Following its approval to use digital assets in cross-border payments, Russia now has its eyes set on digital assets trading to address growing investors' demand and the changing economic landscape.
The use of digital assets in foreign transactions is set in stone, with Russia assuring that the move aligns with its AML policy while entities work with the central bank for smooth enforcement.
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on tightening rules on Russia, with chair Sherrod Brown (D-OH) referencing the need to enforce "economic sanctions."
Instead of regulatory control, Russia will work on promoting virtual currencies while local businesses determine what 'cryptos' to be used and which nations are allowed to take part in the initiative.
The OFAC sanctioned addresses linked to Task Force Rusich, a group that has been fighting Russia’s battles since 2015, including the latest war in Ukraine.
Prime Minister Mikhail Mishustin focuses on digital assets as he asked regulators to explore their use for the "uninterrupted payment for the supply of goods from abroad and for export."
To counter sanctions, Russia is looking to set up a stablecoin platform with help from allies to settle cross-border payments, utilizing tokens that hold value similar to gold.
Alexander Vinnik called on Russian authorities to negotiate with Washington for his extradition back to Russia in exchange for U.S. citizens detained in Moscow, according to reports.
Following a barrage of sanctions and an ongoing row with the West, Russia is reportedly seeking to diversify its payment transactions with virtual currencies while mulling regulations to prevent misuse.
Russia is examining the potential use of digital assets in foreign trade transactions, betting on the tool as a gateway to boost and innovate the economy and ramp up cybersecurity.
SBI had remained tightlipped about its association with BitRiver, but sources now reveal it has lost tens of millions of dollars after ending this relationship.
The recently arrested software developer behind the Tornado Cash ‘coin mixer’ reportedly has links to Russia’s top security agency, adding yet another layer of controversy to an already sketchy ‘crypto’ service.
