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| Rubic 
| #RBC
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| RBC Price: | $0.019 | | Volume: | $145.7 K | | All Time High: | $0.82 | | Market Cap: | — |
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| Circulating Supply: | — |
| Exchanges: | 4
| | Total Supply: | 130,055,001 |
| Markets: | 6
| | Max Supply: | — |
| Pairs: | 4
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The last known price of #RBC is $0.019 USD.
 Please note that the price of #RBC was last updated over 230 days ago. This can occur when coins have sporadic price reporting, no listings on exchanges or the project has been abandonded. All #RBC statistics should be considered as 'last known value'.
The lowest RBC price for this period was $0, the highest was $0.019, and the exact last price of RBC was $0.01916.
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 BTC or other crypto coins. |
The code for Rubic crypto currency is #RBC.
Rubic is 2.6 years old. |
The current market capitalization for Rubic is not available at this time.
Rubic is ranking downwards to #7798 out of all coins, by market cap (and other factors). |
The trading volume is medium during the past 24 hours for #RBC.
Today's 24-hour trading volume across all exchanges for Rubic is $145,684. |
| The total supply of RBC is 130,055,001 coins. |
RBC has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 4 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. |
Rubic Weekly Report 07/06/2023
Hey there, Rubicans! It’s time to check out the awesome achievements the Rubic team has attained this week! Development Staking 2023, Rubicans, it’s the last week to make 12-month staking deposits! Additionally, every Wednesday, we boost our revenue pool, with this week’s being at 91% APR. 2. SquidRouter Integration This week, Rubic’s Dev team is working on the integration of Squid, a cross-chain router that is powered and secured by Axelar Network. Squid will be integrated as a cross-chain provider for BNB Chain, Ethereum, Arbitrum, Avalanche, Moonbeam, Fantom, and Celo networks. With another integrated Cross-Chain Router, Rubic will become a more cost-efficient solution for your trades. We are aimed at becoming the ultimate solution for all crypto users! ETA: Next week 3. PancakeSwap V3 For on-chain transactions, we are now integrating PancakeSwap V3 as a router for BNB Chain and the soon-to-be-integrated Polygon zkEVM networks. PancakeSwap V3 offers the lowest fees in the industry for traders, increased fee returns for liquidity providers, and new tools that make the user experience even more seamless and user-friendly. With this upgrade, PancakeSwap is now the most efficient, flexible, and user-friendly DEX available in the industry with up to 25x lower trading fees for traders as compared to V2. ETA: Next week 4. Polygon zkEVM Integration Currently, we are completing the testing stage of integrating the Pol... 
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Rubic Weekly Report 06/29/2023
Hey there, Rubicans! It’s time to check out the awesome achievements the Rubic team has attained this week! Development Staking 2023, Let’s start by reminding you about the Rubic Staking Program! Strategic staking is the path to maximized rewards — longer terms & smaller pools often lead to bigger returns. With a great current APR of 155.24% paid in #ETH, get ready to see your investments amplify like never before. Moreover, every Wednesday, we boost our revenue pool, this week we fueled an impressive 153% APR growth. Also, there are only two weeks remaining until the option to make 12-month deposits will no longer be available. 2. PulseChain Integration Last week, PulseChain, its native token, $PLS, and PulseX DEX were integrated into Rubic via ChangeNOW as a provider. Now, we are working on integrating new DEXs on PulseChain to the Rubic App. In the beginning of next week, we are planning to integrate Uniswap V2 and V3, SushiSwap, Curve, and 1inch, meanwhile you can read our latest article devoted to this integration and an upcoming promo on PulseChain Network: Rubic Integrates PulseChain and Runs a Dedicated Promotion with POWERCITY’s PortalX 3. Polygon zkEVM Integration We are on our final stages of integrating the Polygon zkEVM network into the Rubic App for both cross-chain and on-chain swaps! Polygon zkEVM is a decentralized Ethereum Layer 2 scalability solution based on cryptographic proofs to pr...
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Rubic Integrates PulseChain and Runs a Dedicated Promotion with POWERCITY’s PortalX
The recent launch of PulseChain has created a buzz among the cryptocurrency community, igniting excitement and anticipation. Since Rubic is trying to keep up with the latest innovations in the market, we are thrilled to announce the integration of PulseChain into the Rubic App. To push this integration forward, POWERCITY (PortalX Aggregator) and Rubic are starting an exciting joint Galxe campaign. Get ready to receive additional bonuses for your swaps! Participants in the campaign will activate their wallets on PulseChain and can become eligible for potential $PLS/$WATT/$RBC airdrops. — PulseChain: Unveiling Potential - PulseChain has emerged as a highly anticipated and widely-discussed blockchain, capturing the attention of crypto enthusiasts. Positioned as an innovative blockchain ecosystem, PulseChain aims to surpass Ethereum in terms of user experience. In simple terms, PulseChain can be described as an Ethereum hard-fork, incorporating a snapshot of the entire Ethereum blockchain into a Proof-of-Stake framework. This adaptation allows PulseChain to offer faster transaction times and lower fees. While Ethereum serves as the biggest platform for developing dApps, its high fees and slow transactions have necessitated the emergence of networks that try to solve these problems, for example, Cardano, Tron, Polygon, and Solana, among others. However, PulseChain offers a unique approach, being a hard fork of the Ethereum...
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Rubic Weekly Report 06/22/2023
Hello, Rubicans! What an incredible summer week we’re having! Have you staked your RBC yet? Let’s dive into our weekly report to discover exciting news and updates! Development Staking 2023, The first week of RBC staking has passed, and the APR looks very enticing! We have a great tip for you: longer durations and smaller pools yield greater returns. With an impressive current APR of almost 100% paid in ETH, you can watch your investments get a big boost. RBC holders can join Rubic Staking in 4 easy steps: Bridge RBC tokens from Ethereum to Arbitrum: app.rubic.exchange, Connect your wallet to rubic.exchange, select #Arbitrum, Choose the staking period, Watch your investments grow!, Rewards will be paid in the native Arbitrum token — Ethereum, and funded by sharing 50% of earned Rubic fees. We expect up to ~7–15% APR in ETH, which is highly competitive in the current market. APR is not static and will depend on the multiple factors described in this article: RBC Staking on Arbitrum: Up to 15% APR in ETH! 2. PulseChain Integration This week, PulseChain, its native token, $PLS, and PulseX DEX will be integrated into Rubic via ChangeNOW as a provider. About PulseChain Although the PulseChain mainnet was launched just recently, it is already in the Top 10 list of blockchains by TVL on DefiLlama. Additionally, we are very proud that PortalX DEX on PulseChain is Rubic’s SDK integrator. This collaboration further ...
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Non-EVM Networks on Rubic: Resolving Compatibility Issues
Summary: The integration of non-EVM networks into the DeFi ecosystem faces challenges, due to differences in protocols, languages, and governance models. This limits their interoperability with EVM networks and overall scalability, adoption, ecosystem development, and developer familiarity. However, some non-EVM networks offer certain advantages when it comes to speed, cost-effectiveness, customizability, and innovation. Rubic.exchange is a solution that enables seamless communication and data transfer between EVM and non-EVM networks through the aggregation of DEXs and bridges from various networks. Rubic’s cross-chain tools, a widget and SDK enable integrators with ready-made solutions for bridging the gap between EVM and non-EVM networks, promoting greater adoption and usability in the blockchain space. The foundation of the blockchain revolution can be traced back to Bitcoin’s launch in 2009, inspiring the creation of diverse chains like Litecoin, Ethereum, Ripple, and more. However, as blockchain networks multiplied, integration challenges arose due to differences in protocols, consensus mechanisms, languages, and governance mzsodels. The EVM addressed some of these challenges, introducing smart contracts and enabling various dApps. Since then, EVM dominates the DeFi space, and non-EVM networks face issues with integration into it. There are certain interoperability challenges between EVM and non-EVM networks, and th...
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Rubic Weekly Report 06/08/2023
Hello, Rubicans! What an incredible summer week we’re having! Have you staked your RBC yet? Let’s dive into our weekly report to discover exciting news and updates! Development Staking 2023, We’re very happy to announce that the highly anticipated new round of RBC Staking on the Arbitrum Network started this week on June 14th. RBC holders can join Rubic Staking in 4 easy steps: Bridge RBC tokens: app.rubic.exchange, Connect wallet to rubic.exchange, select #Arbitrum, Choose staking period, Watch your investments grow!, Rewards will be paid in the native Arbitrum token — Ethereum, and funded by sharing 50% of earned Rubic fees. We expect up to ~7–15% APR in ETH, which is highly competitive in the current market. APR is not static and will depend on the multiple factors described in the article: RBC Staking on Arbitrum: Up to 15% APR in ETH! On the very first day, you all have already staked an impressive amount of over 2.7 million RBC! That is truly exciting, and we thank you for your incredible engagement! As you can see, due to a lower pool, the APR is very attractive right now, so hurry up! 2. DLN Integration This week, we’ve integrated DLN, powered by deBridge Finance, as a provider for cross-chain swaps! This integration enables lightning-fast trades, hyper capital-efficiency with ultra-low spreads and no slippage or MEV frontrunning, high security, and deeper liquidity for larger orders without non...
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Rubic Weekly Report 06/08/2023
Hello, Rubicans! It’s been an exciting week filled with productive efforts in preparation for staking, as well as additional improvements to our App! Now, let’s delve into the details of our accomplishments. Development Staking 2023, We’re very happy to announce the highly anticipated new round of RBC Staking, which starts on the Arbitrum Network on June 14th, 2023! Rewards will be paid in the native Arbitrum token — Ethereum, and funded by sharing 50% of earned Rubic fees. We expect up to ~7–15% APR in ETH, which is highly competitive in the current market. APR is not static and will depend on the multiple factors described in the article: RBC Staking on Arbitrum: Up to 15% APR in ETH! As an early staker, you have a higher chance of bigger rewards. With a smaller participant pool, you can maximize your earnings. Seize the opportunity and join us on this exciting journey, visit rubic.exchange to learn more! 2. Arbitrum Bridge Integration To simplify the process of bridging RBC to Arbitrum, we have integrated the RBC Arbitrum bridge into Rubic. Currently, it functions as a bridge exclusively for RBC, but we have plans to expand its capabilities to support additional tokens in the future. If you already have RBC on Ethereum, please bridge your RBC from Ethereum to Arbitrum. You can bridge RBC via the official Arbitrum bridge on Rubic’s app: app.rubic.exchange. In addition, we have plans to launch the RBC cla...
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RBC Staking on Arbitrum: up to 15% APR in ETH!
Dear Rubicans! Our team is thrilled to announce the long-awaited New Round of Staking, which starts on the Arbitrum Network on June 14th, 2023! Therefore, the RBC token will also be launched on Arbitrum, and you will be able to stake your earned SwapToEarn RBC tokens after claiming them on Arbitrum. Rewards will be paid in the native Arbitrum token — Ethereum, and funded by sharing 50% of the earned Rubic fees. We expect up to ~7–15% APR in ETH, which is highly competitive in the current market — please have a look at the referenced quotes. APR will depend on the multiple factors described below. Let’s take a closer look at all the conditions and benefits of the new Rubic Staking Program. — New RBC Staking - — Main Points:. — APR in ETH is ~7–15% (for the 12-month lock). It’s funded by the allocation of 50% of Rubic’s fees earned. The APR is not static and depends on the pool share, RBC amount, token price, Rubic’s revenue, and staking period. You can have a look at the calculation logic in the table below:, The Staking contract will be deployed on the Arbitrum Chain., Rewards will be paid in the ETH token on the Arbitrum network, on a weekly basis., The Total Staking Pool will be uncapped., Staking Periods: 3 / 6 / 9 / 12 months. APR increases depending on the length of the staking period. For example, the users who staked their assets for 6 months will get more revenue in 3 m...
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Rubic Weekly Report 06/01/2023
Greetings, Rubicans! This week, we are experiencing a tremendous influx of new users and followers, are launching a new campaign, and, as always, making our platform better for you. Let’s dive in and discover more updates in our Weekly Report! Development Staking 2023, Summer is finally here, and we have some exciting news to share! The highly anticipated staking feature is getting closer and closer to its launch, and all the preparations for staking are currently in progress! The Rubic Staking Program is launching in June on the Arbitrum Network, offering rewards in native Arbitrum ETH tokens for staking RBC, including your SwapToEarn RBC tokens. Also, we’re glad to see that some of you have already come up with a strategy for this Staking Round! Staking periods will range from 3 to 12 months, and the total staking pool will be uncapped, offering a projected APR of up to 7–15% in native Arbitrum ETH, funded by the allocation of 50% of Rubic’s earned fees. To participate in staking, you’ll need to bridge your RBC from Ethereum to Arbitrum using the official Arbitrum bridge. RBC earned in the SwapToEarn program can also be staked. To do so, you’ll need to claim them first — it’ll also be possible on Arbitrum! 2. Arbitrum Bridge Integration For the purpose of launching the RBC token on Arbitrum, we are now integrating the RBC Arbitrum bridge into Rubic. Our main focus during this integration is to enhan...
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Rubic is joining the DeFi month on The Open Network (TON) for a joint campaign!
Rubicans! Recently, we’ve held an amazing integration of TON blockchain into our platform, which already covers 60+ chains. This integration allows users to swap tokens between TON blockchain and other supported blockchains.. — Today, we would like to announce that Rubic will join the TON-led DeFi month, which starts May 31st! The TON DeFi Month campaign is a great opportunity for users to check out TON blockchain and earn rewards while obtaining access to a robust high-performance, scalable blockchain. Promotion Rules To celebrate the integration, Rubic is hosting a special campaign with TON. Starting from May 31st to June 15th, users who swap more than $20 to TON on app.rubic.exchange will receive 200 Rubic tokens (RBC) for their first swap, and 100 RBC for their two subsequent swaps. There is a limit of $10,000 for the total rewards amount. To participate in the campaign, users must complete a Cross-Chain swap to TON from the list of EVM networks below using Rubic. The rewards will be automatically credited to the user’s SwapToEarn profile (app.rubic.exchange/swap-and-earn) after the swap is completed. You can read the full rules of the SwapToEarn program here: cryptorubic.medium.com. How to Participate To participate in the upcoming TON campaign, simply follow these steps: Select an EVM chain from which you would like to complete a swap from the list below: - Ethereum - BNB Chain - Polygon - Avalanche - Arbitr...
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 | Russia Considers Legalizing Defi DAOs to Draw Liquidity to Its Digital A...
The Finance Ministry in Moscow is pushing to legalize decentralized financial organizations to attract capital to Russia’s regulated market for digital assets. The department hopes this would allow some of the liquidity in the decentralized finance (defi) and crypto space to be invested in Russian digital financial assets (DFAs).Russian Government Looks to Defi Space for Investment Capital
The Ministry of Finance of the Russian Federation is considering the possibility of legalizing activities of decentralized financial organizations referred to as ‘defi DAOs’ (Decentralized Autonomous Organizations) in a report by the Interfax news agency. The ministry believes the move would allow some of the liquidity in that sector to transfer to the market for Russian digital financial assets (DFAs).
Under Russia’s current law on “Digital Financial Assets,” which went into force in January 2021, the term DFAs covers digital coins and tokens that are launched by legal entities on private blockchains run by authorized operators, as opposed to decentralized cryptocurrencies like bitcoin. The DFA market has already exceeded 25 billion rubles ($260 million), RBC Crypto revealed, quoting the Bank of Russia.
“We actively advocate for the development of DFAs, but we understand that DFAs alone will not ‘fly’,” the director of the Department of Financial Policy at the Finance Ministry, Ivan Chebeskov, was quoted as stating during a panel ...
|  | Binance Renames Russian Bank Cards Amid US Sanctions Probe, Report
Crypto exchange Binance has replaced the names of cards issued by Russian banks with colors, Russian media revealed amid reports of a U.S. investigation into potential sanctions violations. The changes concern the ruble exchange feature on Binance’s peer-to-peer platform.Russian Traders on Binance Offered ‘Green’ and ‘Yellow’ Cards as Payment Options
Binance, the world’s largest digital asset exchange by trading volume, has changed the names of the cards of two Russian banks, Sberbank and Tinkoff, on its platform, Russian crypto news outlets Bits.media and RBC Crypto reported.
The change has been made on Binance’s peer-to-peer (P2P) platform where Russian users can now choose between a “green local card,” (for Sberbank, according to the websites) and a “yellow local card” (for Tinkoff) in the payment options menu.
The renaming follows the publishing of a report by the Wall Street Journal (WSJ) on Tuesday, quoting sources, according to which Binance is under investigation by the U.S. Department of Justice (DOJ) in connection with possible violations of U.S. sanctions against Russia.
The United States and its Western allies imposed unprecedented sanctions on the Russian Federation over its military invasion of Ukraine, including severe financial restrictions like cutting off Russian banks from the global interbank messaging system SWIFT.
Both the majority-state owned Sberbank, Russia’s largest bank, and th...
|  | Russia to Launch Digital Ruble Transactions With Real Users in August
Banks taking part in the digital ruble pilot will begin testing transactions with actual clients in mid-August, according to a top executive of one of the financial institutions. The trials are set to start weeks after Russia adopted dedicated legislation for the introduction of its new digital currency. Russian Banks to Process First Digital Ruble Payments Between Customers Next Month
A group of Russian banks involved in the pilot phase of the digital ruble project will launch trials with transactions between real users in mid-August, the Chairman of the Board of Ingosstrakh Bank, Stanislav Danysh, announced, quoted by RBC Crypto.
As part of the tests, transfers of digital rubles between the participating banks, retail and corporate clients, as well as digital ruble payments for goods and services between companies will be carried out, Danysh detailed.
The executive highlighted that due to the importance of the project, initial testing will be conducted on a limited scale in terms of number of participants which will include employees and partners of the bank, he added.
The digital ruble is a central bank digital currency (CBDC) issued by the Central Bank of Russia (CBR) which is the sole operator of its platform. Transfers of digital rubles will be free of charge for private individuals while businesses will pay a commission of 0.3%.
This month, CBR Governor Elvira Nabiullina indicated that the large-scale introduction of the new form of the national fiat is to be expected ...
|  | Russia to Trial Digital Asset Settlements in Foreign Trade
Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside Russia.Russian Government Backs Initiative to Test Digital Assets in Payments Abroad
The Russian Federation intends to experiment with digital asset payments in settlements with trade partners, Deputy Chairman of the Central Bank of Russia (CBR), Alexey Guznov, told the daily Izvestia. Also quoted by the business news portal RBC, the official revealed that the plan is supported by the executive power in Moscow.
The use of digital financial assets (DFAs) has the potential to increase the efficiency of foreign trade, Guznov elaborated. At the same time, he made it clear that these settlements will not be allowed within the country, a position that has been consistently maintained by Russia’s monetary authority.
The trials will be carried out in two stages, the executive detailed. During the first, Russian authorities will adopt legislation creating the legal basis for the so-called experimental legal regimes under which cryptocurrencies can also be used. The necessary bill amending 30 legal acts is being prepared by the bank and the finance ministry.
DFAs, as currently regulated by the law “On Digital Financial Assets” from 2021, usually represent tokenized traditional a...
|  | Russian Businesses Ask Putin to Help Legalize Crypto
A body representing the interests of Russian businesses has called on president Putin to help with crypto legalization. Their proposals, including on the use of cryptocurrencies in foreign trade settlements, have been included in a report to Russia’s head of state.Companies Urge President Putin to Support Legalization of Crypto Payments
Russian businesses are seeking help from the Kremlin in efforts to legalize decentralized cryptocurrencies like bitcoin. Their request has been included in the annual report of Russia’s Business Ombudsman, Boris Titov, to president Vladimir Putin.
The recommendations were laid out in a paper titled “Key Business Problems under Sanctions and Structural Transformation in 2023” produced by the Institute of the Commissioner for the Protection of Rights of Entrepreneurs under the President of the Russian Federation.
Among other suggestions, the authors urge for allowing the use of cryptocurrencies in international settlements. More specifically, they propose to legalize cross-border crypto payments with a dedicated bill so that cryptocurrencies can be used in dealings with partners abroad. To achieve that, the status of such transactions needs to be determined in Russian law, they insist.
Another of their initiatives concerns the operators of trading platforms for digital assets, RBC Crypto reported. It envisages the establishment of a system for mutual settlements or clearing as well as the issuance of special digital curr...
|  | Russians Warned Against Saving in Crypto Amid Declining Savings in Forei...
A government official in Moscow has advised Russians to avoid cryptocurrencies now when interest in foreign fiat currencies is declining in the country. The high-risk assets are not suitable for the savings of most people and make sense only for investments by rich people, his comments suggest. Finance Ministry Don’t Want to See Russians Saving in Cryptocurrency
Restrictions imposed by the Russian state on foreign currency accounts and operations amid Western sanctions have led to a decrease in the volume of savings kept in foreign fiats. Against this backdrop, Russians have been warned they shouldn’t switch to cryptocurrencies.
“We would definitely not want citizens’ savings to be directed to digital currencies,” the head of the Financial Policy Department of the Russian Ministry of Finance, Ivan Chebeskov, stated during the blockchain conference “Finance of the Future: Challenges and Opportunities.”
Cryptocurrencies are a high-risk instrument, he pointed out quoted by RBC Crypto, and even stablecoins pegged to traditional currencies are not very suitable for savings purposes as they do not accrue interest, the government official elaborated.
Chebeskov is convinced that regulated digital financial assets (DFAs) could be a better alternative. These are typically tokens issued on a blockchain platform operated by a licensed entity under Russian law. The Bank of Russia expects its market to grow significantly.
The finance ministry repr...
|  | Bank of Russia Expects Significant Growth in Digital Assets Market
The Central Bank of Russia predicts an increase in the issuance of digital assets, citing some of their advantages. The monetary authority has published a report presenting the progress made by the growing industry and assessing the prospects for its further development.Russia’s Central Bank Issues Report on Market for Digital Assets
The Central Bank of the Russian Federation (CBR) expects the volume of digital financial assets (DFAs) issued in the country to increase significantly in the future. The regulator believes that growth will be facilitated by the transparency and ease of use of these alternative instruments.
According to a report quoted by the crypto page of the business news portal RBC, the bank also anticipates the emergence of new types of digital assets that will have no analogues in the traditional financial market and satisfy specific needs of businesses.
DFAs, as a legal term, was introduced with the law “On Digital Financial Assets” which went into force in January 2021. It’s still the only legislation that partially applies to crypto assets, at least those that have an issuer, unlike decentralized cryptocurrencies like bitcoin which are yet to be regulated in Russia.
They are tokens issued on a blockchain platform created and managed by a licensed operator that usually represents monetary claims. The CBR has already authorized several such operators — the tokenization service Atomyze, the fintech company Lighthouse, Russia&rsq...
|  | Binance Reportedly Removes Restrictions on Russian Users
The world's largest crypto exchange, Binance, has lifted certain restrictions on Russian users, local crypto media unveiled. According to multiple reports, Russians can once again use their bank cards to make deposits and the trading platform has canceled a limit on their balances which was introduced in compliance with European sanctions. Russian Cards, Including Visa and Mastercard, Used to Load Binance Accounts
Holders of Russian bank cards can now deposit money to Binance, the global leader among cryptocurrency exchanges. According to the Russian news outlet Kod Durova, deposits can be made not only with Russia's own Mir cards but also with Visa and Mastercard issued by Russian banks.
The report shows that Binance accounts can be loaded through the Russian payment service Qiwi by selecting the 'bank card' option. Russian ruble, British pound, Turkish lira, and euro are among the available fiat currencies while the U.S. dollar is not supported.
In March 2022, Binance halted transactions with Russian-issued cards, soon after Moscow launched its full-scale invasion of Ukraine in late February. The restrictions were applied after Visa and Mastercard suspended operations in Russia as part of Western sanctions over the war.
'Conversion of rubles into cryptocurrency occurs without problems. For example, an order from rubles to USDT is made without commission,' Kod Durova wrote, noting that withdrawals to rubles are possible within limits varying between 4,300 and 200,000 rubles...
|  | Household Crypto Holdings Included in Bank of Russia's Consumer Finance ...
The Central Bank of Russia has added crypto asset holdings of households to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds.Russia’s Central Bank Evaluates Cryptocurrency Holdings of Russian Households
The Central Bank of the Russian Federation (CBR) has published estimates about the digital assets held by the population in the newest edition of its report on household finances. The survey is conducted once every two years since 2013 and the latest results covering 2022 were released on Friday.
According to the document published by the monetary authority, the median average of the fiat value of crypto holdings, among Russian households that possess such assets, is 17,500 rubles (around $225 at current exchange rates). Median means that over half of these families, or people who live together and share the same budget, have more crypto funds than the cited threshold.
The survey has been conducted among over 6,000 households and more than 12,000 individuals in 32 Russian regions. 70% of the respondents were polled in the period May – June 2022, RBC Crypto noted in a report. In late 2021, the CBR said that the annual volume of crypto transactions made by Russians amounts to around $5 billion.
A little over 65% of the households had financial assets, the researchers established. The median amount was 15,700 rubles (approximately $200). 64.5% of the...
|  | In-Chat Tether Transfers Introduced in Telegram
Users of the Telegram messenger will now be able to send each other the leading stablecoin, tether (usdt), directly in the chats. The new option expands the list of cryptocurrencies available for purchase, sale, and trade in the messaging app.Tether Added to Wallet Bot in Telegram Messenger
Support for transactions with the U.S. dollar-pegged tether, the largest stablecoin, has been introduced in Telegram, the most popular messaging service in the crypto space.
USDT has been integrated in the Telegram Wallet bot, allowing users to buy, sell, exchange as well as transfer tether free of charge between each other.
'We're excited to announce the long-awaited integration of USDT into @wallet, making sending stablecoins as easy as sharing a photo,' the wallet service said in a Telegram post.
You can replenish your tether balance through the bot's main menu, using an external USDT wallet and also by purchasing the stablecoin with a bank card or on Telegram's peer-to-peer (P2P) market. @wallet only accepts transfers from the TRC-20 network, the announcement remarked.
The wallet's interface has been updated. All crypto assets can be seen on the start page and users can choose which coins they want displayed from 'Settings'. Purchase options are available in the 'Market' section.
The messenger's P2P marketplace has been refreshed as well to allow users to buy and sell stablecoins directly in the bot by selecting one of the available offers. An 'Exchange' feature has appeared on the ma...
|  | Russian Parliament Votes on Bill Opening Door for Digital Ruble
Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency.Russian State Duma Passes Digital Ruble Draft Law on First Reading
The lower house of Russian parliament, the State Duma, has adopted in the first reading a bill introducing legislative changes necessary for the realization of the digital ruble project. Most notably, it seeks to amend the law “On the National Payment System.”
The latter will be supplemented with legal definitions related to the central bank digital currency (CBDC) issued by the Bank of Russia. The authors also propose procedures for accessing the state-backed coin’s platform as well as for opening a digital wallet, RBC Crypto noted in a report.
According to the business daily Vedomosti, the draft suggests terms like “participant of the digital ruble platform” and “user of the digital ruble platform.” It assigns the role of sole operator to the Central Bank of Russia (CBR) which will guarantee its safe functioning.
The bill also amends the law “On Currency Regulation and Currency Control.” This particular revision secures the status of the digital ruble as a currency of the Russian Federation and defines the digital currencies of other central banks as foreign currencies.
Th...
|  | Russian Crypto Industry Queries Government About Proposed Criminal Liabi...
The organization representing Russia's crypto sector has asked the government in Moscow to clarify a proposal to introduce criminal liability for “gray” miners. The draft legislation seeks to punish those who fail to report their income to the state and share information about their digital assets.Crypto Companies in Russia Want to Take Part in Ongoing Regulatory Efforts
The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has asked Finance Minister Anton Siluanov to explain a proposal made by his department to introduce penalties for cryptocurrency miners violating the law.
In a letter addressed to Siluanov, the industry organization requests an opportunity to get acquainted with the respective draft amendments to the Criminal Code put forward by the Ministry of Finance, which provide for the prosecution of miners for tax evasion, for example.
Racib is referring to a package of texts sent by Deputy Finance Minister Alexey Moiseev to the Ministry of Economic Development, the Ministry of Justice, the Federal Tax Service, the Central Bank of Russia, and other government institutions in February.
The provisions oblige mining companies in Russia to report their income and provide tax authorities with detailed information about their digital asset holdings, including wallet addresses, in order to avoid criminal liability. Penalties for failure to do so include hefty fines and even prison time. Quoted by RBC Crypto, Racib’s l...
|  | Bank of Russia Registers Another Digital Asset Issuer
The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize traditional assets and organize their trade. Number of Licensed Digital Asset Issuers in Russia Grows to Five
The Central Bank of Russia (CBR) has included the company Distributed Registry Systems, with its Masterchain platform, to the register of operators of information systems which can be used to issue digital financial assets (DFAs), the business news portal RBC reported.
Four other issuers have been registered so far. These are the tokenization service Atomyze, the fintech company Lighthouse, as well as Sberbank and Alfa-Bank, the largest state-owned and private bank in the Russian Federation, respectively.
Established in April, 2021, Distributed Registry Systems is an IT company specialized in developing blockchain-based solutions for the financial, transport, logistics, and other industries. Several large Russian banks, Moscow Stock Exchange and Association “Fintech” are among its founders.
Initially, the company plans to issue digital financial assets for rights to monetary claims, either in the form of bonds that are not linked to specific assets, or as structural instruments linked to various assets, a press release detailed.
In the future, other types of DFAs will be launched on its platf...
|  | Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin
Use of cryptocurrencies is increasing in Russia, the head of the country's financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed.Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says
The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), who reported to President Vladimir Putin about the agency's current operations.
The watchdog is monitoring the activities of over 25,000 participants in crypto transactions, the executive revealed at a meeting with the head of state. The service has also identified around a dozen financial organizations that provide assistance to them.
Quoted by the business news portal RBC, Putin remarked that wherever money or new financial instruments appear, 'swindlers' appear as well. Chikhanchin admitted that the use of cryptocurrency is increasing in Russia in the absence of comprehensive regulation.
'We believe that the cryptocurrency turnover today is more than 630,000 bitcoins,' he detailed without elaborating. At current rates, that amount of BTC nears $13 billion in fiat equivalent. According to an estimate quoted by the Bank of Russia in 2021, the annual volume of crypto transactions made by Russians at the time was around $5 billion.
Ro...
|  | Binance Bans Russians From P2P Transactions With Dollars and Euros
Cryptocurrency exchange Binance has introduced new restrictions for Russian users, in accordance with the latest European sanctions. The platform is restricting access to peer-to-peer (P2P) transactions in U.S. dollars and euros for traders based in the Russian Federation. Binance Prohibits US Dollar and Euro Transactions for Russians on Its P2P Market
The world’s largest crypto exchange, Binance, is imposing restrictions on P2P transactions in U.S. dollars and euros for Russian traders. They have been introduced in compliance with the 10th round of EU sanctions on Russia announced on the first anniversary of the Ukraine war in late February, its representatives explained in comments for Russian-language crypto media.
The measures mean that Russian citizens, as well as foreign nationals residing in the Russian Federation, will no longer be able to buy and sell the fiat currencies of the United States and the Eurozone through Binance’s P2P service. At the same time, citizens of EU countries will not be allowed to transact in Russian rubles.
To continue using Binance P2P, the affected customers can choose other available fiat currencies, a spokesperson suggested, quoted by Forklog and RBC Crypto. When trying to initiate transactions in dollars or euros, the platform prompts users to select a local currency, in accordance with the Binance rules for the country specified during the verification of their accounts.
Russian crypto enthusiasts turned to peer-to-peer cryp...
|  | Russian Crypto Industry Association Asks Putin to Help With Regulations
The organization representing Russia’s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts. The association fears the Russian Federation may lag behind other nations if it maintains its conservative approach towards new financial technologies.Russian Crypto Businesses Want Putin to Engage With Regulatory Process
The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has called on President of Russia Vladimir Putin to back the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies.
In a letter to the Russian head of state, its members warn that the government’s attitude towards digital asset regulation poses “serious risks of the economy lagging behind in the introduction of new financial technologies,” crypto news outlets Bits.media and RBC Crypto reported.
The organization insists that the current state policy does not allow Russian companies to take advantage of the potential of new financial instruments and forces them to relocate to other jurisdictions which entails direct financial losses for the treasury.
This “extremely conservative and prohibitive approach” may cause Russia to lose pace in the development of the digital economy and deprives the country of the opportunity to become a leader in the implementation of digital payment and accounting systems, according to Racib’s address.
Racib also reminds P...
|  | Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain
A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan payments is growing.MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan
Moscow Credit Bank (MKB) has issued what it described as Russia’s first digital bank guarantee for an amount exceeding 100 million Chinese yuan, using blockchain technology — the Masterchain platform developed by the Central Bank of Russia.
In a press release quoted by RBC Crypto, MKB explained that the guarantee is denominated in the currency to which the importer’s contracts are linked. In case of a payment under it, the supplier will receive Russian rubles at an exchange rate agreed upon by the parties.
The bank guarantee was agreed on by the three stakeholders: the principal, the guarantor bank, and the beneficiary. The touted advantage of using a digital document, which ostensibly cannot be forged or lost, is that the beneficiary doesn’t need to wait for the paper version or request a confirmation from the bank about the authenticity of the guarantee.
“This is the first digital bank guarantee in the market, which was issued in yuan, through the Masterchain system. Most foreign trade contracts are serviced in Chinese currency, and the demand for payments in yuan is only growing,” commented Natal...
|  | Lawmakers to Resubmit Russia's Crypto Mining Bill, Introduce Liability f...
The draft law legalizing cryptocurrency mining will be resubmitted to Russian parliament which will postpone its adoption, one of its sponsors announced. Members of the lower house are also working on a separate bill that will introduce liability for those who mint digital coins illegally.Adoption of Russian Crypto Mining Legislation Postponed Again
A bill designed to legalize the mining of cryptocurrencies, which was first filed with the State Duma in November, will be resubmitted to the lower house of Russian parliament after additional consultations, according to Anton Gorelkin, deputy chairman of the parliamentary Committee on Information Policy.
The lawmaker explained that the consideration of the regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form,” Gorelkin elaborated, quoted by the crypto news outlet Forklog.
Russian parliamentarians and other officials have been mulling over how to regulate crypto-related operations for over a year. The law aims to recognize mining as a legitimate business activity and oblige involved entities and persons to report their income to tax authorities.
According to the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite demonstrating interest in the potential use of cryptocurrencies in international settlements amid sanction...
|  | Crypto Groups on Russian Social Media Hit by Bots Discrediting Bitcoin
Social media groups devoted to cryptocurrencies in Russia have been attacked by bots in what looks like a campaign against bitcoin and the like. Their comments on Russia’s largest social media platform are triggered by certain keywords like crypto and blockchain, members of the community have noticed. Bots Flood Vkontakte Groups With Comments Against Cryptocurrency
In the past week or so, crypto-themed groups on Russia’s state-controlled social network Vkontakte (VK) have been seeing a growing number of comments seeking to discredit cryptocurrencies and related technologies, the crypto news outlets Bits.media and RBC Crypto reported.
The comments appear under posts and linked articles about crypto assets. They are all similar, for example: “It’s more expensive to delve into crypto, it’s always big risks,” “Someone still talks about bitcoins?” or “People who buzz about crypto don’t even understand it.”
According to Nikita Zuborev, senior analyst at the exchange aggregator Bestchange.ru, these bots first appeared in his platform’s community and official page on Vkontakte on Feb. 13. The accounts are typical for such attacks and are only recently registered or stolen dormant accounts.
Bots are often used to spread spam and advertisements or attract users to fraudulent schemes but this is not the case this time. The messages lack external links and their content is limited to abstract criticism of cryptocurre...
|  | Russia's Yandex Search Engine Adds Cryptocurrencies to Its Converter
Yandex, the largest Russian search engine, has updated its currency converter, adding cryptocurrencies. The widget now shows the rates of these coins in a number of fiat currencies, with plans to introduce crypto-to-crypto pairs in the future as well.Yandex Integrates Leading Cryptocurrencies Into Its Currency Converter
Users of Russia’s leading search engine, Yandex, can view information about over 140 most popular cryptocurrencies, besides the data for the national currencies of various countries. The crypto rates have been added to the latest version of its currency converter, the company announced.
The widget, which features a price chart and a quick conversion tool, is located right above the search results, the Russian Rb.ru news outlet reported, quoting Yandex. The software recognizes standard keywords and even slang or imprecise language in the query.
The value of the coins and tokens of interest can be displayed in Russian rubles, U.S. dollars, euros, and other fiat currencies. More pairs will be added in the future, as well as the option to see the price of a given digital asset in another cryptocurrency.
Yandex sources market data from Coingecko, one of the largest aggregation portals in the crypto space, the report noted. According to the Russian search engine’s own statistics, bitcoin, ethereum, litecoin, dogecoin, and solana have been the most popular cryptos by number of search queries in 2022.
Global online platforms support similar functions but ...
|  | Bill Allows Russian Financial Platforms to Operate Blockchains, Issue Di...
A draft law filed in the Russian parliament permits operators of platforms providing financial services to also run blockchain platforms. The legislation will allow them to combine their regular activities in the traditional financial market with issuing digital assets.New Law Opens Door to Blockchain Space for Russian Financial Service Providers
The State Duma, the lower house of parliament in Russia, has adopted on first reading a bill allowing financial marketplaces, as defined by another Russian law, to also function as blockchain platforms facilitating the issuance and exchange of digital financial assets (DFAs).
The legislative initiative comes from a group of lawmakers headed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, crypto news outlets Bits.media and RBC Crypto reported. Its main purposes is to help the development of tokenized cashless payments, the digital ruble, and DFAs.
The latter are regulated by the law “On Digital Financial Assets,” which went into force in January, 2021, and mostly covers digital assets with an issuer. Transactions with decentralized cryptocurrencies like bitcoin are yet to be legalized in Russia.
The new bill builds on the law “On Conducting Financial Transactions Using Financial Platforms,” which came into effect in 2020. It describes the said financial platforms as information systems that provide financial organizations with an opportunity to meet consumers online.
On these ...
|  | Daily Raids on Crypto Farms as Abkhazia Intensifies Mining Crackdown
Authorities in Abkhazia are stepping up efforts to clamp down on cryptocurrency mining amid electricity shortages in the winter months. The government of the breakaway Georgian region announced it’s also taking measures to prevent imports of mining equipment.Abkhazia Creates Headquarters to Combat Illegal Crypto Mining Operations
Police in Abkhazia are conducting daily raids to identify mining facilities that have been illegally connected to the power grid and inspect previously shut down crypto farms, the Ministry of Internal Affairs of the partially recognized republic in northwestern Georgia revealed in a press release.
The department also said it’s closely monitoring the activities of individuals and entities providing services for the supply and maintenance of devices designed to mint digital coins in order to prevent the importation of mining hardware in the territory which is still banned.
Furthermore, a republican headquarters to combat illegal crypto mining has been established on the order of President Aslan Bzhania. It includes the heads of the Ministry of Economy, the State Security Service, the Interior Ministry, the State Customs Committee, and other departments.
The body is chaired by Prime Minister Alexander Ankvab who has demanded that power engineers in the region investigate all cases of illegal connections of mining farms to the distribution network, according to the government press service. Quoted by the Russian business news portal RBC, he ...
|  | State-backed Crypto Mining Farm under Construction in Russia's Buryatia
A new crypto mining facility is being built in the Russian Republic of Buryatia with support from a government-affiliated company. Construction of the infrastructure for the large-scale project is already underway, carried out by a subsidiary of Russia’s largest mining operator, Bitriver.Bitriver Building Large Data Center for Cryptocurrency Mining in Buryatia, Siberia
A 100-megawatt data processing center dedicated to the minting of digital coins will open this year in Buryatia, a Russian republic in south-central Siberia, the Russian Far East and the Arctic Development Corporation (KRDV) announced.
The price tag of the project is about 900 million rubles (over $12.3 million), the business news portal RBC reported, quoting a press release. The launch of the facility, which will host 30,000 mining machines, is scheduled for the first half of 2023.
Bitriver-B, a subsidiary of Russia’s mining giant Bitriver, has already started the construction of buildings, other infrastructure, and the supply of the necessary power equipment. The new enterprise will create about 100 jobs, the company said.
The bitcoin mining farm is situated in the village of Mukhorshibir, in the “Buryatia” Priority Development Area, a territory of the republic where a special legal regime has been established in order to facilitate entrepreneurial activities.
KRDV is a management company reporting to the Russian Ministry for the Development of the Far East and the Arctic and the Pres...
|  | Russia's Largest Private Bank Launches Digital Asset Platform
Alfa-Bank, one of the major Russian banking institutions, has established its own platform for digital financial assets. The launch became possible after Russia’s monetary authority added Alfa-Bank to its register of digital asset issuers this week. Privately-Owned Alfa-Bank Sets Up Digital Asset Platform With Central Bank’s Permission
Russia’s Alfa-Bank has launched ‘A-Token,’ a platform allowing the issuance of digital financial assets (DFAs), the business news portal RBC reported, quoting its Director of Innovation Denis Dodon. The bank was able to do so after the Bank of Russia announced its registration as a DFA issuer on Thursday.
The authorization makes Alfa-Bank, which is the country’s biggest private bank, the second-largest banking institution that can mint digital coins, after the state-owned Sberbank, which is the largest bank in the Russian Federation in terms of assets.
The list of licensees also includes the fintech company Lighthouse, which is cooperating with VTB bank, and the tokenization service Atomyze, which is working in partnership with Rosbank. These have already issued various digital assets. Sberbank is preparing to launch a defi platform as well.
Alfa-Bank plans to issue its own DFAs on the new platform, with a pilot release scheduled for the end of February. It also wants to provide its infrastructure to other market participants. The bank hopes to work with both investment companies and private investors and A-T...
|  | 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...
|  | 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...
|  | 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...
|  | 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...
|  | 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...
|  | 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:...
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