Crypto

Russia Bans Crytpo Transactions in the Country After Months of Debate

Published

2 years ago

July 17, 2022

Russia Bans Crytpo Transactions in the Country After Months of Debate

(Photograph : Pexels/Worldspectrum) crypto

On Saturday, July 16, Russian President Vladimir Putin signed into legislation a nationwide ban on utilizing digital belongings for funds.

The motion comes after the Russian authorities and central financial institution have debated on what they need to do about cryptocurrency.

Russia Bans Crypto

In January, the Financial institution of Russia proposed a ban on cryptocurrency for funds or investments, based on Engadget.

In February, Russia’s Finance Ministry submitted a draft of crypto rules to the federal government, which permits for investing in digital belongings like Ethereum or Bitcoin, however not utilizing them to buy issues.

The legislation was printed on the Russian parliament web site.

It states that the federal government has “prohibited to switch or settle for digital monetary belongings as a consideration for transferred items, rendered providers, carried out works,” and different ways in which enable one to imagine fee for items by a digital monetary asset, besides as in any other case offered by federal legal guidelines.

Additionally Learn: Russia’s Vitality Suppliers Share How At-Dwelling Crypto Mining Can Be Prevented! Listed below are Their Plans

Russia has been within the crypto debate because the nation invaded Ukraine in early 2022. Consequently, large crypto corporations like Binance and Coinbase mentioned they’d adjust to US or EU legal guidelines on limiting Russians utilizing crypto exchanges.

Crypto laws in Russia could be very difficult because the nation’s central financial institution beforehand known as for a ban on Bitcoin mining and crypto transactions, however in early 2022, Russia’s Finance Ministry mentioned that it could be vital to permit cryptocurrency expertise to develop.

President Putin had optimistic feedback about Bitcoin mining again in January when he mentioned that the nation had “aggressive benefits,” together with a “surplus electrical energy and well-trained personnel accessible in Russia” to mine the forex.

In response to the information from CoinMarketCap, Bitcoin closed the week down about 5% to $20,790.64, Ethereum holding at $1,231.54, down lower than a % over every week.

Russia’s Aggressive Benefits in Bitcoin Mining

Decrypt reported that Putin believes that Russia has aggressive benefits on the subject of mining cryptocurrencies like Bitcoin.

Putin’s feedback got here after the federal government’s Finance Ministry mentioned it could be “vital to permit” all these applied sciences to develop, and that the ban on crypto shouldn’t be wanted.

In a video name with authorities members, Putin talked in regards to the Bitcoin mining and cryptocurrency transactions ban and mentioned that the “central financial institution has its personal place, and the growth of the sort of exercise carries sure dangers.”

Putin added that Russia has “sure aggressive benefits,” particularly in mining, as a result of surplus of electrical energy and well-trained personnel that they’ve.

Cryptocurrency mining is the method of verifying transactions on the blockchain and minting new cash or tokens utilizing computer systems. Mining Bitcoin is a course of that makes use of plenty of vitality and requires highly effective and costly machines.

Russian Bitcoin miners present 10% of the computing energy to the Bitcoin community, however the nation’s authorities have talked in regards to the restrictions on the business a number of occasions.

China, which at one level was the place a lot of the Bitcoin mining actions occurred, not too long ago banned the observe on account of environmental considerations.

The China ban on Bitcoin mining has since induced a migration of miners to different international locations.

Associated Article: Putin Makes Cryptocurrency Authorized in Russia: High 5 Factors

This text is owned by Tech Instances

Written by Sophie Webster

Related Topics:cryptocurrency Russia Vladimir Putin

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Crypto

Trump Vs Harris: Majority Of US Crypto Owners Support This Candidate

Published

3 hours ago

September 1, 2024

Press Room

Trump Vs Harris: Majority Of US Crypto Owners Support This Candidate

A recent poll reveals that U.S. cryptocurrency owners are more inclined towards Donald Trump than Kamala Harris, despite Trump’s lagging overall national support.

What Happened: The poll shows that Trump has a significant lead over Harris among U.S. cryptocurrency owners. The poll, administered by Fairleigh Dickinson University, surveyed 801 registered voters across the nation from August 17-20.

According to the poll, Trump leads Harris by 12 points (50% to 38%) among cryptocurrency owners. Harris has a similar 12-point lead (53% to 41%) among non-cryptocurrency owners. The poll also unveiled that 15% of respondents either currently own or have previously owned cryptocurrencies.

The survey interestingly found that Republicans are slightly more likely to own digital assets compared to Democrats. However, cryptocurrency ownership was found to be equally probable among self-identified liberals, moderates, conservatives, progressives, and MAGA voters.

Also Read: Trump Vs Harris: New Polls Reveal This Candidate Is Outperforming In Swing States

Earlier this month, Trump announced the launch of his own decentralized finance (DeFi) platform, The DeFiant Ones, as a competitive move against traditional banks. In July, Trump chose JD Vance, a pro-crypto senator from Ohio, as his running mate for the upcoming presidential election.

Why It Matters: The poll’s findings underscore the growing influence of cryptocurrency owners in the political landscape. Trump’s lead among this group could be attributed to his recent ventures into the crypto space, including the launch of his DeFi platform and his choice of a pro-crypto running mate.

This trend also highlights the potential for cryptocurrency to become a significant factor in future elections, as more Americans invest in digital assets.

Crypto

Crypto bull market fuels creation of 88K millionaires, six billionaires in 2024 – report

Published

14 hours ago

September 1, 2024

Press Room

Crypto bull market fuels creation of 88K millionaires, six billionaires in 2024 – report

AlexSava

The 2024 cryptocurrency bull market has sparked a remarkable surge in wealth, creating over 88K new millionaires and elevating six individuals to billionaire status, according to a recent report by British investment migration consultancy Henley & Partners.

The number of individuals holding crypto worth of at least $1M has skyrocketed to 172K, up 95% from a year before. The significant shift comes during the same year in which bitcoin (BTC-USD) reached a new record high of $73.8K in March, buoyed by the launch of U.S. spot bitcoin exchange-traded funds that have ushered in notable institutional – and retail – capital.

What’s more, the number of centi-millionaires – individuals with assets exceeding $100M – has surged by 79%, reaching a total of 325, the report added. And five out of the six newly minted crypto billionaires have amassed their fortunes through investments in bitcoin (BTC-USD). MicroStrategy’s (MSTR) Michael Saylor, who personally owns about $1B of bitcoin, is an outspoken bitcoin whale.

But, since its price swoon in early August, bitcoin (BTC-USD) has been trading 23%-16% off its all-time highs. That’s despite the fact that the Federal Reserve is gearing up to start cutting borrowing costs, a move that may attract investor demand for riskier assets, including BTC. Year-to-date, BTC climbed about 38%.

“The longer bitcoin stays in this range, the more likely a strong breakout will happen, although it’s uncertain which direction it will take,” said Seeking Alpha analyst Dean Popplewell in Bitcoin’s Steady Range: Mt. Gox Impact And Future Outlook.

Fellow SA contributor Florian Grummes is leaning on the bearish end of the bull-bear spectrum, citing seasonal patterns and potential stock-market volatility.

He expects bitcoin’s pullback from March highs “to intensify over the next one to two months, and would not be surprised if the markets crashed temporarily, he said in Bitcoin: This Correction Is Probably Not Over Yet. A panic sell-off lasting several weeks should then provide patient investors with very good entry opportunities in September or October, or at the latest, after the US election in early November.”

Elsewhere in Henley & Partners’ report, crypto-wealthy investors are increasingly seeking residency in jurisdictions that are both crypto-friendly and tax advantageous, it found. Singapore continues to be the “premier cryptocurrency hub,” excelling in regulatory framework and infrastructure development. Coming in second place, Hong Kong has investor-friendly tax policies. And the United Arab Emirates, also with its tax advantages, ranks third in this competitive landscape.

“The crypto millionaires of 2024 are not content with digital riches alone; they seek freedom of global mobility to match their borderless assets,” said Dominic Volek, group head of private clients at Henley & Partners.

The report includes stats on wealthy crypto investors provided by wealth intelligence firm New World Wealth, along with insights from academics, industry experts and crypto players.

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Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise – Tesla (NASDAQ:TSLA)

Published

23 hours ago

August 31, 2024

Press Room

Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise – Tesla (NASDAQ:TSLA)

Tesla Inc TSLA CEO Elon Musk said on Friday that he would like to have the option of paying with meme cryptocurrency Dogecoin DOGE/USD reinstated for the company’s merchandise.

What Happened: “Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to reinstate the option of paying with Dogecoin for its merchandise.

Tesla has an online shop with company merchandise. Though it currently only allows payment in dollars, it previously allowed users to make payments with Dogecoin. Earlier this year, Musk even suggested in an address during his visit to Giga Berlin that the company would accept Dogecoin as an official form of payment for its cars at some point.

The EV giant’s website even has a support page for clearing doubts about paying with Dogecoin for its products.

“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed,” the page reads.

Why It Matters: Earlier this week, Musk and Tesla secured the dismissal of a federal lawsuit accusing them of defrauding investors through insider trading and market manipulation of Dogecoin.

The decision was delivered on Thursday night by U.S. District Judge Alvin Hellerstein. Investors had accused Musk of exploiting Twitter (now X) posts and other publicity stunts to trade profitably at their expense through several Dogecoin wallets controlled by him or Tesla.

Judge Hellerstein, however, stated that no reasonable investor could rely on social media posts to pursue a securities fraud claim. The lawsuit was subsequently dismissed with prejudice, preventing it from being filed again.

Over the years, Dogecoin’s price movement has become increasingly linked to social posts and endorsements by Musk, as well as developments around companies owned by him.

Earlier this month, Musk posted an AI-generated image referencing the cryptocurrency through his X account, which caused it to spike.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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