychelles-based company is among the few leading coin trading platforms that did not introduce restrictions for Russian users despite mounting Western sanctions imposed over Russia's military invasion of Ukraine, the Russian business news portal RBC noted in a report. Russian prosecutors asked the telecom watchdog to prevent access to its website for 'dissemination of unreliable socially significant information of financial nature,' Roskomnadzor told RBC Crypto. The agency's press service further elaborated: The site published information related to the activities of financial pyramids, as well as information on the provision of financial services by persons who do not have the right to provide them in accordance with the legislation of t... read More

Bank of Russia Adds Digital Assets to Banking Chart of Accounts

    Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets.Russian Banks to Record Digital Currencies as Assets in Their Accounting Books The Central Bank of the Russian Federation (CBR) has released the draft of the updated banking chart of accounts for next year. Starting from 2023, Russian lenders will be required to account for new types of transactions, including digital ruble flows and operations with digital financial assets (DFAs). The monetary authority has been expanding the testing of its new central bank digital currency (CBDC) this year and hopes to pilot real-value settlements in early 2023. Authorities in Moscow are also working to more comprehensively regulate decentralized digital currencies. The current DFA law refers mostly to coins and tokens with an issuer but a new bill 'On Digital Currency' aims to more fully cover cryptocurrencies like bitcoin. Amid sanctions imposed over an escalating war in Ukraine, Russia hopes to use both the digital ruble and crypto assets for international settlements. Only one account has been reserved for the digital ruble while banks will have several accounts to reflect their DFAs in the sections 'Acquired Digital Financial Assets' and 'Issued Digital Assets,' the crypto page of the Russian business news porta... read More

Russia to Supply Electricity to Kazakhstan's Cryptocurrency Miners

    Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the Central Asian nation. New arrangements will allow Kazakhstan's miners to buy electricity directly from the Russian power generation and distribution giant Inter RAO.Miners in Kazakhstan to Source Energy From the Russian Federation Crypto mining enterprises operating in Kazakhstan will be able to rely on electricity produced in neighboring Russia to power their energy-hungry hardware. To allow that, the two partnering nations will amend a bilateral agreement governing the coordinated operation of their energy systems. The government in Moscow has already ordered the necessary changes and begun preparations to organize the supply of power for Kazakhstan's crypto mining sector, the crypto news page of the Russian business information portal RBC unveiled. In accordance with the new arrangements, Inter RAO, which holds monopoly on the export and import of electricity in Russia, will be able to sell in Kazakhstan under contracts concluded on commercial terms directly with the mining firms working there. With its low, subsidized electricity rates, Kazakhstan attracted numerous mining companies after the Chinese government cracked down on the industry last year. The subsequent surge in consumption was blamed for the power shortages and multiple breakdowns of the country's aging energy infrastructure. In January, Kazakh authorities temporarily shut down around 200 mining facil... read More

Russia Said to Allow Crypto Mining in Regions With Hydroelectric and Nuc...

    Cryptocurrency mining should be allowed in areas with excess energy and prohibited in those that experience deficits, according to Russian officials preparing to legalize it. An expert from the crypto industry has recently marked the regions where Moscow is likely to authorize mining and the ones where it will probably ban the extraction of digital currencies. Expert Lists Russian Regions Most Suitable for Crypto Mining and Those Expecting Ban The Central Bank of Russia and the Ministry of Finance recently agreed on legislation designed to regulate the mining of cryptocurrency that should be adopted by the end of this year. Lawmakers working to finalize it have indicated that the industrial activity should be permitted only in parts of the vast country that can produce more electricity than they need. One of them, the Chairman of the parliamentary Financial Market Committee Anatoly Aksakov, also said that the energy-intensive process should be banned in other areas facing power shortages. The deputy assured that the respective bill will be filed with the State Duma in the near future and also called for the simultaneous regulation of mining and cryptocurrencies. The idea to authorize the minting of digital coins only in regions with a steady surplus in electricity generation is not new. A proposal in the same direction was made by the Russian Ministry of Economic Development in February, when the department also suggested introducing 'acceptable' electricity rates for miners.... read More

Russian Exchanges Ready to Launch International Crypto Payments, Lawmake...

    The largest exchanges in Russia are ready to begin operating with cryptocurrencies right after authorities legalize cross-border settlements in crypto, according to a leading member of the Russian parliament. The stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the high-ranking official added. Russia's Top Exchanges Waiting for Moscow's Green Light on Cryptocurrency Payments Major Russian exchanges are prepared to start working with cryptocurrencies as soon as government institutions create the legal conditions for crypto settlements, the head of the Financial Market Committee at the State Duma, the lower house of parliament, has announced. Moscow Exchange, St. Petersburg Exchange, and the St. Petersburg International Commodity Exchange are actively working to develop the market and are ready to immediately get involved in the process, since the infrastructure is already there, Anatoly Aksakov said in an interview with Parlamentskaya Gazeta, the official newspaper of the Federal Assembly. Also quoted by the crypto news outlets and RBC Crypto, the Russian deputy pointed out that legislation designed to regulate the matter is currently being discussed. The necessary bills can be adopted as early as November, the lawmaker indicated. Russia turned its attention to cryptocurrencies as a way to circumvent financial restrictions imposed by the West over its military invasion of Ukraine. The Russian government now view... read More

Crypto Payments May Not Help Russia Bypass Sanctions, Experts Say

    Russia is preparing to authorize international crypto payments but people involved in the industry doubt this would allow the country to circumvent sanctions. At the same time, the United States has been tightening the noose, recently targeting the use of cryptocurrencies to dodge the financial restrictions imposed by the West with new legislation in Congress. Russian Crypto Experts Claim Circumventing Sanctions With Cryptocurrency Is a 'Great Illusion' This week, Russian authorities announced they had started developing a mechanism for cross-border settlements with crypto assets, with the goal to reduce the sanctions pressure on the Russian economy and trade. The Ministry of Finance said that a bill legalizing such transactions has been agreed upon with the Central Bank of Russia. Moscow is now in a rush to adopt regulations for the issuance, circulation, and various operations with digital currencies, particularly payments for imports and exports restricted by Western sanctions over its invasion of Ukraine. Meanwhile, the House of Representatives of the U.S. Congress approved a new bill with measures aimed at curbing the use of cryptocurrencies to circumvent them. On this backdrop, experts with knowledge of the industry have shared with Russian media their opinions on how realistic it is to bypass the sanctions with the help of cryptocurrencies. The crypto page of the Russian business news portal RBC has compiled them in an article, the title of which starts with the expres... read More

Russia Starts Developing Mechanism for International Crypto Payments

    Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country's central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia. 'The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,' Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering. The current version of the bill 'On Digital Currency,' put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade. Finance Ministry and Central Bank Agree on Law Allo... read More

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law ...

    Major government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled.Financial Authorities Reach Consensus on How to Regulate Mining of Digital Coins in Russia The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians. Anatoly Aksakov, chair of the parliamentary Financial Market Committee, announced during the Kazan Digital Week forum that draft legislation introducing rules for the sector will soon be submitted to the lower house of Russian parliament, the State Duma. Quoted by RBC Crypto, he said: In the near future, the bill will appear in the State Duma, we will work to pass it faster. The Russian lawmaker also gave his own take on the matter. Aksakov believes that cryptocurrency mining should be allowed only in regions with abundant energy resources and prohibited in those that experience shortages. Earlier in September, Prime Minister Mikhail Mishustin asked the CBR, Minfin, Rosfinmonitoring, Russia's financial watchdog, the Federal Tax Service, and the Federal Security Service to elaborate a common position on draft feder... read More

Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on...

    The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country's digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it.Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December. The head of the Russian government issued the order after a meeting devoted to the nation's financial system, RBC Crypto reported. The top official emphasized that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports. The finance ministry and the central bank have been tasked to update Russia's 'Strategy for the Development of the Financial Market until 2030.' The document should be revised taking into account the instructions of President Putin and, in the words of Mishustin, the prevailing geopolitical situation. In January of this year, Vladimir Putin urged Russian government institutions to reach consensus on crypto regulations and highlighted Russia's potential as a coin minting destination. In August, Mikhail Mishustin described digital assets as a 'safe alternative' for ... read More

Russia's Sberbank to Allow Users to Issue NFTs on Its Blockchain Platfor...

    Recognizing existing demand for non-fungible tokens, or NFTs, one of the largest banks in Russia, Sberbank, now intends to allow users to issue them on its blockchain platform. The financial institution also plans to cooperate with art sites and galleries across the country. Sberbank to Give Clients Opportunity to Mint NFTs An option providing users with the chance to issue their own non-fungible tokens should appear on Sberbank's blockchain platform in the fourth quarter of the year, the bank's Deputy Chairman Anatoly Popov unveiled during the Eastern Economic Forum in Vladivostok. The high-ranking executive added that the Russian banking giant plans to start cooperating on projects with art sites, galleries, and potentially sports organizations for NFT releases related to games and tournaments. Quoted by the crypto page of the leading Russian business news portal RBC, Popov remarked this is something new for the bank which will first make some tests. At the initial stage, the service will be limited due to the need to moderate content, he added. Sberbank, the biggest Russian bank by assets, created its blockchain platform after it received authorization from the Central Bank of Russia to issue digital financial assets in March, this year. The platform is currently open to legal entities only, but in the last quarter of 2022, private individuals will also be granted access and allowed to issue, buy and sell digital financial assets (DFAs). About a month later, companies wer... read More

Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Mini...

    Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months, the monetary authority says it will 'actively promote' its digital currency for international settlements.Bank of Russia Seeks to Impose Digital Ruble for International Settlements The Central Bank of Russia (CBR) will 'actively promote' the employment of the digital ruble in cross-border payments, its Governor Elvira Nabiullina stated in a documentary aired by the Russia-24 TV channel. The film was devoted to the 220th anniversary of the Ministry of Finance of the Russian Federation. The department recently announced it had reached an agreement with the monetary authority on the need to legalize international crypto payments in the face of Western sanctions. In the current conditions, 'it is impossible to do without cross-border settlements in cryptocurrency,' the two regulators concluded, according to the ministry. These payments should be legalized soon, Deputy Finance Minister Alexey Moiseev told Russian media. Anatoly Aksakov, head of the Financial Market Committee at the State Duma, the lower house of Russian parliament, also joined calls to allow crypto payments in foreign trade. On the backdrop of these statements by government officials about the importance of using cryptocurrency as... read More

Russian PM Says Digital Assets Are 'Safe Alternative' in Foreign Trade, ...

    Russian Prime Minister Mikhail Mishustin has praised digital assets as a payment instrument that could strengthen Russia's financial independence. The top government official also called for increasing the use of the ruble for international settlements.Head of Russian Government Sees Digital Assets as Tool Ensuring 'Uninterrupted Payments' Digital assets can become an alternative to traditional settlements and facilitate payments for imports and exports, the prime minister of Russia has recently remarked. Quoted by RBC Crypto news outlet, Mikhail Mishustin made the comment during a 'strategic session on the development of the domestic financial system.' In his statement, which was streamed online, the head of the executive power in Moscow insisted that the Russian Federation needs to intensively develop innovative areas, including the introduction of digital assets. He elaborated: This is a safe alternative for all parties, which is able to guarantee uninterrupted payments for the supply of goods from abroad and for exports. Russia has been mulling over ways to reduce its dependence on the U.S. dollar for quite some time as part of a policy objective referred to as 'dedollarization.' Digital financial assets, a broad term in current Russian law that officials have used to describe cryptocurrencies, have been considered as an option even before the latest sanctions imposed over the war in Ukraine. A draft law 'On Digital Currency' prepared by the Ministry of Finance is expecte... read More

Sanctions, Disagreements Hamper Regulation of Crypto Mining in Russia, E...

    The changing geopolitical and economic environment, as well as persisting differences between responsible government institutions, are hindering the advance of legislation tailored to regulate cryptocurrency mining in Russia. According to a report quoting industry watchers, these factors are halting the advance of the necessary legislation.Two Draft Laws on Mining Await Approval by the Russian Government Despite the latest market downturn, the mining of cryptocurrencies continues to expand in Russia, the crypto page of the Russian business news portal RBC noted in an article. The vast country, which ranked fifth among mining destinations in the beginning of the year, offers abundant energy resources and suitable climatic conditions. A recent report also revealed that the consumption of electricity used to power Russian mining farms has increased almost 20 times in the past five years. With 1.25 gigawatts burned last year for the production of bitcoin (BTC) alone, the amount of energy utilized in the crypto mining industry is already comparable to that needed in the country's agricultural sector. The lack of regulation, however, means that the extraction of digital currencies is still taking place in the gray economy of Russia. Two dedicated bills have been designed to legalize the mining business but they still need to be approved by the government before lawmakers have an opportunity to consider them. The first draft law was filed in the State Duma, the lower house of parlia... read More

Russian Caught Mining Crypto in Covid-19 Clinic

    An IT specialist working for a medical institution in Russia's Altai Republic has been detained for illegally mining cryptocurrency at the premises of a Covid-19 hospital. The man minted digital currencies using stolen electricity for almost a year before law enforcement busted his crypto farm.Altai Resident Apprehended for Running Underground Crypto Mining Operation An employee of the republican hospital in Gorno-Altaisk, the capital town of the Altai Republic in southern Siberia, has been arrested for setting up a crypto farm at a medical facility. He had been running the mining equipment since early last year, the Russian crypto news outlets and RBC Crypto reported. In February 2021, the man, who worked as a chief information security specialist, installed the coin minting hardware and connected it to the servers of the hospital which was previously used to treat patients with Covid-19, the republic's Ministry of Internal Affairs detailed in a press release. According to a statement by the regional department of the Federal Security Service (FSB), the mining equipment ran for almost a full year on stolen electricity, causing damages that amounted to over 400,000 rubles (close to $7,000 at current exchange rates). The law enforcement agency further noted that the IT expert turned to cryptocurrency mining as he experienced financial difficulties. He quickly realized he didn't have the necessary computing power and energy at home and decided to establish the mining... read More

Electricity Consumption of Russian Crypto Miners Spikes 20 Times in 5 Ye...

    Power needs of cryptocurrency miners in Russia have grown significantly since 2017, with consumption of electrical energy seeing a 20-fold increase over the five-year period. In 2021, the minting of the coin with the largest market cap, bitcoin, required 1.25 gigawatts in the country. Experts say, however, that Russia has the spare capacities to satisfy much larger demand. Crypto Miners Spend as Much Power as Russian Farmers Electricity consumption in Russia's crypto mining industry has been constantly rising since 2017, a new study has established. The positive trend led to an annual increase of at least 150%, according to specialists working for mining hardware importer Intelion Data Systems. The extraction of bitcoin (BTC) alone needed 1.25 gigawatts of energy in 2021, their calculations show. The volume of electricity used for the production of other major cryptocurrencies, such as ether (ETH) and litecoin (LTC), can be an additional 40-50% of BTC's consumption, the researchers say. Various government institutions estimate that cryptocurrency mining accounts for between 0.64% and 2% of the total electricity consumption in the Russian Federation, the business news portal RBC and other Russian media revealed, quoting Intelion's report. That's about as much as agriculture's share of the total consumption. The prospects for the development of the crypto market in the Russian Federation look quite serious and require the legalization of activities like mining, Novie Izvestia ... read More

Russia's Finance Ministry Supports Circulation of Stablecoins in C...

    The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one.Russia's Minfin Open to Legalizing Stablecoins if Business Needs It The Ministry of Finance of the Russian Federation (Minfin) generally supports authorizing the circulation of stablecoins in the country, according to Ivan Chebeskov, director of the ministry's Financial Policy Department. The top official made the statement during 'The Influence of Web3 – New Era of the Internet of Trust?' panel at the Russian Creative Week. Chebeskov remarked that Minfin looks at the issue from the perspective of Russian entrepreneurs. 'If there is a need for businesses, companies or investors to settle, invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if we can limit the risks associated with it, we will always support such initiatives,' he elaborated. Quoted by RBC Crypto, the government representative also noted that blockchain in general, as well as crypto assets, digitalization and tokenization, can potentially provide an opportunity to establish an entirely new financial system. 'But one cannot be completely sure that it will be able to work better than the existing financial systems,' Chebeskov commen... read More

Financial Companies Report First Deal With Digital Assets Under Russian ...

    Two companies have carried out Russia's first transactions with digital financial assets as defined by the country's current legislation. The deal involved the tokenization of debt issued by a third party and its subsequent acquisition.Russian Companies Conduct Issue and Placement of Digital Financial Assets VTB Factoring, a subsidiary of Russian majority state-owned Vneshtorgbank (VTB), and the fintech firm Lighthouse have announced the first transactions for the issuance and placement of digital financial assets (DFAs). The latter is a broad legal term in Russian law that encompasses various types of digital assets, including cryptocurrencies, until dedicated legislation is adopted. As part of the deal, commercial debt from an unidentified issuer was first tokenized on the platform of Lighthouse, a registered 'information system operator' authorized to issue and transact with DFAs, and then VTB Factoring bought the digital assets, the companies detailed in a press release. By working with debt in the form of DFAs, the parties are able to reduce the time necessary to receive financing, while also taking advantage of relatively low transaction costs, the RBC Crypto news outlet explained in a report. This lowers the overall costs for the issuing entity. Anton Musatov, CEO of VTB Factoring, elaborated: In contrast with the standard factoring procedure, the client does not need to conclude a service contract to assign commercial debt. It is enough for the issuer to issue a DFA a... read More

Russia's Financial Watchdog Investigates 400 Crypto-Related Cases,...

    Rosfinmonitoring is conducting hundreds of investigations into cases involving cryptocurrencies, the head of the agency announced. Hundreds of thousands of Russians take part in crypto deals abroad, the top regulator also reported to the Russian president.Russian Authorities Initiate 20 Criminal Cases Linked to Crypto Assets The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, is trying to unravel around 400 cases in which cryptocurrencies are involved. The agency's director, Yury Chikhanchin, revealed the number during a meeting with President Vladimir Putin. The financial watchdog is working on them together with representatives of the Ministry of Internal Affairs (MVD) and the Federal Security Service (FSB), the high-ranking official noted. Law enforcement authorities have already initiated 20 criminal cases related to digital assets, he also said. Commenting on the volume of the crypto turnover registered by his department, Chikhanchin acknowledged that Russians continue to actively use cryptocurrency platforms based outside of the country. He elaborated: This phenomenon continues to exist. And only on two foreign sites, two exchanges, several hundred thousand Russian citizens participate in transactions worth tens of billions. Quoted by the crypto outlet of Russian business news portal RBC, the regulator pointed out that these are not only settlements or investment deals. Yury Chikhanchin is convinced that some of these tra... read More

Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft's Oil E...

    Russian crypto mining operator Bitriver will use electricity generated from associated gas provided by Gazprom Neft to mint digital coins. As part of a new agreement, the mining company will in return develop the digital infrastructure at the oil producer's wells in Russia.Crypto Mining Operator Bitriver to Cooperate With Russian Oil Giant Gazprom Neft Russia's third largest oil producer, Gazprom Neft, will power data centers operated by the country's leading crypto mining company, Bitriver. The electricity needed for the production of digital currencies will be generated using associated petroleum gas, a form of natural gas found with oil deposits. The arrangement is part of a memorandum of cooperation signed by the two companies during the St. Petersburg International Economic Forum, RBC Crypto reported, quoting a Bitriver representative. The announcement comes after the Russian mining operator was recently placed under U.S. sanctions. In accordance with the agreement, the mining firm will develop the digital infrastructure at Gazprom Neft's oil fields and provide services relying on computing hardware, the report details. Gazprom Neft's business model does not encompass digital currencies but the oil giant is seeking solutions that would allow the 'beneficial use' of the associated gas obtained during oil extraction. The infrastructure necessary to utilize the associated gas for the energy-intensive mining of crypto assets has been built already at Gazprom Neft enterprise... read More

Crypto Payments Possible if They Don't Penetrate Russia's Fi...

    Cryptocurrencies can be used for international payments if they don't penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country. Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements Cryptocurrencies can be employed in international payments if they do not 'penetrate' the financial system of the Russian Federation, according to Elvira Nabiullina, governor of the Central Bank of Russia (CBR). The official added that these digital assets are subject to high price fluctuations and emphasized: Cryptocurrency should not be traded on organized marketplaces because this asset is too volatile, too risky for potential investors. Quoted by RBC Crypto, the banker said that digital coins listed on Russian exchanges must be compliant with all regulations designed to protect investors. Hence, the projects behind the traded assets should have a prospectus, a responsible person, and meet information disclosure requirements. Nabiullina's statement comes after last month when her deputy, Ksenia Yudaeva, announced that the CBR is not against the use of decentralized digital assets in 'international transactions and the international financial infrastructure,' signaling a softening of the regulator's stance on crypto payments amid expanding financial sanctions on Russia. A provision allowing crypto payments in foreign trade h... read More

Russia's Industrial Giant Rostec Announces Blockchain-Based Altern...

    Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks.Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions. Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies such as the ruble and the yuan in its trade deals, and is also considering the possibility of using cryptocurrencies for international settlements. This, as Russia's largest companies and importers are facing difficulties in their U.S. dollar payments. According to Rostec Executive Director Oleg Yevtushenko, 'a digital payment system based on a blockchain platform can be used as a full-fledged replacement of SWIFT, providing high speed, secure and irrevocable transactions.' Quoted by RBC Crypto, he ad... read More

No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal

    A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses for the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners Russian lawmakers have again filed legislation with the State Duma designed to regulate cryptocurrency mining. The new draft substitutes a bill submitted at the end of April, which has now been withdrawn. The revised version is missing some provisions that would have reduced the tax burden on miners at the expense of the federal budget, the deputies noted. On the positive side for those extracting digital currencies, mining operators will not be required to check the sources of funds of their clients under the new rules. The previous draft law envisaged the establishment of a special register for entities involved in crypto mining and their temporary exemption from taxes and customs duties. For a period of one year, miners were not going to be required to clear customs for hardware imported prior to the enforcement of the law or file tax returns for income received from crypto mining. The legislation was also going to relieve them of the obligation to pay value-added tax (VAT) on transactions related to the mining of digital currencies made before the law entered into force. These benefits are now gone but the rest of the draft is si... read More

Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors...

    The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor's office in Russia's second-largest city describes the ruling as a precedent.Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have been sentenced to nine and seven years in prison under strict regime for extorting 5 million rubles (almost $90,000) in cash and 55 million rubles (close to $1 million) in digital assets from another man. In the course of the trial, the St. Petersburg City Court has recognized the cryptocurrency as a means of payment, the crypto page of Russian business news portal RBC reported. Prosecutors consider the ruling a first, as the government in Moscow is yet to determine the legal status of bitcoin and the like. Four years ago, one of the perpetrators, Pyotr Piron, introduced himself to the victim, G.A. Shemet, as an officer from the Federal Security Service (FSB). He threatened Shemet with criminal prosecution to extort money from him in the form of fiat and cryptocurrency, the article details. As Shemet did not believe Piron was a security official and refused to give him the funds, the latter enlisted the services of an accomplice, Yevgeny Prigozhin, a former employee of the Russian Ministry of Internal Affairs (MVD). The two told Shemet a criminal investigation will be launched against him for alleged illegal circulation of cryptocu... read More

Coinbase Warns Some Russian Users Their Accounts May Be Blocked, Report ...

    Leading U.S. crypto exchange Coinbase has reportedly notified certain Russian customers that their accounts may be blocked at the end of this month. According to Russian media, the trading platform has offered them to withdraw their funds unless they prove they are not under sanctions.Coinbase Reportedly Asks Russian Clients to Withdraw Funds Some Coinbase users from Russia have received letters informing them that their accounts will be blocked on May 31, the crypto page of the Russian business news portal RBC reported. The company suggested that these customers withdraw their funds unless they provide documents indicating they are not subject to EU sanctions, the publication explained quoting the correspondence, which stated: Until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions. After that date, the funds may be frozen and all assets transferred to the accounts in the future will also be blocked, the crypto exchange's support team warned the Russians, according to the post published by RBC Crypto. The news of the notice comes after earlier in May, Coinbase's Chief Legal Officer Paul Grewal tweeted that the exchange could no longer provide services to certain Russian clients registered to the platform's EU entities or located within the European Union. Grewal assured that the company is working with affected customers to give them an opportunity to demonstrate if these s... read More

Bill Regulating Crypto Mining Submitted to Russian Parliament

    A draft law tailored to regulate cryptocurrency mining has been filed with the lower house of Russian parliament, the State Duma. The legislation provides a legal definition for the extraction of digital currencies and envisages the establishment of a register for miners.Russian Lawmakers to Review Legislation Enforcing Rules for Crypto Mining Sector The draft of the new federal law 'On Mining in Russian Federation' has been submitted to the Duma on Friday, April 29, according to the website of the house. The bill aims to bring the crypto-related industry out of the 'grey' economy in Russia, a country rich in energy resources and favorable climatic conditions for mining. The authors of the bill describe the minting of digital coins as an activity using information infrastructure and equipment located in the Russian Federation, which results in the creation of digital currency. They also introduce legal definitions for the circulation of digital currencies, mining pools and operators mining facilities. The law provides for the creation of a special register for cryptocurrency miners that will be maintained by an authorized federal body. Private individuals involved in bitcoin mining will be able to register as individual entrepreneurs or self-employed persons if their electricity consumption exceeds certain limits set by the government. Only registered entities and persons will be allowed to mine, RBC Crypto reported, quoting the document. The operators of mining facilities i... read More

Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

    Exmo, a U.K.-based crypto exchange with extensive presence in Eastern Europe, is pulling out of Russia, Belarus and Kazakhstan. The trading platform,, says it's making the move to avoid jeopardizing its expansion in other regions by operating in high-risk markets like these. The business has been sold to a Russian vendor, alongside rights to the domain and branding. Crypto Exchange Exmo Transfers Russia Operations to Local Entity Major Eastern European exchange Exmo announced earlier this week it's selling its digital asset business in Russia and Belarus. The company explained the 'tough decision' with efforts to avoid risking its global expansion plans by working in these countries. Both nations have been targeted by Western sanctions over Moscow's invasion of Ukraine. 'In addition, our Russian UBO, Eduard Bark, is leaving the company, transferring his stake as a part of a response to one of our directors, Serhii Zhdanov,' Exmo pointed out. 'Kazakhstan clients were also included as a part of the deal, since a new team is based in Kazakhstan,' the press release further revealed. The user agreement has been recently changed to indicate that Russian, Belarusian and Kazakhstan residents are no longer being onboarded. The exchange also reminded traders that pairs with the Russian ruble on the platform have been disabled since April 15, 2022. According to its website, Exmo currently maintains offices in the U.K., Ukraine, Poland, Lithuania, U.S.,... read More

Crypto Exchange With Belarusian Roots Halts Operations for Russian Users, a crypto exchange founded and initially licensed in Belarus, has suspended operations for Russian clients. The restrictive measure comes in response to Russia's assault on Ukraine, the platform said, noting that customers in other jurisdictions will not be affected. Exchange Denounces 'Terrible War' in Ukraine, Denies Services to Russian Traders Crypto trading platform has announced its decision to halt operations for residents of the Russian Federation over Moscow's military aggression against neighboring Ukraine. The move comes after, earlier, the Belarus-born exchange stopped opening new accounts for Russian users. 📢 halts operations for residents of the Russian Federation (Russia). Clients from other countries and regions will not be impacted by this decision. Learn more: - (@CurrencyCom) April 12, 2022 In a statement released by the platform late Tuesday, the chief executive of the company's Ukrainian division, Vitaly Kedyk, said that the Russian invasion has brought violence and disorder to the people of Ukraine and added: We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances, we can no longer continue to serve our clients from Russia. Customers from other countries and regions will not be impacted by the decision. emph... read More

Cryptocurrencies Carry Systemic Risks, Threaten Ruble, Bank of Russia In...

    The spread of cryptocurrencies brings significant risks for Russia's economy, financial stability, and national fiat, the monetary authority in Moscow has reiterated. The central bank has reaffirmed its hardline stance on decentralized digital money in a new report published as the government prepares to regulate the Russian crypto space.Central Bank of Russia Issues Warnings About Cryptocurrencies Russians' growing interest in cryptocurrencies, their significant crypto investments, and the high risks associated with crypto operations create potential systemic threats, the Central Bank of Russia (CBR) has pointed out in its annual report for 2021. Expanding on a long list of previously highlighted negatives related to digital currencies like bitcoin, the monetary authority stated: There is a risk of undermining the circulation of money and loss of sovereignty for the national currency. The regulator is repeating earlier warnings that digital assets increase the risk of outflow of funds from the traditional financial system towards the still largely unregulated crypto market. This transfer of savings threatens the financial stability of Russian banks, the CBR says, quoted by RBC Crypto. Bank of Russia remains concerned about the 'well-being of citizens' as in its view, the growth of the crypto market forms a bubble while cryptocurrencies bear characteristics of financial pyramids. Investor protection is limited and investments in digital coins can be lost due to price volatili... read More

Apple Discontinues Support for Sanctioned Russian Banks On App Store

    ApplePay – Apple’s digital wallet service – is no longer providing support to Russian banks following sanctions from the United States and its western allies. Applications from Promsvyabank – a state-backed Russian bank – have also been removed from the App Store. Sanctioning Russia Apple’s removal of Russian financial services was reported by Russian news outlet RBC on Thursday. Three of Promsvyabank’s applications have vanished from the Apple store: mobile banking, PBS investments, and PBS business. Meanwhile, the Google Play Store has also deleted the banking app, but not the latter two. On Wednesday, Russia announced “special military operations” in Ukraine, and began attacking the nation’s military infrastructure shortly afterward. A slew of Western nations condemned the move as an “invasion” and breach of international law, including the United States. Yesterday, President Joe Biden announced American sanctions on four of Russia’s largest banks, in order to 'limit Russia's ability to do business in dollars, euros, pounds, and yen to be part of the global economy.' Though the apps have been removed from Apple’s online store, their functionality will continue for customers that have already downloaded them. In an email to corporate clients, PSB said that it was attempting to get the PSB Business app re-installed on Apple’s store. Those without the application were encouraged to use t... read More

Sanctions May Not Affect Russia's Access to Crypto, Reports Claim

    As sanctions rain on Russia, following the Kremlin's decision to invade Ukraine, media reports have suggested that they are unlikely to limit the country's access to crypto assets. While the Russian elite may use them to circumvent restrictions, ordinary Russians are also likely to keep trading digital coins on foreign platforms.Cryptocurrencies Deemed Potential Tool for Russian Billionaires Bypassing Sanctions U.S. and EU sanctions, imposed in response to Moscow's military assault on Ukraine, are threatening the ability of Russia, and its elites, to do businesses in dollars and euros. However, as the country has recently chosen a path towards regulating cryptocurrencies, the penalties might carry less weight, Bloomberg noted in a report. Digital currencies such as bitcoin, often traded on decentralized platforms, could become an effective instrument to circumvent the restrictions. According to Matthew Sigel who heads digital assets research at investment manager Vaneck, 'neither dictators nor human rights activists will encounter any censor on the Bitcoin network.' Russian billionaires, those who have been targeted already, can potentially utilize cryptocurrency to evade the sanctions, the article remarks. Through anonymous transactions, digital coins can offer them opportunities to purchase goods and services and even invest in assets outside of the Russian Federation and avoid banks. Mati Greenspan, CEO of financial advisory firm Quantum Economics, said: If a wealthy indiv... read More

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