finance ministry – DIGIT INFO

Russian Republic Dagestan Battles Underground Crypto Mining Amid Power Outages

DIGIT — Thu, 26 Sep 2024 08:30:05 +0000

Dagestan, a republic in Russia, is stepping up efforts to tackle illegal cryptocurrency mining due to its impact on the power grid and public safety. Underground mining operations have caused recent infrastructure damage, including a substation fire. Officials call for stricter measures to address these issues as miners bypass regulations. Dagestan Cracks Down on Illegal […]

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Tax Authority Slated to Become Main Crypto Regulator in Russia

DIGIT — Wed, 17 May 2023 10:25:56 +0000

Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants. Russians to Report Crypto Holdings and Transactions to Their Tax Service […]

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Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported

DIGIT — Sat, 10 Dec 2022 11:30:07 +0000

The monetary authority in Moscow has expressed support for the latest legislative attempt to legalize cryptocurrency mining. However, the regulator wants the extracted digital currency to be sold outside the country or only under special legal regimes in Russia, as an exception. Russia’s Central Bank Suggests Restrictions Be Added to Proposed Crypto Mining Law The […]

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Russia Starts Developing Mechanism for International Crypto Payments

DIGIT — Sun, 25 Sep 2022 07:30:53 +0000

Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities […]

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Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon

DIGIT — Thu, 22 Sep 2022 13:30:33 +0000

Major government institutions in Moscow, the central bank and the finance ministry, have aligned their positions on the regulation of cryptocurrency mining in the Russian Federation. The respective bill will soon be filed with the State Duma, a high-ranking member of the house unveiled. Financial Authorities Reach Consensus on How to Regulate Mining of Digital […]

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Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December

DIGIT — Thu, 15 Sep 2022 10:30:11 +0000

The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed […]

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Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option

DIGIT — Fri, 09 Sep 2022 22:00:48 +0000

Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months, the monetary authority says it will “actively promote” its digital currency for international […]

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Russia Explores Stablecoins for Settlements With Friendly Nations

DIGIT — Wed, 07 Sep 2022 11:30:47 +0000

Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments, a top government official unveiled. The news comes after key institutions in Moscow agreed that the Russian Federation needs to legalize cross-border crypto payments in the face of sanctions. Russia Looking to Build Stablecoin Platforms to Facilitate Trade With Partners […]

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Russia Can’t Do Without Cross-Border Crypto Payments, Consensus Reached

DIGIT — Wed, 07 Sep 2022 00:30:19 +0000

Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions. Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments In the current conditions, “it […]

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Russia’s Finance Ministry Supports Circulation of Stablecoins in Country

DIGIT — Sat, 09 Jul 2022 10:00:56 +0000

The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one. Russia’s Minfin Open to Legalizing […]

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