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RBC Price   

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RBC

Rubic  

#RBC

RBC Price:
$0.018
Volume:
$35.8 K
All Time High:
$0.82
Market Cap:


Circulating Supply:
Exchanges:
3
Total Supply:
114,355,001
Markets:
5
Max Supply:
Pairs:
4



  RBC PRICE


The price of #RBC today is $0.018 USD.

The lowest RBC price for this period was $0, the highest was $0.018, and the current live price for one RBC coin is $0.01835.

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.


  RBC OVERVIEW


The code for Rubic crypto currency is #RBC.

Rubic is 2.3 years old.


  RBC MARKET CAP


The current market capitalization for Rubic is not available at this time.

Rubic is ranking downwards to #7364 out of all coins, by market cap (and other factors).


  RBC VOLUME


There is a modest daily trading volume on #RBC.

Today's 24-hour trading volume across all exchanges for Rubic is $35,805.


  RBC SUPPLY


The total supply of RBC is 114,355,001 coins.


  RBC BLOCKCHAIN


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 EXCHANGES


RBC has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 3 crypto exchanges.

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


  RBC RELATED


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


  RBC RESOURCES


Websiterubic.exchange
TwitterCryptoRubic
Redditr/Rubic
Telegramcryptorubic_chat
DiscorddZuxJZXGPa
Mediumcryptorubic


  RBC DEVELOPER NEWS



Rubic Weekly Report 02/02/2023

Hello, Rubicans! Let’s dive into Rubic news and marketing activities, along with recent and upcoming developments! Development New Audit Partner, After a month of negotiations, discussions, and difficult choices, we’ve finally selected an audit partner and are very excited about it! However, we’ll only be able to share the company’s name after the audit is finished, as per our agreement. So stay tuned and let the audit begin! As part of our new security measures, the Rubic Protocol also hired a Chief Information Security Officer. You can read about Alexey in our previous Weekly Report. 2. Verse DEX Integration Rubic has just finished integrating Verse DEX, the project of Bitcoin.Com. It focuses on newcomers to DeFi and provides low fees, as well as trading for the ETH and SmartBCH blockchains. Also, a warm welcome to the $VERSE token from Rubic! 3. Revoke Allowance Page Revoking smart contract allowances or token approvals is important for user security, as it makes them less susceptible to wallet exploits. As always, user security is of absolute importance to us! Therefore, as an additional security measure, Rubic has launched our own revoke allowance page. This Wednesday, we presented you a ready solution to keep track of your existing approvals, and easily revoke them. If you still haven’t tried our new feature, check it out here and follow this detailed tutorial, if needed: Revoke Approval Feature is Now...




DEX Omnichain Future: Rubic Tools as a Way to Go Cross-Chain

2022 was a challenging year for crypto, but amidst all the events of the past year, DeFi projects not only held on tight, but gained more strength and trust from crypto traders. Meanwhile, CeFi unexpectedly got a reputation as an unreliable and risky area, as we remember the Celsius crypto meltdown, FTX, Three Arrows Capital, and Voyager Digital. The crisis of trust in CeFi became a stimulus for DeFi. What are the next steps for DeFi projects? Can DEXs replace CEXs eventually? How can Cross-Chain DEXs help Web3 DeFi development? Discover the power of cross-chain DeFi in this article! — Let’s Talk Numbers - DeFi’s TVL is nearly $48 billion at the time of writing, according to DefiLlama. This is a sharp drop from the year’s outset, where it stood at $166.7 billion. Yes, DeFi lost 76% of TVL in dollar terms in 2022, but still, decentralized exchanges executed $854 billion in trading volume in 2022, and this came from 5,687,713 unique trading addresses (Source: dune.com). Data from Dune Analytics shows that the total number of DeFi users has steadily increased throughout 2022. DeFi’s growth shows no sign of slowing down. Despite market conditions, unique DeFi users have risen by 40% in 2022: from 4.7 million at the start of 2022, to almost 6 million, while the number of unique DeFi users has increased by nearly 600% over a two-year period, with just 940,000 users at the start of 2021. Obviously, DeFi is already th...




Revoke Approval Feature is Now Live

Revoking smart contract allowance or token approval is important for users’ security, as it makes them less susceptible to wallet exploits. Therefore, as an additional security measure, Rubic has been working on creating our own revoke allowance page. We are ready to present you a ready solution to keep track of your existing approvals, and easily revoke them. Open app.rubic.exchange and connect your wallet to the platform by clicking on the “Connect Wallet” button., 2. Please connect your wallet to Rubic. This approval doesn’t give Rubic access to your tokens, but is necessary to revoke approvals in your wallet. 3. Choose the desired network in which you want to revoke the approval(s). 4. Switch to the desired network in your wallet by clicking on the “Switch network” button. 5. Click on the “Revoke Allowance” button and confirm the revocation of the chosen contract. 6. After the revocation is done, you’ll receive a notification on the website.




Rubic Weekly Report 01/27/2023

Hello, Rubicans. This week, we’ve been working on new features and upcoming listings, partnerships, promotions, and integrations. Let’s explore our recent achievements and near-future plans in detail. Development Limit Orders, Next week, we’re launching On-Chain Limit Orders on several major networks: Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Optimism, Gnosis, and Aurora via 1inch and their reliable and trustworthy contract. The Limit Order Feature will enable our users to: Gain flexibility and efficiency by setting the desired price of assets they want to buy or sell, Catch up on all the dips, slumps, growths, and peaks of the market, Get more control over the tokens’ prices, Prevent losses in the times of rapid price changes, Meanwhile, we are preparing an article for you devoted to the upcoming Limit Orders feature on the Rubic App. 2. Stargate Integration Rubic’s team is working on the integration of the Stargate bridge on all 7 chains supported by Stargate: Ethereum, BNB Chain, Avalanche, Polygon, Atbitrum, Optimism, and Fantom. Rubic users will be able to swap native assets across chains via Stargate in a single transaction. The most outstanding feature of Stargate is that it uses LayerZero’s ability to transmit information. This helps to connect each blockchain’s funding liquidity, so as to improve the capital efficiency of the system as a whole. The Rubic team is excited about this integ...




Rubic Weekly Report 01/20/2023

Hello, Rubicans. This week, we’ve been mainly enhancing Rubic’s security and working on new contracts, to be able to resume the Protocol’s functionality at the highest levels of safety. Let’s explore our recent achievements in detail. Development Protocol Update, This week, we re-added the LI.FI Protocol as a provider at rubic.exchange, without switching our contracts on. Thus, the list of functioning providers has expanded to five, including: Celer, deBridge, XY Protocol, Symbiosis, LI.FI, With LI.FI, Rubic got several networks back. Currently, 25 networks are available for Cross-Chain Swaps directly within Rubic App. The Rubic team is putting massive effort into returning our Protocol to a fully-functioning condition. By the end of the week, we are planning to relaunch the Tron network and Bridgers protocol as providers. Remember that now, all the swaps on rubic.exchange are going directly through the provider’s contracts, while Rubic’s team is working on the security improvements of the Protocol. 2. Rubic Limit Orders Today, we are glad to share with you great news! The Rubic Protocol is working on adding On-Chain Limit Orders to our app. When the feature goes live, our users will be able to create Limit Orders directly within Rubic, with its highly convenient and familiar UI. Since we are integrating the 1inch Limit Order solution to the Rubic Protocol, we keep all the advantages. Read more about 1inch l...




How to Drive Your Token Sales on Your Website

Rubic’s Cross-Chain Tools enable your platform to act as a gateway to buy your project’s token. An easy-to-install Widget and a battle-tested SDK let your users swap from any of 15,500+ tokens across 26 blockchains to your custom token! Let us explain the value of Rubic’’s Tools for token owners in detail. Creating a token is one thing, but promoting and growing it is another. One of the key aspects of succeeding in a token launch is providing an easy and comfortable method to purchase your token. How to Make Your Token Available While coming up with the project’s strategy, you should think deeply about token sale distribution. Someone could buy your token with the most popular crypto such as ETH or BTC, others would seek fiat On-Ramp solutions to purchase it, and there are always those who would like to swap their stablecoins for your cryptocurrency. In that case, where would they go? Most probably CEXs, and hopefully DEXs! Not only must you list your token on as many exchanges as possible, but users also need to leave your website and travel around the web looking for better rates, safer solutions, and faster transactions amongst numerous alternatives. Wouldn’t it be better to create a one-stop solution for users to become aware of your token, become interested in it, and purchase it directly from your website? Fortunately, there is a very solid solution to get it done. All token owners can use Rubic’s Cross...




Rubic Weekly Report 01/13/2023 — Q1 2023 Outlook

Rubic Weekly Report 01/13/2023 — Q1 2023 Outlook - Hello, Rubicans. This is our first weekly of 2023, and we would like to speak not about the past, but about the future. 2022 left us with lots of achievements as well as lessons learned, but we go into 2023 with confidence that these lessons will only make us stronger. We have huge plans and ambitions for Rubic’s new product, we have kept all our partners while continually getting new ones, and now, we want to tell you what exactly we will be busy with in the coming weeks and months. — 1. Security Upgrades - Here is what we have done back in December as quick counter-measures to strengthen security: We have paused all our contracts and delisted USDC from the whitelist., Our platform has resumed services, without switching our own contracts on, directly via Symbiosis, deBridge, XY Finance and Celer as cross-chain providers. Soon, we’ll be adding LI.FI. as well. Right now, all swaps go directly to the DEX and cross-chain providers’ contracts., The Fiat On-Ramp feature and 19 chains are now available at app.rubic.exchange, with a smaller amount of DEXs than usual., On-Chain swaps are available and implemented through natively-integrated providers. To make them safe, all swaps are going through our providers’ contracts., New contracts and audits New contracts, which will allow for full functionality, will be issued in February after rounds of careful audi...




Rubic Hack Bounty Campaign

On December 25th, Christmas Day, Rubic faced a hacker attack. Taking into account the day and time, along with the very fast and precise actions, it was clearly well-planned, thought through, and executed by professionals. However, we believe that together with the whole of the crypto community, we are able to track the funds, as well as the malefactors. Therefore, we’re announcing an open call to track the hacker, offering up to $25,000 (or its equivalent in RBC) for information which allows us to uncover his identity + an additional $50,000 after the stolen money is returned. Here’s the address from which the attack began: 0x001B91c794dFEecf00124D3F9525DD32870B6ee9. Peckshield’s analysis of its mechanics: twitter.com. We believe that, thanks to whitehat hackers and the community, we will be able to find and punish the criminal. Please send the results to our official email support@rubic.finance or contact our Support Team, either via our main website at rubic.exchange or on Telegram at t.me. Rubic’s social media channels: Twitter | TikTok | Telegram | Medium Discord | YouTube | Facebook | Reddit




Rubic Weekly Report 12/29/2022

Hello, Rubiсans! We definitely had a tough week, but we’ll overcome all the hardships together. Rubic’s team is endlessly thankful to all of you who still believe in the project, because we surely do! Together, we’ll cope with the dreadful consequences of the hack. Now, you are welcome to read the Rubic Weekly Report to understand our next steps. Merry Christmas and Happy New Year, no matter what! Hacker Attack Update Here’s our understanding of the events: A USDC address was whitelisted for interaction with our contracts to make one of our partner’s bridges operate via other aggregators. As a result, the contract became compromised and the hacker stole users’ USDC. We deeply apologize for the situation and will do the best we can to bring the Rubic platform back to life, safe and convenient. We’ve built an efficient product, which we still believe in and continue building, learning from the mistakes we’ve made. We’re 100% committed to restoring the reputation of Rubic. Therefore, out of the personal savings of our founders, we will support those whose USDC was stolen. Thus, this week, we plan to help affected users who contacted our Support Team, first in the amount of up to $5,000. We’ve already sent the first compensations to our users and we’ll continue into this week. By the end of January, we’ll be sending out up to $5,000 more where necessary. Please DM us your inquiry, either via the @...




Rubic Weekly Report 12/22/2022

Hello, Rubiсans! It’s a big week for us — the brand-new Rubic website has launched, and the Rubic team has been working very hard before the holiday season. Let’s see what’s happened this week. Development Curve Finance Integration, We are constantly looking for opportunities to provide our users with better rates, and here’s a new one: Rubic has added Curve’s pools to its ecosystem. This integration enriches the Rubic platform with better rates for stablecoins while stabilizing pools and slippage. With this integration, Rubic acquires better rates for stablecoin trading while providing more stable pools and slippage for cross-chain trades. Curve is integrated as an additional provider for 8 blockchains on Rubic — Ethereum, Polygon, Avalanche, Arbitrum, Fantom, Celo, Optimism, and Gnosis. Swap fees by Curve are typically around 0.04% which is thought to be the most efficient when exchanging stablecoins on Ethereum. Curve Numbers Let’s explore Curve data and statistics. The most in-demand blockchain on Curve is, without a doubt, the Ethereum network. The number of active Curve users on Ethereum is 82,893. The Polygon network is quite in demand as well, with 56,199 active users on Curve. Curve’s TVL is over $3.5B and their Daily Volume comes to $197,490,234. You can track the full statistics here: dune.com Read more about this integration here: Rubic Integrates Curve Finance: Stable Pools & Bett...




  RBC NEWS


Bill on Digital Ruble Submitted to Russian Parliament

    A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to facilitate its implementation.Bank of Russia to Be the Sole Operator of the Digital Ruble Platform A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction. According to the explanatory notes to the bill, quoted by the crypto page of the Russian business news portal RBC, its main purpose is to develop the necessary payment infrastructure for the digital ruble. This, the sponsors believe, would provide Russian citizens, businesses, and the state with access to fast, convenient, and low-cost money transfers. The proposal aims to amend several existing laws such as the law on “On the National Payment System” to which the members of Duma want to add definitions pertaining to the CBDC. The new provisions assign to the Bank of Russia the role of sole operator of the CBDC platform. They also establish the procedures for opening wallets for the digital ruble and accessing its platform. An amendment to the law “On Currency Regulation and Currency Con... read More



National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge

    The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy.Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on the need for the new version of the national fiat, the tenge, have been presented in a whitepaper published by the regulator. The first phase of the pilot was conducted between July and December, 2021, when a prototype was developed to examine the viability of the CBDC concept, detailed an announcement, quoted by RBC Crypto. During the second stage, from January to December, 2022, the platform was fine-tuned and trials started with financial market players and users. According to the bank, the research has confirmed that the digital tenge is a feasible project. Once introduced, the CBDC can increase the availability of financial services, including through a feature allowing offline transactions as well as the offering of new products and services. A survey among consumers indicated the majority would use the coin. NBK to Add Participants, Launch New Services in Next Phase of CBDC Project The third phase of imp... read More



Russian Social Media Giant Vkontakte Launches NFT Service

    Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Account holders will also be able to buy and sell them in the future as the company intends to establish a marketplace for non-fungible tokens.Vkontakte Users to Showcase Their NFTs, Set Them as Avatars The leading social media network in the Russian-speaking segment, Vkontakte (VK), has introduced an NFT service along with an educational course on non-fungible tokens (NFTs), the crypto page of the Russian business news portal RBC reported, quoting the company. The new features will be available to all users within a few days, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol announced during a presentation in Moscow. The VK NFT option will allow owners of digital collectibles to transfer them to their accounts. Furthermore, the tokens can be employed as avatars or presented in a special showcase in the profile. In order to do that, you’ll need to link your crypto wallet to your account. “Our task is to simplify user interaction with NFT and make it truly a mass technology,” Krasnova commented. VK will also establish an NFT hub where news, announcements, market analytics, and case studies can be shared. The platform’s team will use the space to communicate with the NFT community, exchange ideas and search for potential partners, the report detailed. Vkontakte plans to launch its own NFT colle... read More



Russia Expects Sizable Increase in Crypto Miners' Share of Power Usage

    The crypto mining industry may see a two-fold increase in its share of Russia’s power consumption in 2022, according to a high-ranking official from the Ministry of Energy. The department supports a bill designed to regulate the sector which is likely to be adopted this year.Russian Energy Ministry Forecasts Rise in Crypto Mining’s Electricity Consumption The share of cryptocurrency miners may reach 1.5 - 2% of Russia’s total consumption of electrical power by the end of 2022, according to the Russian Deputy Energy Minister Pavel Snikkars. During a crypto conference organized by the business news portal RBC, the government official recalled that last year’s figure was around 1%. The availability of electricity for mining across the vast country would depend on the number of users that want to connect to the grid in a particular location, Snikkars added. In certain Russian regions — the deputy minister mentioned Murmansk as an example — unused power generating capacities are currently being offered to the crypto industry. Snikkars explained the availability of such resources with the way new power plants are built. A decision to start the construction of one, which may take up to a decade in the case of nuclear stations, is based on requests from potential consumers in the area. However, some projects are not ready to launch on time or at all and, as a result, the generating capacities are not fully loaded. Individuals minting digital curre... read More



Russia's Largest Digital Asset Deal Denominated in Chinese Yuan

    A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the issuance of tokens secured by commercial debt.Digital Financial Assets for 58 Million Yuan Issued by Russian Platform A licensed firm has finalized Russia’s first deal with digital financial assets denominated in foreign fiat. The transaction involved the issuing of DFAs worth 58 million Chinese yuan (approx. 516 million rubles or $8.26 million) secured by commercial debt. It took place on a platform developed by Lighthouse, which was approved by the Bank of Russia in March as one of the “information systems operators” allowed to manage digital financial assets. Russia’s largest bank, Sber, and the tokenization service Atomyze were also registered as such. While Russian authorities have been working to adopt a more comprehensive legal framework for all digital assets, including cryptocurrencies, the law “On Digital Financial Assets,” which was enforced in January of 2021, regulates some transactions with coins or tokens that have an issuer. Officials in Moscow now want to legalize crypto payments in cross-border settlements and expand the use of the ruble and the national currencies of partners like China in foreign trade. The main reason is to circumvent restrictions imposed by the We... read More



Putin Calls for International Settlements Based on Blockchain and Digita...

    Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.”Russia’s Head of State Urges for Blockchain-Powered International Payments President of Russia Vladimir Putin has called for the establishment of a new system for international settlements, independent from banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader said, quoted by local media. Putin was speaking during a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his address, he emphasized that financial flows and payments between nations are currently under threat amid tense relations between Russia and the West. “We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president elaborated. Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine which have severely limited its access to global finances and markets. According to a report by the Prime news agency, he also pointed out:... read More



Russia's Digital Ruble Integrated Into Banking App

    VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials.VTB’s Mobile App to Support Digital Ruble Transfers and Payments VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency. Some clients will be allowed to perform test transactions with the digital ruble in 2023, the bank’s press service announced. Quoted by RBC Crypto, Deputy Chairman of VTB’s Executive Board Vadim Kulik explained: At this stage, we are testing the opening of wallets for legal entities, we have already managed to register a legal entity, set up a wallet for it and generate a static QR code to pay for purchase. During Finopolis-2022, a forum for innovative financial technologies, the bank also demonstrated a feature for buying digital financial assets, or coins and tokens with an issuer under current Russian law, with digital rubles. It will become available to customers next year, too. The bank is also preparing to launch an exchange function which will allow conversion between digital rubles and regular electronic money by 2024. Bank of Russia presented the concept for its central bank digital currency (CBDC) in O... read More



Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders

    The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation.Bank of Russia Talks Regulation in New Report Devoted to Digital Assets Market Russia’s monetary authority has published a report on the future of the Russian digital asset sector. The document explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), and legal terms partially covering cryptocurrencies and tokens — those with an issuing entity, in particular. The Central Bank of Russia (CBR) believes that additional regulations are needed to improve the DFA framework and harmonize it with the rules that govern the traditional financial industry. According to the regulator, this would increase investment, circulation, and liquidity while ensuring better investor protection. Taxation is one the aspects reviewed in the consultation paper. The Bank of Russia proposes to offer tax incentives for investors holding long-term DFAs and UDRs, suggesting the adoption of a mechanism similar to a special tax regime that applies to holders of individual investment accounts. The latter was introduced with the aim to attract citizens’ free funds to the securities market. The CBR believes its proposal would create new opportunities for Russian citiz... read More



New Mining Bill Permitting Cross-Border Crypto Payments Filed in Russian...

    A draft law designed to regulate the mining of digital coins in Russia is also legalizing the use of cryptocurrencies in international settlements. It has been submitted to the Russian parliament after the rejection of an earlier bill which was aiming to allow domestic crypto payments as well.Draft Legislation on Crypto Mining Allows Russian Residents and Businesses to Pay With Crypto Abroad Russian lawmakers will review a new legislative proposal for the legalization of cryptocurrency mining, which has seen significant growth over the past few years. Announcing the filing of the bill on Sputnik radio, the Chair of the parliamentary Financial Market Committee Anatoly Aksakov pointed out that the document authorizes the use of cryptocurrencies as a means of payment outside the country. “We have introduced a bill that legalizes mining, that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions,” Aksakov explained, also quoted by RBC Crypto. In experimental mode, the digital assets may also be used to pay for parallel imports, the deputy added and emphasized: This is a step that speaks of a new direction in the development of financial markets in our country. Sanctions pressures have increased support for the idea of permitting cross-border crypto payments, but most government institutions in Moscow remain opposed to the legalization of payments with bitco... read More



Russian Parliament Rejects Mining Bill Allowing Crypto Payments, Expects...

    The lower house of Russian parliament, the State Duma, has voted against a piece of legislation designed to regulate cryptocurrency mining. While lawmakers turned down that proposal, which also aimed to legalize crypto payments in the country, another draft law on mining, which permits cross-border transactions with digital assets, is expected in the legislature in the near future.Alternative Proposals to Regulate Crypto Mining Clash in Russian Parliament This week, the State Duma of the Russian Federal Assembly voted to reject a draft law on cryptocurrency mining. The bill “On Mining in the Russian Federation,” was submitted earlier by members of the liberal New People faction. Lawmakers criticized the sponsors for failing to properly formulate regulatory principles for the activity as well as requirements for data centers and mining operators and suggest a procedure for the taxation of mining companies. Representatives of the parliamentary committees that reviewed the legislation also described it as fragmented and ambiguous, the Russian crypto news outlet Bits.media reported. They highlighted it doesn’t specify how miners and their equipment would be registered or how those who mine as individual entrepreneurs would be identified. The rejection of the bill follows a recommendation by the Financial Market Committee. Its members noted that it provides for the use of cryptocurrencies for payments inside the Russian Federation, when the country’s consti... read More



Bitcoin Mining Revenue in Russia Grew 18 Times in 4 Years Before 'Worst ...

    Russian revenues from the minting of bitcoin saw a multifold increase in the past few years before declining significantly since this past spring. The findings come from a new study which also established that the sector was growing during both ups and downs in the crypto market.$1.4 Billion in Turnover Expected From Russia’s Bitcoin Mining This Year as Business Shrinks The revenue from bitcoin mining in Russia has increased 18 times between 2017 and 2021, according to a new report by computing hardware distributer Intelion Data Systems, quoted by RBC Crypto. During the period, the total grew from 7 billion rubles in first studied year (below $114 million, at current exchange rates) to 128 billion rubles in the last (over $2 billion). According to the research, in the past eight months the bitcoin mining revenue has dropped to just over 57 billion rubles ($929 million), despite a fairly confident start to 2022. The second quarter of the year is actually considered by experts to be the worst in over a decade of observation. Russia controlled 4.66% of the monthly global hashrate as of January 2022 but its share has been shrinking as Russian miners were later hit by U.S. sanctions imposed over the war in Ukraine. Taking into account these indicators, the expected annual turnover in the segment this year is approximately 85.59 billion rubles (less than $1.39 billion). Nevertheless, mining activities in Russia during the past five years as a whole have yielded significant r... read More



Interest in Russian Crypto Channels on Telegram Declining, Analysis Show...

    Russians have been losing interest in Telegram channels devoted to cryptocurrencies and tokens, according to a new research covering the period since the start of the war in Ukraine. Industry experts behind the study say that bitcoin's lower valuation and financial restrictions increasingly limiting access to the crypto market are the key reasons.Telegram Crypto Channels' Audience Expected to Shrink Further Amid New EU Sanctions on Russia Interest in crypto-related channels on the popular messenger Telegram has diminished in the past few months. Between late February and the end of September, their average daily audience decreased by 38%, according to Crypto Provider Agency (CPA), a company specializing in launching and developing Telegram platforms for the Russian-speaking market. The firm's researchers recently told the Russian news outlet RBC Crypto that general interest in digital currencies dropped sharply in early May, when the price of the leading crypto by market cap, bitcoin (BTC), fell from $39,000 to around $28,000 per coin. They were able to establish that after studying over 100 leading Telegram channels about cryptocurrencies. The report further notes that the largest increase in the audience of these channels in 2021 and early 2022 was mainly due to the influx of newcomers to the crypto space. But the decision of payment processors Visa and Mastercard to pull out of Russia as part of Western sanctions imposed over the invasion of Ukraine cut off a large number ... read More



Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians...

    Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.Major Crypto Platforms Conform to EU Measures, Restrict Services for Russian Users Over Ukraine War About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount. Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions. The crypto news outlet also revealed that wallet operator Blockchain.com has sent out a notice informing cus... read More



Draft Law Seeks to Oblige Kazakhstan's Crypto Miners to Exchange Bulk of...

    Cryptocurrency miners in Kazakhstan are to be required to convert up to three quarters of their income on locally registered exchanges, according to a new bill that’s advancing in the nation’s legislature. Lawmakers also want to make sure crypto companies pay their taxes and fees.Parliament of Kazakhstan Votes on Bill Regulating Activities of Crypto Miners and Exchanges A draft law designed to create a regulatory framework for both the production and circulation of digital assets in Kazakhstan has been approved on first reading in the Mazhilis. The bill and other supporting documents were prepared and submitted recently to the lower house of parliament on request of the country’s president, Kassym-Jomart Tokayev. One of the main purposes of the legislation is to establish rules for the operation of a new type of financial institution for Kazakhstan — licensed cryptocurrency exchanges. In order to support these trading platforms, the government plans to oblige crypto miners to exchange up to 75% of their income on them, starting from 2024. The authorities also want mining pools to pay taxes on their profits and exchanges to pay fees. The authors of the bill intend to impose corporate tax on crypto companies, too. Currently, mining enterprises are only required to pay tax on the electricity they use at rates depending on the amount and price of energy consumed to mint digital coins. With its subsidized electricity rates, Kazakhstan attracted many mining... read More



Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions...

    A list of crypto exchanges, including global platforms, have not introduced new restrictions on Russian users after the EU’s most recent sanctions round, Russian crypto media reported. The latest European penalties target an array of crypto-related services to increase pressure on Russia amid an escalating conflict in Ukraine.Major Exchanges Continue to Work in Russia Following EU’s Ban on Crypto Services The European Union adopted a wide range of sanctions last week, aiming to hit Russia’s government, economy, and trade harder. Along with other measures, the eighth package of EU restrictions banned the provision of all crypto wallet, account, or custody services to Russian residents and entities. While some companies from the industry have quickly reacted and already suspended operations with Russian accounts, a number of crypto exchanges have not conformed to the European requirements yet, the crypto page of leading Russian business news portal RBC revealed in a report. Among them is Binance, the world’s largest digital asset exchange by daily trading volume, which has not made an official statement regarding the new sanctions and continues to operate as usual, according to its support service. In early April, Binance limited services for account balances exceeding €10,000 ($11,000 at the time), as required by the EU’s fifth round of restrictions, which affected only “high-value” crypto services. Another exchange that complies ... read More



Russian Companies Are Using Crypto in Trade Despite Lack of Regulation, ...

    With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.Cross-Border Crypto Settlements on the Rise in Russia as US Dollar and Euro Payments Decline Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed. Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale. Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation. Gamza also told the newspaper that due to the financial restrictions, payments in U.S. dollars, euros, and other fiat currencies have decreased to a minimum. As part of the measures adopted in response to Russia's invasion, Russian banks were cut off from SWIFT, the global payment messaging s... read More



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 Bits.media 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 Bits.media 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



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