Tagged: russia

Russia: Blockchain Trade Finance Platform Factorin Reports $500+ Million in Turnover in First Year

Factorin, a trade finance platform using blockchain, reports that it has “transformed” the trade finance market in Russia in one year since launch. According to a company release, Factorin has garnered relationships with 30 different banking entities, processed 246,000 invoices with transactional turnover exceeding $500… Read More

Russia’s Largest Bank, Sberbank, Calls on Suppliers to Provide 4,917 ATMs that come with Graphic Cards to Perform “Blockchain Operations”

Russia’s largest banking institution, Sberbank, has reportedly called on local suppliers to provide 4,917 ATMs that come with built-in graphic cards that can perform “blockchain operations.” According to industry experts, these graphic cards would most likely be used for mining decentralized cryptocurrencies like Bitcoin (BTC)…. Read More

Wirex Announces Plans to Diversify Funding Options for Russian Customers

  Wirex, a UK-based payments platform, announced on Tuesday it is diversifying its funding options by allowing customers in Russia to fund their accounts by allowing top-ups using domestic bank cards. According to Wirex, users may now link their bank-issued credit or debit card to… Read More

Sberbank Unveils Anti-Crisis Support Platform Specifically For SMEs

Russian banking group Sberbank announced earlier this week it is launching an anti-crisis support platform, SberUnity, that is specifically for SMEs. According to Sberbank, SberUnity was created to help businesses find new solutions and transform their companies from offline to online ones. Sberbank also claims… Read More

Busted: U.S. Arrests Russian Rapper Maxim Boyko For Cryptocurrency Laundering

The U.S. Federal Bureau of Investigation (FBI) reportedly arrested Russian rapper Maxim Boyko for cryptocurrency laundering. According to the Moscow Times, Boyok was arrested at a Miami condo this past weekend. The Affidavit submitted to support Boyko’s arrest revealed that the rapper “knowingly and intentionally conspire… Read More

Russia’s Planned Introduction of its Cryptocurrency Bill has Been Postponed Again, Due to Coronavirus Outbreak

The planned introduction of Russia’s cryptocurrency laws and regulations have been delayed again, due to the Coronavirus (COVID-19) outbreak. Anatoly Aksakov, chairman at the Russian State Duma committee on financial markets, claims that the nation’s virtual currency law, the bill “On Digital Financial Assets,” has… Read More

Russia to Ban Crypto? Recent Interview by Central Bank Official Raises Possibility

Earlier this week Alexey Guznov, Director of the Legal Department of the Bank of Russia, was interviewed by Interfax on a diverse range of topics. The discussion also included the regulatory approach to digital assets and pending legislation. Currently, there is draft legislation in the… Read More

Central Bank of Russia Announces Digital Asset Framework, Regulatory Sandbox Pilot

The Central Bank of Russia issued a release this week indicating a pilot project leveraging blockchain for the issuance of “digital rights” has been completed. The intent is to allow the tokenization of goods, services, and other assets including securities. Draft legislation is expected soon…. Read More

Russian Residents Are Increasingly Conducting Cashless Transactions, As Overall Digital Payments Rise Nationwide: Report

The fourth quarter of 2019 saw Russia’s citizens perform more digital payments than transacting with cash (for the first time ever), state-owned Sberbank confirmed. Moscow-based Sberbank conducted the market research as part of its SberData initiative, revealing that Russian residents performed 50.4% of total transfers… Read More

Sberbank’s Loyalty Program Now Allows Customers to Send Reward Points to Each Other

Russian banking group Sberbank announced on Tuesday its loyal program is now allowing users to send reward points to each other. According to Sberbank, all loyalty program members, besides those who are at the lowest Spasibo privilege level, will be entitled to transfer points from… Read More

Russia’s Central Bank Is Reportedly Testing Several Stablecoins, Head of Reserve Bank Elvira Nabiullina Confirms

The Bank of Russia, the nation’s central bank, is reportedly testing various stablecoins, which are pegged to major fiat currencies or other types of real-world assets in a regulatory sandbox environment. Head of the Russian reserve bank, Elvira Nabiullina, says that the institution does not… Read More

BBC Report: Russian Military Intelligence Stole $450 Million in Cryptocurrency from WEX Exchange

Evidence unearthed by the BBC Russia suggests that the FSB, Russia’s military intelligence agency, is behind the disappearance of $450 million USD worth of cryptocurrency from the WEX cryptocurrency exchange. Much of that money belonged to exchange customers. Other parts of the story suggest the… Read More

Report: Head of Russia’s Central Bank Joins Chorus of Regulators Critical of Private Currencies Like Facebook’s Libra

Elvira Nabiullina, governor at the Bank of Russia since 2013, told the Russian parliament this week that she supports Fintech innovations but opposes private currencies like Facebook’s Libra because they pose a threat to financial stability. She also said she and the bank are monitoring… Read More

Report: Three Global Crypto Exchanges Vying to Enter Ukraine, Claim 25-30% of All Crypto Traders Reside in Former Soviet Block Countries

Three of the biggest cryptocurrency exchanges in the world are seeking licenses and banking partners to set up in the Ukraine, Andriy Kolodiuk, Chair of the supervisory board of the Ukrainian Venture Capital and Private Equity Association (UVCA), told the Kyiv Post this week. He… Read More

Russian Ruble Will Reportedly Be First Fiat-Crypto Trading Option on Binance, New Bitcoin Cash Pegged Token Listed

Malta-based digital asset exchange Binance is planning to launch its first fiat-to-cryptocurrency trading pairs. While attending the Open Innovations 2019 conference in Moscow this week, Binance CEO Changpeng “CZ” Zhao said that fiat-to-crypto options would be introduced soon, starting with the Russian ruble. Zhao stated:… Read More

Russia’s Largest Bank Sberbank and Microsoft to Use Artificial Intelligence for Robotic Cash Handling

Sberbank Rossii PAO (MCX:SBER) and Microsoft Research (MSR) announced a joint initiative to explore the use of Microsoft’s artificial intelligence (AI) solutions in robotics. The project involves training robots to interact with real-world objects in the same way that humans do. Researchers at Sberbank will… Read More

New Regulation of Crowdfunding in Russia

The new law regulating crowdfunding in Russia will enter into force on January 1, 2020. Existing platforms must comply by July 1, 2020. Federal Law No. 259-FZ “On Investments Through Investment Platforms and Certain Amendments to Other Laws of the Russian Federation” dated August 2,… Read More

Blockchain-based Trade Finance Platform Marco Polo Is Testing Its First Trade Deal Between Russia and Germany

Marco Polo, a trade finance blockchain that has partnered over 20 banks, is testing its first trade deal between Germany and Russia. The company’s pilot was announced on October 11.  Russian’s Alfa-Bank and Novolipetsk Steel Company (NLMK) will take part in the pilot. Germany’s Commerzbank… Read More

Russia’s Largest Bank Sberbank Purchases $15 Million in Debt via HyperLedger Blockchain

Russia’s largest financial institution Sberbank has reportedly purchased around $15 million worth of accounts receivable from Trafigura, a Singaporean commodity trading firm that leverages blockchain technology. The pilot transaction was conducted on the Hyperledger Fabric platform, according to a representative from Sberbank. The blockchain-based purchase… Read More

Alleged Paid Pump House ICO Rating Settles Charges with SEC with $270,000 Fine

ICO Rating, a Russia based initial coin offering and research firm, has paid a fine to the US Securities and Exchange Commission (SEC) regarding allegations that it failed to disclose payments received from issuers for publicizing their digital asset securities offerings. According to a statement from… Read More

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