President Vladimir Putin has signed a new law granting Russian courts the power to seize or confiscate crypto assets such as Bitcoin. It comes as Russia pushes for crypto regulations and crackdown foreign crypto exchanges. Also, Telegram founder Pavel Durov is facing criminal investigations in the country. Russian President Putin Signs Law to Confiscate Crypto
The post Putin Signs Law to Confiscate Bitcoin Amid Russia’s Crypto Crackdown, Pavel Durov Probe appeared first on CoinGape.
]]>Russia’s President Vladimir Putin expressed support for Bitcoin and digital assets on Wednesday, saying that no one can ban Bitcoin and these assets will continue to develop. The move comes days after Russian President Putin signed landmark law recognizing Bitcoin and crypto assets as properties.
No One Can Ban Bitcoin, Says Russian President Putin
During a speech at the Investment Forum in Moscow, Russia on December 4, Russian President Vladimir Putin said “Bitcoin and Digital Assets will continue to develop.”
As Donald Trump plans to push for pro-Bitcoin and crypto policies, including building a strategic Bitcoin reserve, President Putin likely desires to front-run the United States. He also understands that they need to act fast to build a strategic Bitcoin reserve.
BREAKING:
Russian President Putin says “Who can ban #Bitcoin? Nobody.” pic.twitter.com/6mJ664BZZ8
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
Last Week, Russian President Putin signed a landmark crypto taxation law, officially recognizing digital assets as property. Also, mining and sales of digital currency will not be subjected to value-added tax (VAT). Furthermore, services related to transactions within the electronic payment system (EPR), including crypto, will not incur tax liabilities.
Russia leveraged Bitcoin to evade Western sanctions during the Ukraine war. At the BRICS summit last month, the member nations also had a discussion about using crypto for cross-border payments.
Putin Urges To Curb High Inflation
President Vladimir Putin also called for the government and central bank to coordinate to curb high inflation, reported Reuters. Central Bank Governor Elvira Nabiullina said that annual inflation continued to remain high at nearly 9%. She added that inflation would fall in 2025 and reach the central bank’s target rate of 4% in 2026.
“It is also necessary to curb inflation, which is currently at a fairly high level,” Putin told an international investment conference organized by Russia’s second-largest lender VTB in Moscow.
BTC price jumped 1% in the past 24 hours, with the price currently trading at $95,742. The 24-hour low and high are $93,629 and $97,026, respectively. Furthermore, the trading volume has increased slightly by 2% in the last 24 hours.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Russian President Vladimir Putin has approved new measures to restrict cryptocurrency mining in several regions to address energy supply concerns. These restrictions are part of Russia’s broader efforts to regulate the industry while conserving electricity during peak winter months.
Russia Crypto Mining Restrictions Enforced in 13 Regions
Russia will introduce the crypto mining restrictions in 13 regions including the occupied territories of Ukraine between December 2024 and March 2031. The affected regions are the Irkutsk region, the Zabaikalsky Krai and some parts of the Republic of Buryatia in Siberia.
Furthermore, between 2012 and 2031, annual emission standards shall be maintained in the heating season in the Republic of Dagestan, the Republic of Ingushetia, North Ossetia-Alania, Chechnya, Kabardino-Balkaria, and Karachay-Cherkessia regions.
According to the local report, the measures will also affect the occupied territories of Donetsk and Luhansk, Zaporizhzhia, and Kherson regions. Such measures were considered during a government commission meeting chaired by Deputy Prime Minister Alexander Novak. The meeting discussed energy saving as power consumption in the country is likely to rise in the winter season.
Energy Limits for Individual Miners
In order to control energy consumption even more, the government has set a maximum power usage of 6,000 kWh per month for unregistered miners of cryptocurrencies. Anyone who goes beyond this ceiling will have no option than to obtain an entrepreneurs license to continue crypto mining legally. The government said this would help guard against unregistered miners, further straining the power infrastructure. It will be legal to carry out mining activities, but the operations must adhere to reporting and taxation norms.
Consequently, the fresh measures may have a significant impact on Russia’s crypto mining sector, especially in areas such as Irkutsk. Irkutsk region is famous for its relatively low electricity tariffs, cold climate, and powerful hydropower resources which attract mining activities. This facility is home to BitRiver’s largest data center, opened in 2019 in Bratsk, near one of the biggest hydroelectric power stations in the world.
These conditions have therefore made the Siberian regions to be suitable regions for mining companies. Nevertheless, due to the restrictions on energy supply by the government, the working in these areas will be curbed and the crypto mining output will decline.
While Russia is implementing crypto mining restrictions, another country, the US, could become a crypto hub under Donald Trump thanks to his crypto promises, including the Strategic Bitcoin Reserve. Interstingly, Bitcoin advocate Anthony Pompliano recently urged the US to print $250 billion for the strategic reserve.
Crypto Taxation Introduced for Mining Activities
In addition to mining restrictions, Russia has introduced tax regulations for cryptocurrency transactions and mining operations. Under the new laws, cryptocurrencies will be classified as property for tax purposes. Income from mining and trading will be taxed based on market value at the time of receipt.
Miners will be allowed to deduct operational expenses from their taxable income, and crypto transactions will remain exempt from value-added tax. Operators of mining infrastructure will be required to submit regular reports on the miners they serve, ensuring compliance with tax regulations.
The Ministry of Finance stated that these steps aim to balance the state’s interests with those of businesses. The measures reflect Russia’s growing efforts to regulate the crypto sector and manage its energy demands effectively.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Russia President Vladimir Putin reiterated the rising question on the threat to the US Dollar‘s status as global reserve currency. Although the US dollar has been the world’s reserve currency for a long time now, its dominance is currently under threat with the BRICS group proposing to introduce a common currency. Meanwhile, speculation has been around that the group would utilize cryptocurrencies for the same.
Also Read: XRP Lawyer: Coinbase May Have Acquired Ripple Too?
BRICS, a group of five emerging economies Brazil, Russia, India, China, and South Africa, is said to be working on a common currency to counter the US Dollar dominance.
Putin: US Dollar Losing Global Role
Earlier, reports quoted Russian President Putin as saying that the US dollar is losing its global role in an “objective and irreversible” process. Last week, CoinGape reported former US President Donald Trump’s warning on the threat to the Dollar’s global position. He warned that the BRICS group’s aggressive moves towards dedollarization could be a massive threat.
The Russian president had reportedly attended the BRICS 2023 in Johannesburg through video conference from Moscow. He also credited the success of reducing US Dollar’s share of member states trade to the BRICS Group. The share of US Dollar in international trade declined to 28.7 percent, he added.
What About Bitcoin And Crypto Dominance
With the adoption of the Central Bank Digital Currencies (CBDC) by various economies across the world, the mode of digital asset payments is continuing to rise in the international trade space. Hence, with the likes of Russia, India, and China planning to bring in a new common currency, the role of crypto and Bitcoin may also be considered, at least for future use. In the United States, Bitcoin continues to gain institutional exposure with Blackrock and Fidelity among several companies exploring options to offer BTC based products.
At the same time, the US regulators are adamant against providing clear oversight rules on the crypto market, which could likely be due to concerns around dedollarization.
Also Read: Robert F Kennedy Jr Says Bitcoin Guarantees Civil Liberty
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Amid Chinese President Xi Jinping’s visit to Russia, speculation is rife about the international payments system. As the banking crisis led to huge FUD in the markets, talk is on about risk to the US Dollar’s status as the world’s reserve currency. Meanwhile, Bitcoin price is reaching new heights in as many as nine months as the crypto community starts to think the bull market has finally arrived.
Also Read: 25 Bps, 50 Bps Or 0; What To Expect from FOMC Meeting? How Crypto Market Will React?
Interest rate decision from the crucial Federal Open Market Committee (FOMC) could potentially alter the market mood amid the ongoing banking crisis. The market widely expects that the U.S. Fed will announce a 25 bps rate hike.
Xi Jinping Putin Meeting
A latest video about Xi Jinping’s meeting with Russian president Vladimir Putin shows the two leaders discussing change not seen in 100 years. This comes amid speculation about the U.S. Dollar losing its strength in global markets. Very recently, popular investor Balaji Srinivasan made a bold prediction that Bitcoin price will reach $1 million in a timeline of 90 days. He made the prediction in context of the the U.S. Fed’s alleged tightening of monetary policy that led to the banking crisis. Jinping is quoted as saying to Putin,
“Change that hasn’t happened in 100 years is coming and we are driving this change together.”
Reacting to the message from the Xi Jinping and Putin meeting, XRP lawyer John Deaton said this could further the U.S. administration’s efforts against Bitcoin and digital assets.
“This will cause the current administration to focus even more of its efforts against Bitcoin and digital assets as they panic about the Dollar’s status as the world’s reserve currency.”
Owing to its invasion of Ukraine, Russia was isolated from the international financial system that is largely dominated by the dollar. Hence, Russian users had to depend on cryptocurrencies and the Chinese Yuan currency for cross border payments.
Also Read: Circle Confirms CSO Twitter Account Hack, Promoted “One-Time Bonus” USDC Airdrop
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin has reclaimed the $40,000 mark in the last hour, following indications of progress in discussions between and Ukraine amid the ongoing conflict.
Russian President Vladimir Putin stated that “positive movement” was being made in the negotiations on a “daily basis.” Russia is facing penalties from Western countries, among others, as world leaders criticize the invasion of Ukraine.
Bitcoin Spikes Following Putin Remarks
The spike came in the wake of new comments from Russian President Vladimir Putin, who indicated in a meeting with his Belarussian counterpart, Aleksandr Lukashenko, that there had been “positive shifts” in the Ukraine dynamic.
Putin said improvements has been made in the talks between the Kremlin and Ukraine:
“There are certain positive shifts, negotiators on our side tell me.”
BTC/USD trades close to $40k. Source: TradingView
Putin’s remarks boosted global markets. Futures on the S&P 500 rose 1.31%, while futures on the tech-heavy Nasdaq 100 rose 1.65%. Sentiment in Europe was higher, with the DAX in Germany rising 3.41% and the Stoxx Europe 600 rising 2.09%.
At the time of writing, BTC/USD volatility remained high, with bulls aiming to break through $40,000 resistance more convincingly.
The increasing volatility had an effect on liquidations as well, with over $24 million in leveraged positions being wiped off the market in the last hour alone. The largest single liquidation order was on Bybit, worth about $6 million.
Explosive growth in #Bitcoin bitfinex shorts
hate to say it, capitulation incoming pic.twitter.com/FTQGt41UBQ
— Cole Garner (@ColeGarnerXBT) March 11, 2022
Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts
Traders Unsure Of Market
The cryptocurrency market remains volatile. Bitcoin rose from $38,600 in European morning hours to little more than $40,200 after Putin’s remarks were made public. Ethereum, XRP, and Solana’s SOL all gained 2.4% in the last hour, while Polkadot’s DOT led advances with an 8% rise in the last 24 hours.
However, it’s worth mentioning that Russian troops are rumored to be gathering around Kyiv, and some foresee a possible effort to encircle the capital.
Adam Cochran, a well-known crypto critic and analyst, commented on the contradicting signals, saying:
“Markets are so thin and so desperate for relief that we’re moving on vague positive news in the Russia-Ukraine conflict while both sides also release worsening statements and escalating action.”
Bitcoin stayed at the lower end of its established trading range, with the area north of $42,000 proving impossible to hold for long in 2022.
The latest price action, however, was a godsend for some traders, with popular Twitter account Anbessa informing followers that everything was going as planned.
$BTC/USD Update
bullish divergence playing out
— AN₿ESSA (@Anbessa100) March 11, 2022
The deterioration of Ukraine’s position has sent shockwaves through global markets. This week, India saw a massive outflow of foreign capital worth billions of dollars, while Brent crude hit $140 per barrel.
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