Connect with us

Bitcoin

Russian Finance Ministry Regulates the Sale of Oil to Bitcoin

Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

The Russian government views bitcoin as a payment option that can be used for small business transactions and not for oil exports. This is according to the country’s finance ministry. Top officials stressed that the department does not consider cryptocurrency legal tender but may use it in barter transactions.

Crypto payments not for Russian State Settlements Ministry of Finance says

The authorities in Moscow see

Cryptocurrency payment as an alternative option to small business contracts. However, this will not impact Russian oil deliveries. Ivan Chebeskov (head of the Financial Policy Department at the Finance Ministry) clarified the situation. He spoke to reporters recently about the matter.

The ministry is proposing to use cryptocurrency as an asset and not as a payment method, the top-ranking official stated. This means that digital currencies can be used to barter — when a buyer officially exchanges bitcoins or other cryptocurrency for a product or services, he said. Chebeskov elaborated on this quote from RTVI:

The task is to provide an alternative, and not to say that Russia is now paying for everything with crypto. This isn’t about state settlements, but private business.

The Minfin representative said that oil could not be traded for bitcoins because of the large quantities of these exports. While not all Russian partners will be able to convert to national currencies, despite increasing difficulties with euro and dollar payments, the Minfin representative stated that crypto settlements would only be possible with small contracts and friendly countries willing to accept coins.

Chebeskov’s comments come after an earlier statement by the head of the parliamentary Energy Committee, Pavel Zavalny, who mentioned bitcoin as a possible substitute for western currencies in Russian energy exports, those of natural gas in particular.

Meanwhile, the Central Bank of Russia has softened its stance on crypto payments within the context of foreign trade relations. In May, a provision allowing Russian companies to make such transactions for import and export purposes was added to the new bill “On Digital Currency” drafted by the Ministry of Finance.

It is necessary to recognize cryptocurrency as property in Russia’s Civil Code, and to amend an article regarding barter exchanges in Russian legislation governing foreign economic activity of Russian entities. This will allow for the full opening of this type of deal. The report details.

The United States and its allies have tried to stop the Russian Federation using cryptocurrencies to bypass sanctions that were imposed in response to its ongoing military invasions of Ukraine. RTVI notes that Russian accounts have been blocked by some global crypto platforms.

Do you think Russia may change its mind about crypto payments in oil trade? Please share your thoughts in the comments below.

Lubomir Tassev



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services mentioned here.

Read More

Bitcoin

Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


Share this article

Categories

Tags

Read More

Continue Reading

Bitcoin

Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


Share this article

Categories

Tags

Read More

Continue Reading

Bitcoin

Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.