Tag: Russia

A Justice Department indictment against seven Russian military officers filed in July 2018 contains new allegations that  Russia used bitcoin to fund its cyber attacks, MarketWatch reported on October 4. Russians Meddled with the 2016 Presidential Election The Justice Department indictment against seven Russian military officers for a series of alleged cyber attacks contained another allegation that Russia turned to…

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A cryptocurrency expert and former CEO of a major cryptocurrency exchange is now awaiting extradition in Greece, as new evidence suggests that he might be the missing link connecting Russian money with the 2016 election meddling. Money-Laundering Accusations Alexander Vinnik, a Russian citizen who was detained last year after U.S. prosecutors in San Francisco accused him of supervising a digital-currency…

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The price of bitcoin has remained firm in the past seven days, gaining eight percent week-on-week. This price rally has occurred despite the announcement of the Mt.Gox bankruptcy trustee that former users will now be able to file claims to recover their lost bitcoin from the defunct exchange. Given that Mt. Gox shut in 2014, account holders who lost funds…

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Russia’s Ministry of Internal Affairs is considering establishing criminal liability for unregistered crypto operations. According to a report dated August 23, 2018, the head of Russia’s Main Directorate for Drug Trafficking, Andrey Khrapov, has asked the country’s legislators to require that all cryptocurrency transactions exceeding 600,000 rubles (around USD 9000) be registered with or monitored by Russian authorities. Mandatory Reporting…

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A Russian company known as the Kriptoyunivers Center opened the nation’s largest cryptocurrency mining unit on Monday, August 20, 2018. According to the South China Morning Post, the mining farm is currently located in a former Soviet fertilizer-producing laboratory. The 44,000 square foot Kriptoyunivers center mines Bitcoins and Litecoins. The center emerged as a result of Russian Authorities who are…

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While distributed ledger technology (DLT) is still very much in its nascent stages globally, the undeniable fact remains that some nations have quickly embraced the groundbreaking technology with open arms, formulating practical use cases for the blockchain, with states like Russia still sitting on the fence. However, it appears the former Soviet Union is gearing up to join the blockchain bandwagon…

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On July 13, 2018, an 11-count federal indictment was filed against twelve Russian military intelligence officers allegedly infiltrating Hillary Clinton’s presidential campaign in 2016. The accused used cryptocurrencies to finance their operations and avoid the strict financial scrutiny that accompanies fiat operations. Russian Intelligence Held Responsible Digital Trends reported the misuse of cryptocurrencies by Russian intelligence officials to publicize stolen…

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Viber, the Luxembourg-based messaging and video call app with over 100 million users in Russia alone, has announced its intentions to launch a native cryptocurrency in 2019. Viber Studying Russian Law Local news outlet Tass reported the development on July 3, 2018. Rakuten, a Japanese e-commerce business conglomerate, and early-stage incubator, is the parent company of Viber and stated it…

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Russia’s largest banks Sberbank and AlfaBank, are planning to pilot cryptocurrency investment portfolios for their clients. Russia’s Cryptocurrency Push According to Russian news site Kommersant, the banks concluded to “test boxed solutions for private banking, based on digital financial assets,” on June 13, 2018, during the discussion at the Digital financial assets for banks, funds, and large capital roundtable. Under…

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While bitcoin and other cryptocurrencies were built to rival fiat currencies issued by centralized institutions, they have now become more popular as an investment tool rather than a payment method. Recognizing this emerging market, legacy financial institutions are now contemplating taking their first step in the world of cryptocurrencies. Several central banks around the globe, for example, have already expressed…

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