First Foreign VPN Provider Leaves Russia Because of Repressive New Law
Private Internet Access (PIA), a foreign VPN provider, has announced they are ceasing all operations in Russia due to a new law. According to a notice sent to customers, a new Russian law was passed that mandated that all service providers log all regional traffic for up to one year. This new requirement has prompted PIA to seek to do business elsewhere. The provider writes in a blog post: “We have decided not to do business within the Russian territory. We’re going to be further evaluating other countries and their policies.” Edward Snowden criticized the new law as well, calling it....
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Nearly a week after the proposal of Party of Growth—a political party in Russia which represents the liberal free market economy—to legalize bitcoin, the Russian Ministry of Finance and the country’s lawmakers are set to treat cryptocurrencies including bitcoin as a foreign currency. Deputy Finance Minister Alexei Moiseev, who featured in an interview hosted by the Russian Newspaper, stated that while cryptocurrency-based business operations are still illegal in Russia, the Ministry of Finance is currently developing a set of regulations to enable purchasing and selling of Bitcoin. Moiseev....
To enhance its foreign economic activity (FEA), Russia plans to launch two major crypto exchanges in its region—one in Moscow and the other in St. Petersburg. According to the report, this initiative highlights Russia’s “strategic” move to integrate digital assets into its economy. It focuses on creating and utilizing stablecoins pegged to the Chinese yuan and […]
Depending on how soon all involved parties can come to an agreement, the law proposal will be submitted to the Duma by the end of 2016. The status of Bitcoin in Russia has been up in the air for quite some time now. There only seems to be two courses of action: either Bitcoin would be banned, or it would be allowed. But perhaps there is a third option on the table, as authorities want to label Bitcoin as “foreign currency”. Russia Still Tangoes With Bitcoin. Putting Bitcoin on the same level as foreign currency in Russia would have some interesting consequences. Using Bitcoin in the....
According to reports, the Russian Federation has defaulted on its foreign debt for the first time since 1918. Bondholders told the press that they had not received payments from the transcontinental country. However, Russia’s finance ministry denies the allegations and says the country made the payments via the Euroclear monetary system.
Russia Is Accused of Foreign Debt Default, Moscow’s Finance Ministry Claims the Country Paid Bondholders
Media reports are claiming that Russia has defaulted on its foreign currency debt for the first time in more than 100 years.....
Amid ongoing sanctions, the government of Russia has been working to limit the country’s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it’s possible to partially replace the greenback in currency reserves and trade settlements with other currencies and even digital assets in the future. Foreign Ministry Official Sees Russia Acquiring Digital Assets to Reduce US Dollar Dependence In its efforts to counter the negative effects of expanding U.S. sanctions, the Russian Federation is putting an emphasis on “dedollarization,” Deputy Foreign....