Russian authorities plan to introduce independent blockchain
- Ban the monopoly in global financial payment systems by Putin
- Russia’s largest bank partnered with Ethereum.
- The demand for cryptocurrency miners is very high in Russia.
- Ukraine’s president has a new strategy to bring down Russia’s economy.
The world’s largest country, Russia, is trying to implement a new economic system to overcome the monopoly of the US dollar system. Vladimir Putin’s administration is bringing new changes to the use of crypto assets and blockchain technology in the country. The country’s financial authority is working on new bills for crypto regulation to be introduced in parliament by the end of 2022.
At the international AI Journey conference held in Moscow, Putin stated that “the technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for users and, most importantly , will not depend on banks or interference from third countries.”
In the recent war with Ukraine, Russia faced major problems in dealing with other nations. Then in September, the authorities decided to legalize cryptocurrency in Russia to overcome the trade barriers. Popular analysts believed that introducing new cryptocurrency regulations would help Russia overcome US sanctions against the country.
Russia’s crypto mining market has experienced high demand in recent months due to many buyers attracted by the low price tags. According to the data disclosed by Russian enterprises during the fourth quarter, the demand for computing devices designed to mint Bitcoin increased.
Didar Bekbauov, the co-founder of Xive, stated, “the hash rate growth came from Russia. Cheap electricity for households and businesses in some regions, cheap ASIC prices, sanctions, fewer investment opportunities, high-tech qualification of people made bitcoin mining a very attractive industry in Russia .
Russian largest bank Sber partnership with Ethereum
In a recent press conference, Sber bank stated that Ethereum, the world’s second largest cryptocurrency, was the perfect crypto platform to introduce smart contracts and digital transactions. Sber’s largest shareholder was the Russian government, with a “50%+1 share”, which made the decision.
The entity said crypto users could easily transact on the bank’s blockchain network and Ethereum. Sber’s blockchain platform will work with Consensys’ Metamask wallet for IP tracking.
Russia rejected a $60 (USD) cap on its crude oil exports
Recently, Russia rejected a cap on the prices of its crude oil exports set by G7 nations in September 2022. The G7, the EU and Australia stated that the countries jointly decided to prevent Russia from profiting from oil trade. On Friday, the nations agreed to stop buying seaborne Russian crude at $60 (USD) a barrel.
Ukrainian President Volodymyr Zelensky stated: “Russia has already caused huge losses to all countries of the world by deliberately destabilizing the energy market.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
