Senator Tim Scott accused the Biden administration of using crypto as a "scapegoat" to mask failures in halting illicit finance.
Russia
Bank of Russia: Russians Transacted $51 Billion in Crypto During 2023
The Bank of Russia noted that Russian nationals transacted $51 billion (4.78 trillion rubles) in crypto during 2023. According to an annual report issued by the bank, its investigations found that volume flows equivalent to the number, especially in bitcoin and ether, were attributed to Russian nationals in large exchanges. Bank of Russia Reports High […]Officials From the US and UK Investigate Crypto Transfers to Russian Exchange Valued at $20,000,000,000: Report
Authorities from the US and UK are reportedly investigating $20 billion worth of crypto assets sent to a Russian crypto exchange platform. According to a new report by Bloomberg, anonymous sources familiar with the incident say that officials from the US and UK are looking into the matter as part of a crackdown effort against […]
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U.S. Treasury Department Targets 13 Russian Firms Allegedly Offering Crypto-Related Services To Avoid Sanctions
The US Government has named entities and individuals allegedly responsible for providing crypto products and services that aided in the evasion of sanctions on Russia. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) says that it has “sanctioned thirteen entities and two individuals for operating in the financial services and technology […]
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Russia Discusses Testing Digital Ruble for Budget Payments
The Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure the targeted use of these funds. Russian Digital Ruble […]US sanctions 13 crypto firms for allleged involvement with Russian banks
Russia Introduces Bill to Apply Money Laundering Controls to Digital Ruble Transactions
A group of lawmakers in Russia introduced a bill that would extend money laundering controls to digital ruble transactions. The proposal, spearheaded by the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, establishes different responsibilities for platform participants and the Central Bank of Russia, which is appointed as the main AML […]Russia Regulates Use of Digital Assets for International Settlements
Russia has integrated the use of digital assets as payment for international transactions in its legislation. President Vladimir Putin signed into law a document that describes using these assets as payment for international settlements, a use case not contemplated in any law, appointing the Central Bank of Russia as the overseer of these transactions. Russia […]Kremlin Reveals Plans to Create a “Politics-Free” BRICS Blockchain-Based Payments System
Yury Ushakov, an aide of Russian president Vladimir Putin, revealed plans to create a digital blockchain payment system for the BRICS bloc. Ushakov remarked that the countries of the group would benefit from implementing such a system for the use of governments, common people, and businesses, stating that it would be convenient, cost-effective, and “free […]Russian Digital Ruble Pilot ‘on Track,’ Registers About 25K Transactions
Elvira Nabiullina, Governor of the Bank of Russia, stated that the current pilot test of the Russian digital ruble was “on track,” with several operations being tested, including opening wallets, and interactions with smart contracts. Nabiullina revealed that over 25,000 transactions were registered, and confirmed the pilot expansion later this year. Russian Digital Ruble Pilot […]