Amidst a saturated U.S. market, mining rig giants like Bitmain and MicroBT are now setting their sights on expanding into Russia, as revealed by reliable sources.
The new legislation establishes a comprehensive legal framework for a central bank digital token.
CoinDesk has made efforts to contact both Binance and the Justice Department in order to obtain their respective comments.
Local users in Russia can now deposit money on a crypto exchange using Mastercard and Visa cards issued within the country, after more than a year of being prohibited from doing so during wartime.
According to the head of the State Duma Financial Market Committee, the measure 'On Digital Currency,' which aims to thoroughly regulate crypto transactions in Russia, would be a 'difficult' law. Despite the Bank of Russia's decision to abandon its objection to crypto payments, at least when they facilitate Russia's overseas trade amid sanctions, Anatoly Aksakov said in an interview that the legislation has yet to be finalized and would not be examined by lawmakers in the near future.
According to a high-ranking official from Russia's finance ministry, authorities are considering the use of digital currencies for foreign payments. Cryptocurrency may be used in barter dealings with overseas partners if it is recognized as property, he said.
Anonymous, a hacktivist collective, is accused of breaking into the systems of Sberbank, one of Russia's largest financial institutions. On social media, the attackers declared that they had exposed tens of thousands of emails, phone numbers, and addresses.
The DOJ has filed its first criminal lawsuit against an American who allegedly utilized cryptocurrencies to evade US sanctions. 'The payments site offered its services as a way to get around US restrictions, including apparently untraceable virtual currency transfers.'
Failure to enforce sanctions against Russia in accordance with the larger financial services industry will cost the crypto sector dearly.
Bankoff, a company that offers virtual cards that can be topped up with bitcoin, has informed users that Visa and Stripe no longer support their cards. After big processors banned their services in Russia, they permitted Russians to pay abroad.