Central Bank of Russia Archives - Times Tabloid https://timestabloid.com/tag/central-bank-of-russia/ Cryptocurrency and Blockchain Tabs Wed, 15 Oct 2025 04:07:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png Central Bank of Russia Archives - Times Tabloid https://timestabloid.com/tag/central-bank-of-russia/ 32 32 Central Bank of Russia Is Most Likely to Use XRP for Cross-Border Payments https://timestabloid.com/central-bank-of-russia-is-most-likely-to-use-xrp-for-cross-border-payments/ Wed, 15 Oct 2025 06:02:47 +0000 https://timestabloid.com/?p=86395 A recent post by XRP proponent Amelie (@_Crypto_Barbie) reignited interest in a long-standing document from the Central Bank of Russia that could have lasting effects on global finance. The post highlights a 2020 report indicating that Russia’s central bank has been exploring the use of tokenization to let foreign investors buy shares in domestic companies. […]

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]]> A recent post by XRP proponent Amelie (@_Crypto_Barbie) reignited interest in a long-standing document from the Central Bank of Russia that could have lasting effects on global finance.

The post highlights a 2020 report indicating that Russia’s central bank has been exploring the use of tokenization to let foreign investors buy shares in domestic companies.

The same document outlines earlier research by the Bank of Russia into blockchain-based settlements that directly mention Ripple and XRP as potential tools for international transactions. According to Amelie, this development positions XRP as a likely candidate for Russia’s cross-border payment framework.

She cited the Central Bank’s document, noting that it referenced experiments involving Ripple technology for cross-border settlements as early as 2018. The report’s technical section describes how Russia’s Novosibirsk laboratory conducted trials using Ripple’s platform to process payments between banks and national systems.

Ripple’s Role in Russian Payment Systems

The document provides detailed insight into how Ripple’s technology was evaluated for settlement operations. It states that the Ripple platform could serve as the foundation for a system of international transfers once legal and technical conditions were satisfied.

The research discussed using XRP as a transfer medium or as a fiat currency equivalent between national banks. It also proposed a framework for reconciling balances between Ripple participants and national systems, using embedded cryptographic solutions on the Ripple network.

Importantly, it included the idea of establishing procedures for “determining cross rates for the internal ‘currency’ of Ripple – XRP.” This indicates that the bank considered XRP not just as a tool for liquidity but as a standardized digital asset within an international framework.

From Pilot Tests to Tokenization

Amelie’s post ties this earlier Ripple research to the Central Bank’s current tokenization initiative. The document she referenced confirms Russia’s goal of allowing foreign investors to buy domestic securities through tokenized systems, signaling a wider shift toward blockchain integration.

The use of an XRP-powered system could make ownership transfers more transparent while maintaining compliance with national regulations. The consistent mentions of Ripple throughout this project highlight a sustained interest in XRP’s functionality within regulated payment environments.

Potential Benefits for XRP

If the Central Bank of Russia moves forward with XRP as part of its cross-border payment and tokenization framework, it could significantly expand the token’s utility. XRP’s efficiency in facilitating instant, low-cost international transactions complements the central bank’s aim to modernize settlements and attract foreign investors.

While no final decision has been publicly announced, the references to Ripple in official research documents and Amelie’s observations suggest XRP remains a viable option for Russia’s financial modernization strategy.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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]]> Expert Says Buy XRP Before Central Bank of Russia’s Announcement https://timestabloid.com/expert-says-buy-xrp-before-central-bank-of-russias-announcement/ Sat, 19 Apr 2025 06:10:58 +0000 https://timestabloid.com/?p=64460 Edward Farina, founder of Alpha Lions Academy and a well-known advocate for digital asset adoption, issued a direct and provocative statement on X that has drawn attention within the cryptocurrency community. His message read: “Buy $XRP before the Central Bank of Russia officially announces they own it.” This statement negates the backdrop of a previously […]

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]]> Edward Farina, founder of Alpha Lions Academy and a well-known advocate for digital asset adoption, issued a direct and provocative statement on X that has drawn attention within the cryptocurrency community. His message read: “Buy $XRP before the Central Bank of Russia officially announces they own it.”

This statement negates the backdrop of a previously reported development from Russia’s central banking authority that included references to Ripple’s cross-border payment infrastructure.

Russian Central Bank’s Reference to Ripple in Official Publication

Farina’s remark builds upon earlier public disclosures made by the Central Bank of Russia in a publication titled “Digitalization of Payments and Implementation of Innovations in the Payment Market”.

As covered by Times Tabloid, that document includes a detailed explanation of Ripple’s distributed ledger technology (DLT)-based payment system, outlining its operational mechanics in cross-border transfers. Ripple’s model, which facilitates tokenized money movement and conversion into local currencies, is highlighted in the Russian report as part of the country’s exploration into digital financial tools.

The reference to Ripple in the official document led analysts and observers to examine the possibility that Russia could, at some point, utilize XRP—the digital asset native to the XRP Ledger (XRPL) and employed by Ripple to facilitate international liquidity in cross-border transactions.

Farina’s tweet added a new layer to those assumptions by suggesting that the Central Bank of Russia may already hold XRP and has not yet made it public.

Community Concerns Over Potential Political Fallout

Community reactions to Farina’s tweet included concerns about the reputational implications of such a scenario. A user identified as TheRightWabbit replied: “That would be some terrible PR for XRP Edo. Everyone would claim it’s a criminal haven token and it’d drop to $1. Let’s hope they’re not the first to announce they’re using it. SWIFT, BRICS, FED sure, just not Putin otherwise they’ll scream ‘sanction dodging criminal token’ lol.”

This sentiment echoes broader fears within the community that any perceived association between XRP and a sanctioned nation-state could be exploited by opponents to delegitimize the asset or undermine its utility on a global scale.

Speculation vs. Official Confirmation

Earlier interpretations of the Russian document emphasized that while Ripple and XRP are mentioned explicitly, alongside components such as automated market makers (AMMs), price oracles, and Ripple’s discontinued smart contract platform, Codius, the report stops short of confirming any active integration of XRP into Russia’s financial operations. As pointed out by another X user, Janus the Watcher, the central bank’s acknowledgment of these tools does not equate to immediate or guaranteed implementation.

Nonetheless, Farina’s tweet elevates the hypothesis that XRP could be privately held or potentially trialed by a sovereign financial authority. This would have implications not only for Ripple’s positioning in the digital asset industry but also for the broader geopolitical dimensions of blockchain adoption.

Until further evidence surfaces, Farina’s tweet remains an assertion. However, in the evolving relationship between decentralized finance and state institutions, such remarks is to amplify interest in which digital assets may be quietly gaining traction at the institutional level.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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]]> Ripple and XRP Cross-Border Payment System Cited In Russia Central Bank Paper https://timestabloid.com/ripple-and-xrp-cross-border-payment-system-cited-in-russia-central-bank-paper/ Wed, 16 Oct 2024 09:58:12 +0000 https://timestabloid.com/?p=47756 The recent publication by the Central Bank of Russia titled “Digitalization of Payments and Implementation of Innovations in the Payment Market (2024)” has garnered significant attention within the global financial community, particularly due to its mention of Ripple’s cross-border payment system. This development has sparked discussions on various social media platforms, including a tweet by […]

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]]> The recent publication by the Central Bank of Russia titled “Digitalization of Payments and Implementation of Innovations in the Payment Market (2024)” has garnered significant attention within the global financial community, particularly due to its mention of Ripple’s cross-border payment system.

This development has sparked discussions on various social media platforms, including a tweet by Edo Farina, the CEO of Alpha Lions Academy. Farina’s tweet points out the acknowledgment of Ripple and its associated token, XRP, within the Russian central bank’s document.

The paper outlines advancements in cross-border money transfers, and Ripple’s solution takes center stage, leveraging distributed ledger technology (DLT). This acknowledgment of Ripple, a company that has pioneered digital payments through blockchain, showcases its potential role in the future of global financial systems.

The document provides a diagram that explains how Ripple’s system works, detailing the transfer of tokens through DLT networks and their conversion into local currencies, facilitating seamless international payments. This method aligns with Russia’s broader goals of integrating digital innovations into its financial infrastructure.

XRP’s Role in Global Payments: Insights from Janus the Watcher

Farina’s tweet, while highlighting the importance of Ripple in this context, also sparked conversations about the potential of XRP in international settlements.

In response, an X user named Janus the Watcher pointed out that while the document does recognize Ripple’s system and mentions XRP, Automated Market Makers (AMMs), price oracles, and even Ripple’s smart contract platform Codius, it does not necessarily confirm that Russia or the BRICS nations will settle international transactions using XRP in the near future.

Janus’s response reflects a cautious interpretation, acknowledging Ripple’s technology but emphasizing the absence of any definitive decision on using XRP for cross-border settlements by Russia or other BRICS countries.

The attached document extracts shared by Farina and Janus add depth to the conversation. In one of the images, the diagram clearly illustrates the process of converting fiat currencies into internal tokens, transferring these tokens via Ripple’s DLT network, and finally converting them into the recipient’s currency.

This process highlights Ripple’s ability to streamline and expedite cross-border payments, offering significant cost savings and efficiency improvements.

The Future of Ripple in the Global Financial Ecosystem

The Russian Central Bank document discusses the broader potential of distributed ledger networks and smart contracts. Smart contracts, which are self-executing contracts with terms embedded in code, can automate complex financial transactions, including cross-border settlements.

Ripple’s use of smart contracts, as well as the development of tools like Codius, positions it as a leader in the digital payments space. The paper also references asset tokenization and the potential for financial instruments to be traded on decentralized platforms, further underlining the technological shifts happening in the global financial market.

The implications of this acknowledgment are significant for Ripple and XRP. While the document does not explicitly state that Russia or BRICS nations will adopt XRP for international settlements, the mere mention of Ripple’s technology by a major central bank underscores its relevance in the evolving digital payment landscape.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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]]> Document Shows Central of Bank of Russia Would Use XRP for Cross-Border Payments https://timestabloid.com/document-shows-central-of-bank-of-russia-would-use-xrp-for-cross-border-payments/ Mon, 07 Oct 2024 06:36:08 +0000 https://timestabloid.com/?p=46739 In a significant development for the global financial and cryptocurrency landscape, the Governor of the Bank of Russia, Elvira Nabiullina, confirmed that the long-anticipated digital rouble is set to be officially launched in July 2025. This announcement was made as part of Russia’s ongoing effort to integrate blockchain technology into its financial systems, and it […]

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]]> In a significant development for the global financial and cryptocurrency landscape, the Governor of the Bank of Russia, Elvira Nabiullina, confirmed that the long-anticipated digital rouble is set to be officially launched in July 2025.

This announcement was made as part of Russia’s ongoing effort to integrate blockchain technology into its financial systems, and it has attracted substantial attention due to the implications for cross-border transactions.

Additionally, recent reports suggest that the Central Bank of Russia would utilize XRP, a popular digital asset, for its cross-border payments infrastructure.

The digital rouble is part of a broader initiative by the Russian government to modernize its financial ecosystem. By introducing a central bank digital currency (CBDC), Russia seeks to enhance the efficiency, security, and transparency of its domestic and international transactions.

The digital rouble will function as a legal tender, complementing the physical rouble, and be fully backed by the Bank of Russia. This step mirrors similar actions taken by other countries, such as China, which is advancing its digital yuan project.

The Potential Role of XRP in Russian Cross-Border Payments

XRP is no stranger to the world of international finance. Its primary appeal lies in its ability to settle cross-border transactions almost instantly, at a fraction of the cost compared to traditional financial systems like SWIFT. This speed and efficiency align well with the goals outlined by the Bank of Russia in its modernization efforts.

Based on research conducted by the Bank of Russia’s Novosibirsk Innovation Laboratory, it was established that Ripple’s platform—using XRP—could serve as the foundation for a cross-border payment system. In such a system, XRP or an equivalent of fiat currency could be used by participating banks, improving the efficiency of international settlements.

The study also pointed out several other critical benefits of Ripple’s infrastructure:

Cryptographic security: Ripple’s system provides robust security through cryptographic solutions, safeguarding transactions from fraud and interference.

Reconciliation of accounts: The platform facilitates seamless account reconciliation between Ripple participants and national payment systems, reducing errors and administrative burdens.

Cross-rate calculations: When XRP is used for interstate settlements, Ripple enables real-time cross-rate calculations, which is essential for maintaining accurate currency exchange rates in international transactions.

For Russia, this partnership with Ripple could resolve some of the long-standing issues with its international financial relationships, especially in light of Western sanctions. Using XRP would provide an alternative method to conduct cross-border payments without relying on traditional financial institutions, many of which are affected by the current geopolitical climate.

Challenges and Considerations

While the adoption of a digital rouble and XRP for cross-border payments could bring numerous advantages, there are potential challenges that Russia will need to address. The first challenge relates to regulatory oversight.

The Russian government will need to ensure that its digital currency is integrated in compliance with domestic and international financial regulations, particularly regarding anti-money laundering (AML) and combating the financing of terrorism (CFT).

Additionally, the volatility of cryptocurrencies like XRP could pose risks in terms of value fluctuations. Although the token offers quick settlements, the digital asset market is known for its price instability. This could introduce a level of uncertainty in international transactions unless mechanisms are put in place to mitigate these risks.

Furthermore, international adoption of XRP for cross-border payments may be hampered by the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), which has raised questions about the classification of XRP as a security.

The confirmation of the digital rouble’s launch by July 2025 marks a significant milestone in Russia’s journey towards embracing digital currencies and blockchain technology.

With the likely integration of XRP for cross-border payments, Russia is positioning itself as a leader in financial innovation, exploring blockchain solutions that can enhance the efficiency and security of international transactions.

However, challenges such as regulatory compliance and market volatility will need to be addressed to ensure the long-term success of these initiatives.

As more countries move towards adopting CBDCs, Russia’s approach to utilizing both a digital currency and blockchain solutions like XRP could serve as a model for other nations looking to modernize their financial systems.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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]]> Document Shows XRP as Bridge Currency in Ripple Possible Collaboration with Russia’s Central Bank https://timestabloid.com/xrp-as-bridge-currency-in-ripple-possible-collaboration-with-russias-central-bank/ Tue, 03 Sep 2024 10:22:21 +0000 https://timestabloid.com/?p=44200 The involvement of Russia’s Central Bank with Ripple, as highlighted by financial strategist Versan Aljarrah, sheds light on the strategic moves by BRICS nations in exploring advanced financial technologies for cross-border settlements. Aljarrah’s tweet emphasizes that since 2018, the Bank of Russia has been collaborating with Ripple, utilizing its platform to test the feasibility of […]

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]]> The involvement of Russia’s Central Bank with Ripple, as highlighted by financial strategist Versan Aljarrah, sheds light on the strategic moves by BRICS nations in exploring advanced financial technologies for cross-border settlements.

Aljarrah’s tweet emphasizes that since 2018, the Bank of Russia has been collaborating with Ripple, utilizing its platform to test the feasibility of cross-border settlements, potentially with XRP as a bridge currency.

This revelation, including the captioned images, offers significant insight into how blockchain technology is integrated into national and international payment systems.

Russia’s Central Bank and Ripple

The research conducted by the Bank of Russia’s Novosibirsk Innovative Laboratory in 2018 was focused on the Ripple platform. The primary objective was to see the possibility of using Ripple’s technology to facilitate cross-border payments.

The technology assumed that settlement participants would have special accounts within national payment systems. These accounts would also be integrated into the Ripple network. This setup aimed to enhance the efficiency of cross-border transactions, reducing reliance on traditional financial intermediaries and allowing near real-time settlements.

The findings from this research were significant. They concluded that Ripple’s platform could serve as a foundation for a system of cross-border settlements.

However, it was also noted that several organizational, legal, and technical issues needed to be resolved before a fully operational system could be established. These issues would be critical in ensuring the seamless integration of Ripple’s technology into existing financial infrastructures.

Leveraging XRP Ledger for Future Cross-Border Settlements

Aljarrah’s reference to Project MBridge in his tweet further deepens the conversation. Project MBridge, a collaborative initiative involving multiple central banks, focuses on developing a multi-CBDC (Central Bank Digital Currency) platform for cross-border payments.

If the XRP Ledger is being leveraged as the foundation for MBridge, it signifies a pivotal shift in how international trade and finance could be conducted. The potential use of XRP as a bridge currency in such a system underscores its growing importance in the global financial ecosystem.

The broader implications of these developments cannot be understated. If successful, integrating Ripple’s technology into central bank operations could revolutionize cross-border payments. It could lead to faster, more secure, and more cost-effective transactions, enhancing global trade efficiency.

This could mean greater financial autonomy and reduced dependency on traditional Western-dominated financial systems for the BRICS nations, which include Brazil, Russia, India, China, and South Africa.

Moreover, this collaboration highlights the strategic foresight of Russia’s Central Bank in exploring and adopting innovative financial technologies.

In a world where digital currencies and blockchain technology are increasingly becoming mainstream, early adoption and experimentation of these technologies could provide a competitive edge to nations and institutions.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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]]> Russia Goes Bullish On Crypto, Proposes Drastic Reduction of Taxes on Bitcoin Mining https://timestabloid.com/russia-goes-bullish-on-crypto-proposes-drastic-reduction-of-taxes-on-bitcoin-mining/ Thu, 17 Feb 2022 11:07:58 +0000 https://timestabloid.com/?p=3636 The Russian Ministry of Economic Development (RECD) has announced an intention to drastically reduce taxes on Bitcoin mining activities in the country. According to local news source Izvestia, the Kremlin government plans to encourage more mining investment within the region by mapping out strategic areas with surplus electricity reserved for crypto miners. The new development […]

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]]> The Russian Ministry of Economic Development (RECD) has announced an intention to drastically reduce taxes on Bitcoin mining activities in the country.

According to local news source Izvestia, the Kremlin government plans to encourage more mining investment within the region by mapping out strategic areas with surplus electricity reserved for crypto miners.

The new development is seen as one of the ways for President Vladimir Putin to position the country in order to greatly benefit from the fast-growing crypto industry.

Despite much good news coming from Russia for the crypto industry, the country’s central bank still continues to suggest a blanket ban on cryptocurrency activities.

Earlier this week, Elvira Nabiullina, the governor of the country’s Apex bank said the bank will not spare any effort to convince the government of the necessity of banning crypto. He added that the bank will go into more detail and make the government see significant risks in cryptocurrency.

Russia Moves to Recognize Crypto as a Form of Money

Despite Russia’s central bank’s proposal for an outright ban of crypto-related activities in the country, the government of Russia sees a benefit that can be leveraged in the nascent form of money.

As reported by TimesTabloid a couple of days ago, Authorities in Russia are set to recognize crypto assets as a form of money.

According to the report, the government of Russia and the Apex bank have reached a consensus on how to regulate crypto space in the country.

The report says, “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia: before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets…”

A draft law, which will be made public by 18th February, is currently in process. The law is targeted at defining crypto as an analog form of currency rather than as a digital financial asset.

According to the report, it will only be possible to use digital currency in the legal sector with full identification, via the banking system or authorized intermediaries.

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]]> Russia Moves to Recognize Crypto Assets as a Form of Currency https://timestabloid.com/russia-to-recognize-crypto-assets-as-a-form-of-currency/ Wed, 09 Feb 2022 07:24:06 +0000 https://timestabloid.com/?p=2851 As a report has it, Authorities in Russia are set to recognize crypto assets as a form of currency. A local newspaper, Kommersant, broke the news a few hours ago, and later tweeted that the government and the Bank of Russia have reached a consensus on how to regulate crypto space in the country. Read […]

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]]> As a report has it, Authorities in Russia are set to recognize crypto assets as a form of currency.

A local newspaper, Kommersant, broke the news a few hours ago, and later tweeted that the government and the Bank of Russia have reached a consensus on how to regulate crypto space in the country.

Read Also: Russia’s Former President Dmitry Medvedev: Banning Crypto May Lead to the Opposite Result

Kommersant tweeted, “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia: before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets…”

As stated in the tweet above, they are currently preparing a draft law, which will be made public by 18th February, targeted at defining crypto as an analogue of currencies rather than as digital financial assets.

The report added that it will only be possible to use cryptocurrency in the legal sector with full identification, via the banking system or authorized intermediaries.

The latest development comes a few weeks after the Central Bank of Russia published a proposal targeted at an outright ban of cryptocurrency and its related activities in the country.

The bank argued that the speculative nature of crypto industry posed a huge threat to the financial stability of citizens. In the proposal, the bank also said that financial institutions should be stopped from facilitating crypto transactions.

Read Also: Federal Reserve Chairman Jerome Powell Says United States Has No Plans to Ban Bitcoin and Cryptos

Back then, the Central Bank’s proposal was met with lots of condemnations from top executives and the country’s Ministry of Finance, which prompted President Vladimir Putin to weigh in.

The new report also revealed that crypto transactions of over 600,000 rubles worth relatively $8,000 will have to be declared or will be termed as a criminal offence. Those who illegally accept crypto as a payment option will also be fined.

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]]> Russia’s Former President Dmitry Medvedev: Banning Crypto May Lead to the Opposite Result https://timestabloid.com/russias-former-president-dmitry-medvedev-banning-crypto-may-lead-to-the-opposite-result/ Mon, 31 Jan 2022 13:50:59 +0000 https://timestabloid.com/?p=2553 Dmitry Medvedev, the former president of Russia, has also aired his opinion on the issue related to crypto in the country. As reported by a local media Tass, Medvedev believes that if Russia goes ahead with the crypto ban as proposed by the country’s Central Bank, it may lead to the opposite result. Read Also: […]

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]]> Dmitry Medvedev, the former president of Russia, has also aired his opinion on the issue related to crypto in the country.

As reported by a local media Tass, Medvedev believes that if Russia goes ahead with the crypto ban as proposed by the country’s Central Bank, it may lead to the opposite result.

Read Also: Russian Tech and Political Executives Condemn Proposal for Blanket Ban on Crypto

He stated since there is a motivation behind the proposal, he expects the bank and the government to reach a consensus that will resolve the issue.

Dmitry Medvedev noted:

“I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the government of the Russian Federation will deal with this with success. Although, to be honest, when they try to ban something, very often it leads to the opposite result.”

Medvedev’s comment comes after a paper published by Russia’s Central Bank on 20th January, which proposed a blanket ban on crypto and its usages in the country, such as crypto trading, mining, and other related activities.

Read Also: Jackson, Tennessee, United States is set to become the first City to Add Bitcoin as a Payroll Option

According to the bank, cryptocurrencies are highly volatile and used in illegal activities. The bank also claimed that crypto easily enables people to take their money out of the national economy.

Vladimir Putin Prefers Crypto Regulation to Blanket Ban

After the proposal was published on 20th January, a number of notable personalities in the country showcased their dissatisfaction. Even the Ministry of Finance discouraged a complete prohibition of crypto in the country.

Vladimir Putin, the President of Russia also joined the discussion during a videoconference meeting with the nation’s government officials on 26th January. There, he emphasized that Russia has a competitive advantage over crypto mining due to the surplus electricity and availability of well-trained personnel in the country.

Read Also: Federal Reserve Chairman Jerome Powell Says United States Has No Plans to Ban Bitcoin and Cryptos

In the course of the meeting, Putin asked the Central Bank to reach a consensus with the Ministry of Finance on the major issue.

Vladimir Putin noted:

“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies into this area of activity.”

“Although, of course, we have certain competitive advantages here, especially in the so-called mining, referring to the electricity surplus and well-trained, available personnel in the country.”

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]]> Russian Tech and Political Executives Condemn Proposal for Blanket Ban on Crypto https://timestabloid.com/russian-tech-and-political-executives-denounce-proposal-for-blanket-ban-on-crypto/ Mon, 24 Jan 2022 08:50:25 +0000 https://timestabloid.com/?p=2330 Russia’s proposal for an outright ban of cryptocurrency has been condemned by a number of big personalities and entities in the country, including Pavel Durov, the founder of Telegram, and Leonid Volkov, Alexei Navalny’s chief of staff. It can be recalled that the Central Bank of Russia proposed a blanket ban on domestic crypto trading […]

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]]> Russia’s proposal for an outright ban of cryptocurrency has been condemned by a number of big personalities and entities in the country, including Pavel Durov, the founder of Telegram, and Leonid Volkov, Alexei Navalny’s chief of staff.

It can be recalled that the Central Bank of Russia proposed a blanket ban on domestic crypto trading and mining in a report published on 20th January 2022.

Read Also: Chinese Bitcoin Miners Still Working Despite Ban. Here’s How They Evade Detection

In the report, the bank pointed out that the risks of cryptocurrency are much higher for emerging markets, which include Russia.

Howbeit, the proposal is seemingly going to be opposed due to the fact that it isn’t gaining universal acceptance in the country.

Telegraph Founder Makes His Stance about the Crypto Ban Proposal Known

On 22nd January, Pavel Durov, the founder of Telegram, stated in a post on his platform that the proposed ban on the use of digital currency would destroy a number of sectors of the high-tech economy.

Read Also: Federal Reserve Chairman Jerome Powell Says United States Has No Plans to Ban Bitcoin and Cryptos

Pavel Durov noted:

“The ban on cryptocurrencies proposed by the Central Bank of Russia will lead to an outflow of IT specialists from the country and destroy a number of sectors of the high-tech economy.

“No developed country bans cryptocurrencies. Reason: such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to the arts.

“Solutions based on distributed ledgers, using cryptocurrencies as units of calculation, are replacing the obsolete centralized financial systems of the second half of the 20th century.”

However Durov agrees with the fact that the crypto industry needs regulation in the country, but a blanket ban is not an option:

“The desire to regulate the circulation of cryptocurrencies is natural on the part of any financial authority. However, while recommending a total ban on cryptocurrencies, the Central Bank of the Russian Federation suggests throwing the baby out with water. Such a ban is unlikely to stop unscrupulous players, but it will put an end to legal Russian projects in this area.”

Leonid Volkov says it’s Impossible to Ban Cryptocurrency

Also, in a post on Telegram on 20th January, the chief of staff for Alexei Navalny, Leonid Volkov, pointed out that it’s impossible to ban crypto.

Read Also: Big-Money Investors Are Dumping Bitcoin (BTC) For Ethereum (ETH) –JPMorgan Analyst

Highlighting the negative effect of the proposal and how it’s impossible to ban cryptocurrency in Russia, Alexei Navalny wrote:

“Technically, “banning cryptocurrency” is the same as banning person-to-person transfers (i.e. impossible). How does the same localbitcoins work (blocked in Russia many years ago, which does not bother anyone)? I transfer bitcoins to someone, he transfers rubles from my account to an account in a conditional Sberbank.

How is Nabiullina going to deal with this, I wonder? Yes, they can make it very difficult to deposit funds on crypto exchanges, which means that intermediary services will simply appear that will do this through foreign jurisdictions. Yes, transaction costs will rise. Well, that’s all, I guess. Globally, what Nabiullina is trying to pull off is Luddism, the struggle against technology and technical progress. Luddism is doomed.”

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The post Russian Tech and Political Executives Condemn Proposal for Blanket Ban on Crypto appeared first on Times Tabloid.

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