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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



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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.

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What is the reason why SAND has risen by more than 10% within 24 hours?

The cryptocurrency market continues its positive start to the week with major coins trading in the green area. The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark. Bitcoin…

The cryptocurrency market continues its positive start to the week with major coins trading in the green area.

The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark.

Bitcoin surged past the $21k resistance level after adding 2.5% to its value over the last few hours. Ether is eyeing the $1,200 psychological level thanks to its ongoing rally.

However, SAND, the native token of The Sandbox metaverse, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

SAND is up by more than 10% in the last 24 hours and currently trades at $0. 935 per coin. This positive step is primarily due to The Sandbox’s partnership and TIMEPieces (the NFT community initiative of TIME).

In a Medium post on Monday, The Sandbox said it has partnered with TIME to develop ‘TIME Square’, TIME’s first-ever destination in the metaverse.

Key level to watch

The SAND/USD 4-hour chart at the moment is bullish, as SAND has been doing well in recent days.

The MACD line is in the neutral zone. This is a significant improvement over the territory it held last week. The 14-day RSI of 64 shows that SAND could soon enter the oversold region over the coming hours or days.

If the market momentum continues, SAND could surge above the $1 psychological level in the next few hours. SAND could test $1 in the event of a prolonged rally. 08 resistance level before the end of the day.

However, we are still in bear market and the bears may regain control. SAND could fall towards the $0. 83 support level in the next few hours.

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Highlights June 21: Celsius rises almost 50%, cryptos remain green

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing. Top cryptos Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of…

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing.

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours.

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.

Top movers

Aside from the top 20,, the trend was similar with most coins adding 5-9% value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. Since announcing a major partnership, Elrond has been rallying with institutions of the Romanian government.

Stacks has 16%, and 1inch Network has 17%.. Recent statistics show that Atomic Swaps on CurveFinance and 1inch registered an average 100 million daily volume.

Zilliqa was one of the largest winners, up 22% during the last 24 h.

XCAD Network allows YouTubers to issue their own fan tokens and NFTs. It allows Youtubers the ability to issue their own fan tokens. Zilliqa’s rally was supported by XCAD’s participation at a recent, very successful live event in NYC.

The big win is Celsius with gains in 49%. Even though Celsius Network is in trouble, the efforts to stabilize it are evidently effective or have an impact on its value.

Compound completes the #100 winners’ list with gains of 26%. The Compound III beta version app is now available to the community.

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PetSneakers is today’s biggest winner. It allows you to train your pets and also work out in a virtual environment. It records your workout results and converts them into PSC tokens that you can stake for more profit. PSC is up 363% right now.

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US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.

CFTC Takes Action Against MTI

The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:

This action is CFTC’s largest fraud scheme case involving bitcoin.

The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”

From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:

During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.

The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

The derivatives watchdog described:

The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.

The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”

What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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