During the ongoing Russian parliamentary hearings on the digital ruble project, lawmakers have put forward significant amendments to the bill. These proposed changes aim to modify the original document concerning debt operations, services for non-residents, and the role of the central bank.
A new crypto mining bill in Russia mandates that miners declare their earnings or face jail time and forced labor. Meanwhile, the country has subsidized a mining facility in Siberia.
Iran and Russia are reportedly collaborating to launch a gold-backed stablecoin, tagged the “Token of the Persian Gulf.” The primary purpose of the stablecoin will be to facilitate cross-border payments.
President Vladimir Putin Calls for Global Payments System With Blockchain Technology
Russian President Vladimir Putin said there is a need for a new and independent international settlement system amidst the sanctions and restrictions placed on his country.
Cuba is reportedly cooperating with Russia to create an international settlement system based around cryptocurrencies. The international settlements denominated in rubles would be used to evade sanctions both countries are under.
US Authorities Accuse Russian and Venezuelan Nationals of Smuggling Oil and Evading Sanctions with Crypto
US Authorities accuse five Russians of selling oil through a Russian-Venezuelan network to customers in China and Russia while using cryptocurrency to get around financial restrictions. Tether was reportedly used by defendants to launder “millions of dollars.”
Dapper Labs, a blockchain-based gaming startup, has ceased supporting all Russian-related accounts in line with EU policy, although users may still access and see their non-fungible tokens (NFTs).