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Crypto Remains Unregulated in Russia — Lots of Talk but No Action




Crypto Remains Unregulated in Russia — Lots of Talk but No Action

At the end of November, news surfaced that Russian cryptocurrency users, who have been operating in a regulatory gray zone, could soon be at risk as the nation’s financial authorities reportedly join forces to outlaw the use of digital assets as a payment instrument. 

Shortly after, the country’s interior ministry confirmed rumors that it was on track to developing a legal framework for confiscating digital assets, which could come into effect as soon as 2021. Finally, the head of Russia’s main financial intelligence agency, the Federal Financial Monitoring Service, has also spoken unfavorably before parliament about the prospects of legalizing crypto use.

Do these moves signify a wider government clampdown on digital finance, and does the Russian crypto community perceive them as a threat?

Not legal tender

Local publication Izvestia, citing an anonymous source, reported on Nov. 29 that the Central Bank of Russia and the Federal Financial Monitoring Service were drafting legislation to ban the use of crypto assets for the purchase of goods and services. No details were disclosed with regard to potential enforcement mechanisms or punishment for violators.

The central bank’s response to Cointelegraph’s inquiry largely echoes its sentiments published by Izvestia, detailing its stance on cryptos and willingness to support initiatives seeking to ban their use:

“The ruble is the only legal tender in Russia. We remain convinced that cryptocurrencies pose significant risks, including laundering of illegally gained funds, financing of terrorism, and extreme volatility of exchange rates. We believe that private cryptocurrencies cannot be equated to fiat money nor considered legal tender. Should there emerge a legislative initiative to ban cryptocurrencies as means of payment, we deem it appropriate to support it.”

The Federal Financial Monitoring Service and the Ministry of Finance have not yet responded to Cointelegraph’s request for comment.

As in many other jurisdictions, Russian legislators have been struggling to define the legal status of digital assets since at least 2017, when the first bill to that end was drafted. As Izvestia notes, several trade associations have petitioned for crypto legislation, making various attempts to appeal to state interests by proposing a tax on legal crypto transactions. The push has seen little success so far, as draft bills keep coming back for revision.

As of now, the Russian government does not appear to have an official stance on crypto mining, allowing enormous data centers — like the hydro-powered one Cointelegraph reported about at the end of November — to thrive on the cold Siberian climate and cheap electricity. However, those who take up illegal forms of mining by using state hardware are being pursued and put behind bars.  

Related: Safe Space: A Guide to Special Economic Zones for Crypto, From China to Switzerland

There are multiple indications of Russian financial regulators’ conservative approach to handling the emergent crypto markets. The latest came on Dec. 11, when Yuri Chikhanchin, head of the Federal Financial Monitoring Service, spent some time breaking down his views on cryptocurrency regulations during the government’s question time at the State Duma.

According to Nezavisimaya Gazeta, Chikhanchin enumerated the many risks inherent to the legalization of crypto payments — including Russians’ history with falling for Ponzi schemes — that suggest proactive digital money innovations could play out badly for the nation. 

The financial watchdog head said that he would prefer not to rush it and let others experiment while adopting international best practices. Some observers interpreted this speech as an admission that Russia has no plans to move forward with a central bank digital currency any time soon, either.  

Confiscating the undefined

The lack of foundational definitions and market regulations does not seem to be a major issue for some other branches of the Russian government. According to state news service Tass, the Ministry of Internal Affairs confirmed that work is underway to establish legal grounds for confiscating digital assets as part of judicial proceedings.

The report came almost a month after first anonymous accounts of the development emerged in Russian media. Other parties privy to drafting the legislation include the Office of the Prosecutor General, the Investigative Committee and the Ministry of Justice.

This disconnect between the financial regulators and bodies of government responsible for law enforcement is not surprising. Traditionally, security agencies and ministries are seen as very distinct, if not antagonistic, to the government’s economic and financial bloc. Regardless of the financial authorities’ treatment of cryptocurrencies, uniformed agencies will seek to carve out their own tangible powers to deal with what they deem a security threat.

While the Ministry of Internal Affairs said it expected to finalize the legislative proposal by the end of 2021, experts surveyed by the business publication RBC foresee immense technical difficulties in actually enforcing cryptocurrency confiscation.

Russian crypto community: “Harness, not ban!”

Many Russian crypto entrepreneurs would much rather see a clear set of rules than the regulatory limbo in which the industry operates today. However, they doubt that a blanket ban on cryptocurrency payments would do much to solve the problems that regulators seek to address. Yegor Bugayenko, founder and CEO of blockchain startup Zerocracy and creator of the cryptocurency Zold, told Cointelegraph:

“There is no official status of Bitcoin (or any other cryptocurrency) in Russia at the moment. This literally means that the government has nothing against anyone selling, buying, or exchanging any crypto money. However, the market definitely needs certain regulations in order to protect honest buyers and sellers of crypto assets. […] In my opinion, prohibition won’t help, just like it has never helped to minimize alcohol usage and doesn’t help now with drugs. There have to be other mechanisms, which are based on education.”

Alexey Ermakov, CEO and founder of the mobile finance app Aximetria, considers prohibitive policies to be lacking in sensibility:

“Despite the cryptocurrencies’ obvious and massive presence in lives of Russian people — crypto being widely used and with top government officials and bankers invested in it — no one officially admits it. I believe that crypto cannot be banned. People can only be threatened into not using it, and depending on the degree of people’s fear the technology will either develop or stagnate here, while the rest of the world will be using it. Yet, over time everything will fall into place.”

George Bryanov, expert at the faculty of finance and banking at The Russian Presidential Academy of National Economy and Public Administration, believes that tightening regulations are just stepping stones toward the eventual implementation of national digital currencies:

“For me it is obvious that central bank digital currencies are the future of central banks and national economies, and research activities of central banks of USA, China, Russia, UK, and many other countries prove their great interest in it. Central banks will continue to tighten the regulation of cryptocurrencies in order to test and scale regulatory instruments before adopting national cryptocurrencies on a mass scale. And for sure it will be done for the good: to enforce AML/CFT regulations and protect citizens from dark markets and scum investment schemes — at least, that’s what they’ll say in the news.”

All in all, the series of prohibitive measures that appears to be somewhere in the works across several departments of the Russian government looks like the product of individualistic actors that are disinterested in even defining the new asset class, instead of collectively developing a centralized policy. Often lacking defined enforcement mechanisms, these initiatives may take considerable time to materialize, or may never come to fruition altogether.

Published at Wed, 18 Dec 2019 04:00:00 +0000

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Crypto Price Analysis: BTC, ETH, ADA, DOGE, BNB, LTC, UNI, XRP, BCH, DOT

Affected by the recent plunge in the market, here is the crypto price analysis of BTC, ADA, ETH, BNB, LTC, DOT, BCH, XRP, and DOGE.




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In the recent downfall of the market, it has been witnessed that the traders are less interested in purchasing BTC at current levels and this suggests that there could be more selling in the market. Affected by the recent plunge in the market, here is the crypto price analysis of BTC, ADA, ETH, BNB, LTC, DOT, BCH, XRP, and DOGE.

Crypto Price Analysis: BTC and ETH

As clearly seen in the head and shoulder chart pattern of the cryptocurrency on May 16, Bitcoin plunged below the neckline of the pattern. However, the bears were not able to achieve any lower point than that as the price retaliated and closed above the neckline.

As suggested by leading market analysts, if the bulls in the market failed to push the price back above the neckline, then there are chances that the selling will be intensified further. 

Talking about ETH, the continuous bull rally was finally broken and the price of the cryptocurrency dipped below the mark of $3,431. However, the bulls are trying their level best to not let it go below the 38.2% Fibonacci retracement level at $3,195.98.

What About BNB, DOGE, BCH, XRP, LTC, and UNI

BNB, for the very first time since December 13, managed to broke below the level of $520 and if the recovery manages to turn down the 20-day EMA, then that will mean the traders are closing their position on rallies.

DOGE, the Musk-pumped meme coin is in an attempt to defend the mark of $0.46, and as the data analysts suggest, there are chances that the coin can be dropped to the critical support at $0.35. In contrast to this assumption, if the bulls are able to drive the price above the level of $0.59, it can recheck the all-time high level of $0.73.

Looking at the chart of XRP, it can be seen that the bulls purchased the dip and will now propel XRP above the resistance line of the triangle. However, if the price breaks below the triangle, it can result in a reduction to $0.88.

BCH managed to break the level of $1,178 on May 15 and along with this, it closed below that level. The bulls tried to push the price back above the May 15 level but failed to do so. 

An aggressive profit-booking session occurred from the short-term traders in LTC, and this pulled the cryptocurrency to the level of $308 on May 12. If the price breaks below the mark of $270, bears will make a comeback.

Talking about UNI, the cryptocurrency broke below the support level of the rising pattern today but the bears were not able to capitalize on this weakness.

ADA and DOT Analysis 

Making an all-time high of $2.34 on May 16, ADA is showing a strong uptrend in its price. However, the profit-booking session is going on as of now and if the price breaks below the mark of $1.95, the altcoin may drop to the mark of $1.71.

On May 14, DOT managed to broke out of the level of $44 overhead resistance but the bulls in the market could not sustain the higher levels. The bears in the market managed to break the price below $44 on May 15.

Also, if the price surges from current levels, there are suggestions that the market sentiment is positive and the bulls are buying at lower levels.

READ  US SEC Wants Personal Bank Records from Ripple Executives

#ADA #BCH #BNB #BTC #Crypto price analysis #DOT #ETH #LTC #UNI #XRP

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Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the […]




Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

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The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the artist themselves.

One of the latest of these is from Neal Adams, a legendary comic book artist behind iconic characters like the modern Batman and the Green lantern. It was announced on May 18, 2021, that the comic book artist will be partnering with Vorto Gaming to release an exclusive comic book and NFT collection.  

Batman Immortalized as an NFT? 

Some details about the new partnership have been announced such as Adams creating bespoke comic books around Hash Rush, which is the first title published by Vorto Gaming and will be released on its network. Part of this comic will involve new and existing Hash Rush characters and a new storyline from Adams. 

Given that Adams has shaped storylines for a number of comics for DC Comics and Marvel, there is a lot of anticipation. He will receive help for this new project from Swedish-based ComicFirst Entertainment and their artist Mikael Bergkvist, who is also his mentee. 

Adams himself has touched on the importance of gaming and why he is excited about this upcoming project.

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“Gaming is without doubt the most innovative entertainment industry of the past decade and is shaping so many different aspects of our culture. We’re moving into a period in history where we are spending as much time exploring digital, imaginary worlds as we are living in this one. Comic books were always a transportation tool – taking us to another place, to experience another story, even just for a moment. Hash Rush is no different and I’m looking forward to sharing this story with the world.’ he said.

At this point, it seems that there is no limit to the type of content that can be created as an NFT and sold. Artists from all sectors are beginning to explore their options with regards to both making money and providing valuable experiences for their fans. Hopefully, Adams’ participation in this project will lead to more prominent comic book artists embracing NFTs as well.

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NFT Investing: How to Buy Cryptopunks

Who are you calling a punk, punk?! Cryptopunks have nothing to do with 90’s TV shows or music albums released on CDs. Though their creators were possibly influenced by this culture. 

The post NFT Investing: How to Buy Cryptopunks appeared first on Bitcoin Market Journal.




Digital Cryptopunks

Who are you calling a punk, punk?! Cryptopunks have nothing to do with 90’s TV shows or music albums released on CDs. Though their creators were possibly influenced by this culture.

Cryptopunks are algorithmically generated 24×24 pixel art NFTs. Due to their popularity, they have been featured in The New York Times, Christie’s of London, Art|Basel Miami, and The PBS NewsHour.

So why are collectors willing to pay so much for seemingly so little?

Cryptopunks: A Deep Dive

Cryptopunks were originally free to claim and now some have sold for over a million dollars, so what are they?

Cryptopunks are NFTs. There are 10,000 of them and each one is unique.  At the time of writing this article, the lowest-priced Cryptopunk was listed for 15.4 ETH ($30,603.34). Since they launched in June 2017 total sales have eclipsed 124,300 ETH ($247.01M).  In the last 12 months, nearly 8,000 have sold.

When it comes down to the art aspect of Cryptopunks they are algorithmically generated 24×24 pixel images. So why are collectors willing to pay so much for so little?

As with everything in the art world the cost of the materials used usually has little relevance to the perceived value. Paintings, Photographs, Sculptures, when there are more buyers than sellers prices rise until the market says the market is too hot and prices stabilize or come back down.

As Sir John Hargrave wrote in his recent article The Blockchain Investor’s Guide to NFTs 

“Two things are driving this mania:

1) People are trying to “flip” NFTs: buying low and selling high, hopefully in a short period of time (just as people tried to flip Beanie Babies).

2) Money doesn’t feel real: The flood of Covid-19 stimulus money makes it feel like “Monopoly money,” combined with the flood of crypto tokens, which makes it feel like you’re gambling with casino chips.”

Cryptopunks bids.

Like Hashmasks, which came out a few months after Cryptopunks, each Cryptopunk has a unique set of accessories.

CryptoPunk 1483

There are Male, Female, Zombies, Apes, and Alien punks with different mouths, hats, haircuts, and glasses.

CryptoPunk 1749

The rarer the Cryptopunk and the rarer the combination of accessories the more collectors have been willing to pay for them.

How to Buy Cryptopunks NFTs

For this example, we are using the official website. However, they can also be purchased via

If you don’t have a Metamask wallet you will need to set one up. is the official site to download the plugin for your browser.  Then, either buy some ETH in Metamask or transfer some from another wallet.

On the Larvalabs site, you will have a series of popups to click through to permit your Metmask wallet to interact with the Larvalabs website. Similar to allowing your PayPal wallet to interact with eBay.

Terms and conditions.

Clicking on ‘I Do Not Agree’ will send you to the Beanie Babies listings on eBay.

eBay beanie babies auctions.

If you click ‘I Agree’ you will be greeted with a second confirmation screen.

Ethereum available

Once you have completed connecting your Metamask wallet to the Larvalabs website two new features will appear on the screen of any Cryptopunk allowing you to buy or bid.

Current market status

Cryptopunks on the Lavalabs site with a blue background are not for sale and have no current bids. Punks with a red background are available for sale by their owner. Punks with a purple background have an active bid on them.

Cryptopunks: The Final Verdict

Only you can decide if Cryptopunks is a good fit for your digital assets portfolio.

CryptoPunks 3609

It’s currently a hot market with Cryptopunk #3609 jumping from $566,000 to $683,060 in less than a month. There is no denying Cryptopunks are currently one of the hottest collectibles like Hashmasks and NBA Topshots Moments.

One plausible reason driving their price appreciation is Larvalabs no longer has any control over the code running CryptoPunks. Once they released the code onto the blockchain it became permanently embedded there and can’t be modified by anyone. Rarity is key with any collectible but something rare is only valuable if people want it. If no one wants your 1 of 1 item it’s essentially worthless.

Related Articles:

If you want to stay up-to-date with the latest trends and developments in the digital asset markets, subscribe to the Bitcoin Market Journal newsletter.

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Asia Broadband Poised for Growth in 2021

E-Crypto News’ update provides the latest articles on technology and cryptocurrencies.

From Strong First Quarter Foundation

Continue reading Asia Broadband Poised for Growth in 2021 at E-Crypto News.




LAS VEGAS, May 18, 2021 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce the publishing of the Company’s first quarter financial results highlighted by a strong balance sheet with over $100 million in assets. AABB is in highly liquid financial position to self-fund and rapidly advance its gold mining and cryptocurrency sales and exchange business segments of the Company.

Less than two months ago, the Company launched its AABBG gold-backed cryptocurrency token sales and has accumulated approximately $1.5 million in cryptocurrencies. Recently, AABB hired a marketing firm that has now designed an international marketing campaign to proliferate brand exposure, increase token sales and AABB Wallet transactions and amplify public and investment community awareness of the Company. The campaign roll-out will begin next week and is expected to build substantial momentum over the next 3 months, as AABB’s own proprietary cryptocurrency exchange nears completion and launch. The exchange will add tremendously to transaction fee revenues and allow for the price appreciation of AABBG above the minimum supported and gold-backed spot price of .1 grams of gold per token.

In the first quarter of this year, the Company began the assessments and negotiations of several gold mining projects as prospective high yield asset additions in the Company’s strategic growth initiative to acquire gold production and increase the AABB’s physical gold holdings. To date, management is thrilled with the projects’ potential for rapid development, high production and low operating costs. All efforts are underway to accelerate the acquisition processes to expeditiously advance AABB into gold production and begin expansion programs. The Company anticipates negotiating definitive agreements to acquire the mines and properties in the near future subsequent to drill testing, assays and further due diligence.

On an administrative note, AABB would like to provide an update to its loyal shareholders regarding the restricted share dividend.

CEO Chris Torres states, “Our transfer agent confirmed recently that restricted share dividends can take longer to process than ordinary free trading shares. This is due in part to some brokerage firms not allowing restricted shares in accounts, thus requiring physical share certificates to be printed and mailed. As these special dividend shares aren’t freely tradeable, the sense of urgency is not as high with Depository Trust Company (“DTC”) and the brokerage firms to complete the process. On May 12, 2021, DTC requested the additional shares needed to fulfill the dividend obligations. The dividend distribution process is still underway and is very much not on hold, as some have speculated.”

About Asia Broadband

Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. The Company has recently released its freshly minted mine-to-token gold-backed cryptocurrency AABB Gold token (AABBG) and strives to become a worldwide standard of exchange that is secured and trusted with gold backing, an outstanding quality relative to other cryptocurrencies.

Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
310.299.1717 Office
[email protected]

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