Digital Currency from Russia
The popularity of cryptocurrency has finally reached Russia. Although this time, instead of making an almost complete analogue of Bitcoin, entrepreneur Alexander Borodich has in mind some significant differences for his new cryptocurrency. The new digital money called Wishcoin. This is probably a stylization of sorts, as one Alexander’s previous project is called MyWishBoard. That time he created something like a network of wishes, where you post your wish and somebody may share it with you or add to his own list of wishes. Not a bad thing when your friends don’t know what to give you on....
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As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy. Russia’s Central Bank Plans Digital Ruble The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its....
Russia and digital currency are in the news together yet again, only this time, it's not out of an ongoing war of words, but because Russia is in the process of creating a cryptocurrency of its own. Known as the bitruble, the virtual currency will likely be launched next year through its parent company Qiwi if financial advisors in Russia are willing to look beyond their fears and distrust of bitcoin, a regular topic amongst monetary experts in the country. So far, the nation has had a public up-and-down relationship with cryptocurrency. Following a 50 percent drop in the value of the....
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of....
Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement.
Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency
Discussing upcoming changes in the legislation regarding digital currencies in Russia, head of the Financial Market Committee in the State Duma, Anatoly Aksakov, expressed his opinion that cryptocurrency mining should be added to....
It seems LocalBitcoins has become the new hot (and illegal) business in Russia. Just last week, the company saw record transactions when over 250 million rubles were exchanged for everybody’s favorite digital currency, equaling nearly $4 million in USD. Despite Russian regulators restricting access to the site back in September, the company is not only doing business, it appears to be thriving. Russia has certainly had an up-and-down relationship with digital currency over the last four years. From enforcing penalties upon those using it to saying it’s “not so bad,” Russia just can’t seem....