A bank run has started in Russia as citizens rush to withdraw cash amid escalating sanctions. The Russian ruble also nosedived to a record low, plunging more than 30%. “There are about 70 people in line. Eyewitnesses say the money in the ATM runs out within 40 minutes.” Russians Rush to Withdraw Cash as Sanctions…
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As an immediate countermeasure against the rising inflation of its fiat currency, the Russian central bank doubled key interest rates on Feb. 28, from 9.5% to 20% U.S. dollar-pegged stablecoin Tether (USDT) witnessed a spike of over 30% in five days against the Russian ruble — highlighting the negative and immediate impact of the ongoing…
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The Ukrainian government has reached out to the crypto community on Twitter to raise funds to support its civilians and troops. Within the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting…
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Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. The law “On Digital Currency” aims to introduce rules for investment in cryptocurrencies while at the same time cementing a ban on their use in payments. Draft Law ‘On Digital Currency’ to Regulate Crypto Turnover in Russia…
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As the public standoff between the two agencies approaches fever pitch, the Ministry of Finance makes a formal move. Russia’s Ministry of Finance has upped the stakes in its drawn-out showdown against the country’s Central Bank (CBR) by formally introducing a bill that proposes to regulate digital assets rather than banning them. On Monday, the…
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Another tentative deadline for the Finance Ministry and central bank to reach a compromise passes as an expected bill does not arrive. On Feb. 18, the Russian Ministry of Finance kicked off public consultations on the rules of cryptocurrency issuance and transactions. While a welcome development, it is less than the country’s crypto space had…
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The Russian Ministry of Finance has proposed the adoption of two pieces of legislation aimed at regulating cryptocurrencies. The drafts will be presented for public discussions expected to continue until March 18. Media reports have revealed that Bank of Russia has been working on alternative bills. Russian Ministry of Finance to Open Consultations on New…
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The Ministry of Finance is seeking industry and public input on how to regulate digital assets by March 18. The Ministry of Finance of the Russian Federation has officially initiated work on the country’s cryptocurrency regulation bill, filing the first public notice on the federal legal portal. Russia’s finance ministry on Thursday filed two development…
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Testing of the digital ruble has started in Russia with the country’s central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state. Digital Ruble Transactions Carried Out by Commercial Banks and Bank…
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Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared or be considered a criminal act. The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement. Russia’s government and central bank are now working on a draft law that will…
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