- Putin’s Antimonopoly on Global Financial Payments Systems
- Russia’s largest bank partners with Ethereum.
- The demand for cryptocurrency miners is very high in Russia.
- The Ukrainian president has a new strategy to collapse the Russian economy.
Russia, the world’s largest country, is implementing a new economic system to overcome the monopoly of the US dollar system. Vladimir Putin’s government is bringing new changes to the use of crypto assets and blockchain technology in the country. The country’s financial authorities are working on a new crypto regulation bill that will be introduced into parliament by the end of 2022.
Speaking at the International AI Journey Conference in Moscow, Putin said: Do not rely on interference from banks or third countries. ”
In the recent war with Ukraine, Russia faced major problems in trade with other countries. That is why the government agency decided in her September to legalize cryptocurrencies in Russia to overcome trade barriers. A popular analyst believed that introducing new cryptocurrency regulations would help Russia overcome sanctions against the United States.
The Russian cryptocurrency mining market has experienced high demand over the past few months with many buyers attracted by low prices. Demand for computing devices designed to mint bitcoins is on the rise, according to data revealed by a Russian company in the fourth quarter.
Xive co-founder Didar Bekbauov said: Cheap electricity for homes and businesses in some regions, cheap he ASIC prices, sanctions, declining investment opportunities and people’s high-tech qualifications have made bitcoin mining a very attractive industry in Russia . ”
Ethereum Partnership with Russia’s Largest Bank Sber
At a recent press conference, Sber Bank said that Ethereum, the second largest cryptocurrency in the world, is the best crypto platform to introduce smart contracts and digital transactions. Sber’s largest shareholder is the Russian government, holding “50% + 1 share” and making the decision.
The entity said crypto users can easily transact on the bank’s blockchain network and Ethereum.Sber’s blockchain platform will work with the Consensys Metamask wallet for IP tracking.
Russia Rejects $60 (USD) Cap on Crude Oil Exports
Recently, Russia rejected an oil export price cap set by the G7 countries in September 2022. The G7, EU and Australia said they jointly decided to block Russia from profiting from the oil trade. On Friday, countries agreed to stop buying Russian offshore crude oil at $60 (USD) a barrel.
“By deliberately destabilizing the energy market, Russia has already caused enormous losses to all countries of the world,” Ukrainian President Volodymyr Zelensky said.