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With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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August 15, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

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August 15, 2024

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November 24, 2024

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Follow The Distributed

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\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Follow The Distributed

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\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\n
In the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\n
In the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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December 4, 2024

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

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\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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ADVERTISEMENT

\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Follow The Distributed

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\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

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November 24, 2024

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August 15, 2024

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November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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December 19, 2024

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November 24, 2024

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\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

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Follow The Distributed

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\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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November 24, 2024

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\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Russia Approves New Crypto Tax Framework

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November 24, 2024

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\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

Artificial Intelligence

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\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Adoption

Russia Approves New Crypto Tax Framework

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Russia Approves New Crypto Tax Framework

December 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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November 24, 2024

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\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Russia Approves New Crypto Tax Framework

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

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\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Most Read

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

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November 24, 2024

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Type your email here

Follow The Distributed

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\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2 Next

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Russia Approves New Crypto Tax Framework

December 4, 2024

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\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The framework aims to formalize Russia\u2019s crypto sector while ensuring tax compliance, reflecting the country\u2019s cautious yet strategic approach to digital assets. This move places Russia among nations striving to regulate cryptocurrencies without stifling innovation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The legislation, which passed three readings in the State Duma, now awaits President Vladimir Putin\u2019s signature to become law. Once signed and officially published, the rules will take effect. The bill requires crypto-mining operators to report their activities to authorities, with non-compliance incurring fines of 40,000 rubles (around $360).<\/p>\n\n\n\n
The framework aims to formalize Russia\u2019s crypto sector while ensuring tax compliance, reflecting the country\u2019s cautious yet strategic approach to digital assets. This move places Russia among nations striving to regulate cryptocurrencies without stifling innovation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
On November 27, Russia\u2019s Federation Council passed <\/a>a bill recognizing digital currencies as property and introducing a 13%\u201315% personal income tax on crypto sales. Miners are exempt from value-added tax (VAT) on mined coins.<\/p>\n\n\n\n
The legislation, which passed three readings in the State Duma, now awaits President Vladimir Putin\u2019s signature to become law. Once signed and officially published, the rules will take effect. The bill requires crypto-mining operators to report their activities to authorities, with non-compliance incurring fines of 40,000 rubles (around $360).<\/p>\n\n\n\n
The framework aims to formalize Russia\u2019s crypto sector while ensuring tax compliance, reflecting the country\u2019s cautious yet strategic approach to digital assets. This move places Russia among nations striving to regulate cryptocurrencies without stifling innovation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The Russian government has approved a new framework for taxing cryptocurrency transactions.<\/p>\n\n\n\n
On November 27, Russia\u2019s Federation Council passed <\/a>a bill recognizing digital currencies as property and introducing a 13%\u201315% personal income tax on crypto sales. Miners are exempt from value-added tax (VAT) on mined coins.<\/p>\n\n\n\n
The legislation, which passed three readings in the State Duma, now awaits President Vladimir Putin\u2019s signature to become law. Once signed and officially published, the rules will take effect. The bill requires crypto-mining operators to report their activities to authorities, with non-compliance incurring fines of 40,000 rubles (around $360).<\/p>\n\n\n\n
The framework aims to formalize Russia\u2019s crypto sector while ensuring tax compliance, reflecting the country\u2019s cautious yet strategic approach to digital assets. This move places Russia among nations striving to regulate cryptocurrencies without stifling innovation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Expands Crypto Adoption<\/h2>\n\n\n\n
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country's largest bank, Sberbank, is participating <\/a>in the central bank's cryptocurrency settlement pilot. This move aligns with Russia's broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.<\/p>\n\n\n\n
Moreover, President Putin has legalized <\/a>cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.<\/p>\n\n\n\n
These developments illustrate Russia's strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.<\/p>\n","post_title":"Russia Approves New Crypto Tax Framework","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-approves-new-crypto-tax-framework","to_ping":"","pinged":"","post_modified":"2024-12-04 02:08:46","post_modified_gmt":"2024-12-03 15:08:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19766","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18163,"post_author":"15","post_date":"2024-08-11 17:46:06","post_date_gmt":"2024-08-11 07:46:06","post_content":"\n
Russian President Vladimir Putin has signed a law legalizing cryptocurrency mining in the country. <\/p>\n\n\n\n
The law introduces regulations for the previously banned crypto-mining industry. This allows only legal entities and individuals who register with the Ministry of Digital Development to participate. As reported by the Tass<\/a>, those who don't register can still mine but must stay within certain energy limits.<\/p>\n\n\n\n
Russian residents will now be permitted to trade digital currencies. Still, the Russian central bank retains the authority to ban any activity it considers a threat to the national currency.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russia Ban Bitcoin? Likely Not; Here's Why...<\/a><\/p>\n\n\n\n
Russia Recently Allows Crypto Payments<\/h2>\n\n\n\n
The Russian legislature passed <\/a>a bill that legalizes using digital currencies for international payments. This move aimed to counter international sanctions. The second bill still awaits Putin's signature.<\/p>\n\n\n\n
Cryptocurrencies have been illegal as a payment method in Russia since 2022, but Putin seems to be warming up to digital assets. He recently voiced support for using cryptocurrencies in international trade, signaling approval of the bills passed last week. Putin has also previously highlighted Russia's advantages in cryptocurrency mining, particularly due to its energy surplus.<\/p>\n\n\n\n
Cryptocurrency mining, which involves using computers to validate transactions on digital networks, can be highly profitable, particularly for blockchains like Bitcoin. The industry has grown significantly, with large-scale operations now typically housed in warehouses full of high-powered, energy-intensive machinery run by major companies.<\/p>\n","post_title":"Putin Greenlights Crypto Mining In Russia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"putin-greenlights-crypto-mining-in-russia","to_ping":"","pinged":"","post_modified":"2024-08-11 17:46:12","post_modified_gmt":"2024-08-11 07:46:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16751,"post_author":"1","post_date":"2024-05-05 03:40:31","post_date_gmt":"2024-05-04 17:40:31","post_content":"\n
\n
The ruling freed assets totaling 204.7 billion rubles.<\/li>\n\n\n\n
The dispute arose from VTB's claim that JPMorgan obstructed $439.5 million in its correspondent account in New York.<\/li>\n<\/ul>\n\n\n\n
A Russian court has reversed the seizure of JPMorgan's funds in Russia in an ongoing dispute between the US bank and Russian state lender VTB, Reuters <\/em>reported<\/a>. The ruling affects a portion of JPMorgan's assets, specifically those held in type C accounts and used for internal operations such as staff wages and tax payments.<\/p>\n\n\n\n
Despite VTB's claim of $439.5 million being blocked by JPMorgan in a New York correspondent account due to US sanctions, the court has opted to release the frozen funds within Russia. This decision followed JPMorgan's filing, which indicated that the value of claims against it and orders to freeze assets exceeded its available assets in Russia.<\/p>\n\n\n\n
The legal tussle between VTB and JPMorgan resulted from claims by the former that the US bank obstructed $439.5 million in its correspondent account in New York during the time VTB faced US sanctions. Consequently, the Russian court initially ordered the seizure of funds in JPMorgan's accounts in Russia. However, with the recent ruling, JPMorgan's assets held in type C accounts, amounting to 204.7 billion rubles, have been freed from seizure.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
Impact on JPMorgan's Russian Operations<\/h2>\n\n\n\n
JPMorgan's total assets in Russia stand at 243.3 billion rubles, with a significant portion locked in type C accounts. These accounts, predominantly held by foreigners, restrict money movement abroad but also safeguard against seizure, as per presidential decrees. The court's decision not only releases the frozen funds but also enables JPMorgan's Russian subsidiary to resume its operations, including the disbursement of staff wages and tax payments from a separate current account.<\/p>\n\n\n\n
In a recent filing, JPMorgan Chase alerted investors<\/a> that its assets in Russia could face seizure following legal actions in both Russian and US courts. The embattled bank finds itself entangled in various legal challenges concerning its Russian operations, triggered by the imposition of economic sanctions on Russia by the US and European nations in response to the Ukraine conflict.<\/p>\n\n\n\n
JPMorgan's predicament stems from a series of lawsuits surrounding its dealings in Russia. A Russian court's recent decision to seize funds in JPMorgan accounts followed a lawsuit by state-owned bank VTB, aiming to reclaim funds blocked abroad. In a tit-for-tat move, JPMorgan retaliated by suing VTB Bank in the US, seeking to block its efforts to recover $439.5 million.<\/p>\n","post_title":"Russian Court Reverses Seizure Of JPMorgan's Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-court-reverses-seizure-of-jpmorgans-funds","to_ping":"","pinged":"","post_modified":"2024-05-05 03:42:10","post_modified_gmt":"2024-05-04 17:42:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16751","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14798,"post_author":"18","post_date":"2023-12-29 23:40:41","post_date_gmt":"2023-12-29 12:40:41","post_content":"\n
In a strategic move, the U.S. has escalated its stance against Russia by targeting financial institutions that aid Moscow in circumventing international sanctions<\/a>. This significant move aims to exert more pressure on Russia amid its ongoing military activities.<\/p>\n\n\n\n
On December 22nd, U.S. President Joe Biden signed an executive order with a clear intent to penalize financial entities that offer support to Russia in bypassing sanctions. This move amplifies Washington's commitment to curb Russia's aggressive actions and shows the world that the U.S. means business.<\/p>\n\n\n\n
According to the White House, the new authority also empowers the U.S. to expand import bans on specific Russian products, including seafood and diamonds. Such sanctions are not merely symbolic gestures; they have tangible economic implications, affecting the lifeline of Russia's economy.<\/p>\n\n\n\n
See Related:<\/em><\/strong> $4M+ In Bitcoin Donated To Support Ukrainian Military<\/a><\/p>\n\n\n\n
National Security And Violations<\/h2>\n\n\n\n
National Security Advisor Jake Sullivan said that anyone supporting Russia\u2019s unlawful war effort is at risk of losing access to the U.S. financial system. His statement underscores the severity of the situation. <\/p>\n\n\n\n
This executive order is not a solo act by the U.S. but is a more coordinated effort with its allies. The international community is banding together to ensure that financial institutions worldwide understand the repercussions of assisting Russia.<\/p>\n\n\n\n
While the order does not single out specific nations, countries like China, Turkey, and the UAE have also been under scrutiny for potential violations. Experts in the field emphasize that the order highlights the genuine risks these foreign financial institutions face.<\/p>\n\n\n\n
European Connections With Russia<\/h2>\n\n\n\n
By targeting financial intermediaries, the U.S. aims to disrupt Russia's attempts to evade sanctions through intricate networks of front companies.<\/p>\n\n\n\n
This executive order isn't a distant threat\u2014it's effective immediately. While U.S. and European institutions have largely reduced their ties with Russia, the order serves as a stark reminder of the global economic consequences for those aiding Moscow.<\/p>\n\n\n\n
Specialists on financial crimes view this move as a nuanced application of secondary sanctions, drawing parallels with Iran-style measures. The forthcoming ban on Russian diamonds by the G7<\/a> further solidifies this multi-pronged approach to isolate Russia economically.<\/p>\n\n\n\n
The executive signals a calculated strategy to choke off Moscow's financial lifelines. By targeting the core of Russia's economic networks, Washington aims to create a ripple effect that resonates globally. As nations recalibrate their financial ties, the world watches closely, anticipating the next chapter in this high-stakes geopolitical standoff.<\/p>\n","post_title":"Sanctions: How the U.S. Is Tightening The Noose On Russia's Financial Networks","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sanctions-how-the-u-s-is-tightening-the-noose-on-russias-financial-networks","to_ping":"","pinged":"","post_modified":"2023-12-29 23:40:47","post_modified_gmt":"2023-12-29 12:40:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14798","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11396,"post_author":"12","post_date":"2023-05-02 01:01:43","post_date_gmt":"2023-05-01 15:01:43","post_content":"\n
Josh Sullivan, a former economic advisor for the White House, believes that a new BRICS-issued currency may have the ability to lessen the power of the US Dollar regarding international trade.<\/p>\n\n\n\n
BRICS (Brazil, Russia, India, China, and South Africa) is an acronym for five leading economies. In an article published<\/a> on Foreign Policy, Sullivan discusses the potential that a new currency used by these nations could belittle the current power that the US Dollar has through de-dollarization, meaning a reduction on the reliance of the dollar as a reserve currency, medium of exchange or a unit of account.<\/p>\n\n\n\n
\"Is it realistic to imagine the BRICS using only the bric for trade? Yes.\"<\/em> Sullivan refers to the currency as 'the bric'<\/em>, which he believes could be the beginning of the end of the dominance held by the US Dollar. The power of the bric lies in the fact that the BRICS outweigh<\/a> not only the United States but all other G-7 countries when referring to GDP.<\/p>\n\n\n\n
\"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world\u2019s other currency unions. Because a BRICS currency union\u2014unlike any before it\u2014would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union.<\/em>\"<\/p>\n\n\n\n
\u201cThe dollar\u2019s reign isn\u2019t likely to end overnight \u2013 but a bric would begin the slow erosion of its dominance<\/em>,\" says Sullivan.<\/p>\n","post_title":"BRICS Currency Against The U.S. Dollar; International Trade And De-Dollarization","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brics-currency-against-the-u-s-dollar-international-trade-and-de-dollarization","to_ping":"","pinged":"","post_modified":"2023-05-04 13:02:57","post_modified_gmt":"2023-05-04 03:02:57","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11396","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11181,"post_author":"13","post_date":"2023-04-27 10:44:24","post_date_gmt":"2023-04-27 00:44:24","post_content":"\n
\n
Supported deposits come in multiple currencies including the Russian ruble, euro, and the British pound.<\/li>\n\n\n\n
The exchange has also lifted limits on Russian accounts with balances of more than 10,000 euros.<\/li>\n<\/ul>\n\n\n\n
Russian users of cryptocurrency exchange Binance can once again use locally issued Mastercard and Visa cards banned a year ago after the exchange lifted restrictions without prior announcement.<\/p>\n\n\n\n
On March 9, 2022, Binance suspended<\/a> transactions with MasterCard and Visa Card issued in Russia on its platform following the country\u2019s invasion of neighbouring Ukraine. The exchange also banned such transactions by a financial institution outside Moscow.<\/p>\n\n\n\n
But now, the support for the suspended transactions has resumed, according to a local publication, Forklog<\/a>. Russian cardholders can load their accounts using rubles, Turkish liras, British pounds, euros, Ukrainian hryvnias, Kazakh tenge, Aussie dollars, and Czech crowns. However, support for the US dollar remains suspended.<\/p>\n\n\n\n
Internet publication Durov Code confirmed<\/a> that the resumed services were available through the Qiwi payment gateway, with a withdrawal limit of between 4,300 and 200,000 rubles. Besides supporting Russian-issued plastic cards, the top digital asset exchange by volume has reportedly resumed rubble fiat deposits using Advcash and Payeer payment systems.<\/p>\n\n\n\n
Restrictions For Users With More Than 10,000 Euros Reportedly Lifted<\/h2>\n\n\n\n
There are also unconfirmed reports that Binance had removed a 10,000 euros capped limit for Russian citizens, contrary to a statement shared with Forklog by a representative from Binance.<\/p>\n\n\n\n
\u2018\u2018In accordance with the sanctions rules, Binance legal entities registered in the EU are prohibited from providing services to citizens of the Russian Federation, with the exception of the category of persons who are citizens or residents of the EEA or Switzerland. Users from Crimea, DPR\/LPR are also denied access to the platform,\u2019\u2019<\/em> the source said.<\/p>\n\n\n\n
Binance ban on Russians followed similar steps by the European Union (EU) and the US, which also saw Moscow removed from the global interbank settlement platform SWIFT.<\/p>\n","post_title":"Binance Quietly Lifts Restrictions On Russian Citizens A Year After Ban","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-quietly-lifts-restrictions-on-russian-citizens-a-year-after-ban","to_ping":"","pinged":"","post_modified":"2023-04-27 12:05:07","post_modified_gmt":"2023-04-27 02:05:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11181","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9086,"post_author":"13","post_date":"2022-12-29 00:06:26","post_date_gmt":"2022-12-28 13:06:26","post_content":"\n
Russia\u2019s largest bank Sber has partnered<\/a> with Solfer - a processor of precious metals - to launch gold-backed digital financial assets (DFAs). The move is part of the faster adoption of cryptocurrencies by the majorly government-owned bank. Russia is battling sanctions \u2013 including restricted access to foreign reserves - from Western countries following its invasion of neighboring Ukraine.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n\n\n\n
\u2018Certifying Monetary Rights\u2019 Pegged to the Price of Gold<\/h2>\n\n\n\n
On its website, Sber has described DFAs as digital financial instruments based on a distributed ledger<\/a>. The digital assets are certifying monetary rights, where the price and volume are pegged to the price of gold. The financial institution is hopeful that the tokenized asset<\/a> will find use cases in the market and is ideal for diversifying its balance sheet.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Russian Legislators Propose A National Cryptocurrency Exchange<\/a><\/p>\n\n\n\n
According to Alexander Vedyakhin, first deputy chairman of the Executive Board at Sberbank, ''The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization. We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets.\"<\/em><\/p>\n\n\n\n
Issuance Dates And DFAs' Investment Risks<\/h2>\n\n\n\nIn the juridical documents<\/a> accompanying the issuance, the number of DFAs to be issued by the bank is 150,000. The application window has been open since December 9th, and placement of the digital assets will begin on June 30th, 2023.<\/p>\n\n\n\n
The Issue Resolution has outlined risks related to the DFAs, cautioning the possibility of losing part or all of one's investment. Some of them include market risks that could change the value of the DFA, a lack of liquidity<\/a>, and bankruptcy risks.<\/p>\n","post_title":"Top Russian Bank Issues First Gold-Backed DFAs With Major Metal Processor","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"top-russian-bank-issues-first-gold-backed-dfas-with-major-metal-processor","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:51:28","post_modified_gmt":"2023-04-10 07:51:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9086","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8550,"post_author":"13","post_date":"2022-11-26 01:41:37","post_date_gmt":"2022-11-25 14:41:37","post_content":"\n
The Russian Federal Assembly\u2019s lower house is working on a legal framework for creating an official Russian crypto exchange - according to a report<\/a> by a local media house.<\/p>\n\n\n\n
The state Duma is reportedly amending existing laws in a draft that will be sent to the Ministry of Finance and the Russian central bank. The deliberations on the \u2018\u2018algorithm of actions and reinforced concrete discussions\u2019\u2019 are ongoing.<\/p>\n\n\n\n
In mid-November, the deputies consulted the market players to inform them of the changes. However, the consultations lacked representatives from the Ministry of Finance and the Bank of Russia. The two institutions have previously expressed skepticism about the digital asset class.\u00a0\u00a0<\/p>\n\n\n\n
See Related: <\/em><\/strong>Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
Russian Economic Policy Committee Pushes For Regulatory Reforms<\/h2>\n\n\n\n
Sergey Altukhov, a Russian Economic Policy Committee member, said it was time Russia stopped burying its head in the sand.<\/p>\n\n\n\n
\u2018\u2018It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside government regulations,\u2019\u2019 <\/em>Sergey remarked. He added that it is important to have the digital asset class legalized the \u2018\u2018rules of the game\u2019\u2019 <\/em>adjusted. <\/p>\n\n\n\n
His comments are similar to those of the head of the State Duma Committee on the Financial Market, Anatoly Aksakov. The official hinted at a crypto exchange in June attached to the Moscow exchange. Aksakov believes such a platform will enable crypto transactions in \u2018\u2018strict requirements\u2019\u2019 of the Central Bank.<\/p>\n\n\n\n
See Related: <\/em><\/strong>Will Russia Ban Bitcoin? Likely Not; Here\u2019s Why\u2026<\/a><\/p>\n","post_title":"Russian Legislators Propose A National Cryptocurrency Exchange","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-legislators-propose-a-national-cryptocurrency-exchange","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russia-ban-bitcoin-likely-not-heres-why\/","post_modified":"2022-11-27 16:56:39","post_modified_gmt":"2022-11-27 05:56:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8550","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7584,"post_author":"10","post_date":"2022-10-12 17:39:54","post_date_gmt":"2022-10-12 06:39:54","post_content":"\n
Dapper Labs, a leading blockchain company, has terminated payment services for holders of non-fungible tokens<\/a> with ties to Russia, citing EU sanctions in a blog post.<\/p>\n\n\n\n
According to the firm's announcement<\/a>, users subject to the penalties will retain ownership of their NFTs and monies, however, they will not be able to transfer or utilize them in any way. Any NFT that an affected user previously bought still belongs to that user, despite the new regulation.<\/li><\/ul>\n\n\n\n
This decision has gotten a mixed response from the cryptocurrency community. Some members said that the issue was entirely outside the firm's control. In contrast, others claimed these restrictions were against cryptocurrencies' decentralization and censorship-resistant features.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Russian Government To Legalize Crypto For Cross-Border Payments<\/a><\/p>\n\n\n\n
EU Sanctions Against Russia<\/h2>\n\n\n\n
The EU sanctions constitute a step forward from earlier limitations on cryptocurrencies in April<\/a>. The supply of crypto-asset wallets, accounts, and custody services is prohibited under the most recent round of EU sanctions on Russia, announced on October 6. This prohibition applies regardless of the overall value of the assets.<\/li><\/ul>\n\n\n\n
According to a press release<\/a> from the EU, current restrictions on bitcoin assets have been enhanced by prohibiting services regardless of the value of a wallet. This was previously restricted to \u20ac10,000.<\/li><\/ul>\n\n\n\n
The harsher penalties are meant as retaliation for \"Russia's continuous escalation and unlawful war against Ukraine.\" This includes the mobilization of more soldiers and the blatant use of nuclear threats.<\/li><\/ul>\n\n\n\n
The penalties which target the Russian government, economy, and international target, include financial sanctions against banning the operations of crypto firms in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Bitcoin Overtakes The Russian Ruble In Value<\/a><\/p>\n","post_title":"Dapper Labs Places Limits On Russian Users' NFTs Following EU Sanctions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dapper-labs-places-limits-on-russian-users-nfts-following-eu-sanctions","to_ping":"","pinged":"","post_modified":"2022-10-12 17:41:04","post_modified_gmt":"2022-10-12 06:41:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7584","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7466,"post_author":"7","post_date":"2022-09-29 18:13:14","post_date_gmt":"2022-09-29 08:13:14","post_content":"\n
Russia plans to issue a Central Bank Digital Currency<\/a> (CBDC), the digital ruble, in mutual settlements with China. Anatoly Askakov provides a remarkable viewpoint in how this cryptocurrency will improve trade settlements in Russia amidst economic sanctions.<\/p>\n\n\n\n
Russia is currently facing harsh economic sanctions imposed by western countries, thus creating financial problems in international settlements. The head of the finance committee in Russia\u2019s lower parliament, Anatoly Aksakov, discusses the need to use cryptocurrency to solve payment issues.<\/li><\/ul>\n\n\n\n
Aksakov said that the next development phase of the digital ruble would be used for mutual settlement with China. He added that the digital direction is vital because financial flows can bypass systems controlled by unfriendly countries. Finally, he asserted that the digital currency settlement system would improve transaction efficiency, thus strengthening security and confidentiality.<\/li><\/ul>\n\n\n\n
Aksakov also described that America\u2019s control over the global financial system would cease as more countries adopt the use of digital currencies. Once Russia fully develops its digital currency system, Russia and China will engage in bilateral digital transactions. On the other side, China has begun using the digital yuan in international settlements.<\/a><\/li><\/ul>\n\n\n\n
With rising economic stagnation due to rising exchange rates, many countries will develop digital currency for their trade settlements. This new technology will make countries, including Russia, less dependent on Western-dominated payment channels such as the SWIFT system. In turn, many Central Bank experts are considering the new technology behind digital coins as they realize countries would deal directly with each other.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n","post_title":"Russia Is Considering Digital Ruble Settlements With China","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russia-is-considering-digital-ruble-settlements-with-china","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:52:39","post_modified_gmt":"2023-04-10 08:52:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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