Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable.
Russia is the globe’s most sizable country in terms of land. On a map, Russia sits above Kazakhstan, Mongolia and China. Russia dwarfs China in geographic coverage, but not in terms of population — although Russia still lies among the globe’s most populous countries. The country is also known as the Russian Federation. The ruble serves as Russia’s national currency.
When it comes to Russia, cryptocurrency is still developing as a scene as the country evaluates its regulatory stance on various aspects of the asset class. In Russia, Bitcoin and other crypto assets are not an acceptable form of payment under the country’s regulatory climate, however. Owning cryptocurrency is also prohibited for folks working in certain government positions.
A major bank in Kazakhstan has completed its first purchase of crypto for fiat and the president is ready to approve exchange activities.4009
Russia is currently in the pilot phase of its CBDC development and is expected to complete the development by early next year.4723
The views of the NSA whistleblower, who has been in Russia since 2013, seemingly clash with those of President Vladimir Putin, who has often worked against promoting decentralization.1643
Deputy Finance Minister Alexei Moiseev said the policy describes "how to acquire cryptocurrency, what can be done with it" and its use in cross-border settlements.9887
The bill amendment demands the Secretary of State submit reports to congressional committees explaining why the State Department made the determination to pay out rewards in cryptocurrency.1693
According to the Treasury Department, members of the sanctioned group fought alongside Russia’s military, including near territory Ukrainian forces reclaimed on Monday.2930
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said.2304
Though political tensions may be high between the U.S. and Russia, authorities still negotiated a prisoner swap of Trevor Reed for drug smuggler Konstantin Yaroshenko in April.1557
“Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and appreciable for all parties involved," said Alexey Moiseev.4264
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes.17185
Belarusian hackers claim to have gained access to the passport info of every Belarusian citizen, including president Alexander Lukashenko, allowing them to mint an NFT with his passport details.2410
One of the most crypto-friendly countries in the world wants to synchronize its crypto regulations with associated rules in the European Union.2155
The adoption of digital assets provides a good opportunity to ensure uninterrupted payments for imports and exports, Russia's prime minister said.2979
A new survey hints at a lack of crypto awareness in Russia as only 6% of respondents were found to have a good knowledge of crypto.2211