#Russia crypto

[oldguydoesstuff]

Russian M-125 "Fialka" cipher encryption machine, in use well into the 1980s.

[bopinion]

2023 / 06

Aperçu of the Week:

"We wanted the best, but it came as usual."

(Viktor Chernomyrdin, former Russian prime minister, in 1993)

Bad News of the Week:

The image of the "People's Democratic Republic" of North Korea is often described as Stone Age communism. While the majority of the population suffers from extreme poverty and, in some cases, famine, Kim Yong Un stages himself as a monarch and operates a strange cult of nuclear weapons and long-range missiles, which he sees as life insurance for his own despotic regime. All of this is done under the eyes of China, a protective power that is difficult to understand, and in distinction from the economically successful brother nation of South Korea.

For a long time, North Korea existed like a country on another planet. Hardly any information penetrated to the outside or the inside, the communicative isolation seemed perfect, the media control total. This still works internally, but in recent months it is the World Wide Web, of all places, on whose map the country is no longer a blank spot. On the one hand, North Korea operates extremely successful hacker cohorts who, in addition to various espionage and disinformation campaigns, also managed to collect at least $1.2 billion in cryptocurrency through online fraud and data extortion. In other words, a concretely lucrative business that flushes foreign currency into the state coffers.

What is unclear, however, is the objective of what is currently the second notable North Korean Internet phenomenon: an apparently broad-based social media offensive. In a series of channels, which according to CNN are new and have been astonishingly successful in a short time, the country is staging itself as a pleasant home for seemingly normal teenagers. Who speak perfect English with a British accent. Who, for example, enjoy popsicles and love to read Harry Potter. Only the former is hardly available and the latter is even officially banned. Why is this done? Good question.

The videos "look like a well-prepared play" scripted by the North Korean government, said Park Seong-cheol, a researcher at the Database Centre for North Korean Human Rights. The scenes shown from the alleged everyday life of youngsters are not completely fake, but staged. For example, there is a water park, a movie theater and an amusement park in Pyongyang. Only these facilities are reserved for an elite class of party officials, military officers and government employees. Like the Internet access these strange influencers use - just like the smartphones that aren't actually available. What's the point when, according to the CIA fact book, only 26% of the population even has electricity? It would be nice if the North Korean tourist office, which wants to open the country's borders to international tourism, were behind this.

More likely, however, it is a red herring. With which the regime wants to influence the current narrative: North Korea is not an isolated country that could attack its neighbors and the United States with nuclear weapons. But rather an ordinary East Asian country where ordinary people like you and me live ordinary lives. Combined with the recent spate of missile launch tests, the latest expansion of the Nyŏngbyŏn nuclear facility documented with satellite imagery, and a new solid-fuel intercontinental ballistic missile (ICBM) unveiled just last Wednesday at the 75th anniversary of the founding of the armed forces, this leaves a queasy feeling.

Good News of the Week:

Probably the death toll of 28,000 from the earthquake in the Turkish-Syrian border region is out of date by the time I post this. The worst series of quakes since scientific records began has devastated an area where nearly 20 million people live. And as events unfold, a whole series of negative findings are coming to light.

The Turkish government is not implementing the regulations that actually apply to buildings in the latently earthquake-prone region. Neither Syria's ruler Bashar al-Assad nor the rebels in the north of the country are allowing solid disaster relief by foreign forces. Enemy nations cannot be stopped from attacking each other even in this situation. Even in the Near East, there are sub-zero temperatures at this time of year. And the Kurds remain constantly the biggest loosers of them all anyway.

Fortunately, many humanitarian highlights are also showing up in the face of adversity. For example, even Sweden, reviled by Erdogan, is sending aid workers to eastern Anatolia. So is the beleaguered Ukraine, which surely would have been admitted a different set of priorities. And those that don't have appropriately equipped aid workers, like the United Arab Emirates, are opening their wallets. And every day there are - still! - improbable miracles, such as the rescue of a heavily pregnant woman who was rescued yesterday after 115 hours under rubble.

What somehow makes one optimistic despite the terrible circumstances is humanity. When people stand by each other in times of need, even though the religion they believe in actually dictates enmity. When official requirements are suspended in order to allow family members who have become homeless to travel to their relatives in Germany, for example. Or when the international community thinks not only about the current rescue, but also about reconstruction afterwards - the EU has already announced a donor conference for those affected.

Even the self-proclaimed crown of creation, which likes to define itself in terms of greed, resentment, jealousy or hatred, is capable of empathy. It's nice that the term "humanity" still has a positive connotation. Even though we so often seem to go out of our way to change that. The heart is probably more than just a blood-pumping muscle after all. And conscience more than a transmission in the synapses of the brain.

Personal happy moment of the week:

I broke a bottle of red wine while shopping the other day. And moistened various purchases in the carrier bag. I noticed most of it and was able to clean and dry it. That the red wine also flowed into a box of cigarillos, I did not even notice. Not until I wanted to smoke one and had a damp, soft stem in my hand. So I put the box open on the heater in the office. And discovered two pleasant side effects of my mishap: the smell of red wine and tobacco at work has an comfortable calming effect. And the taste of the cigarillos gets a pleasant additional flavor. From that perspective, I was able to profitably recycle some of the spilled red wine.

I couldn't care less...

...whether the former head of the Office for the Protection of the Constitution, Hans-Georg Maaßen, who is increasingly conspicuous for his racist and conspiracy-theory tones, can be officially expelled from the conservative CDU. Or whether the high good of freedom of speech also protects him within the party from accountability for his unspeakable statements. The fact that an obviously extreme right-winger could rise as a political official to become the head of the most important authority for upholding the state of lawfulness, of all things, weighs considerably more heavily and calls for more consequences than which membership card he carries around with him.

As I write this...

...I'm drinking a beer not even five hours after I got up today. A tough week in many ways takes its toll. And I tackle the challenge of relaxing Bavarian style.

Post Scriptum

In the German capital Berlin, the House of Representatives will be newly elected today - as a repeat election. This is because the regional election that took place in the fall of 2021 parallel to the federal election was declared invalid by the Administrative Court due to numerous mishaps - from ballots running hout to polling stations closing too late. Realpolitically less relevant, since no result of the election would change e.g. the majority conditions in the Bundesrat, is a look on Berlin nevertheless interesting. On the one hand, out of sarcasm, since this debacle also fits perfectly with the prejudice that simply nothing works in this city. On the other hand, out of curiosity, since in the end every conceivable party constellation is indeed possible. The extent of my tendency toward the former will depend on the first projection in less than an hour on the latter.

[emileparfaitsimb]

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[sorokaoksana]

Working on a new charity project to help my country - Ukraine 💛💙

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[msclaritea]

[thesecrettimes]

EU Bans Crypto Companies for Russians in New Sanctions Over Ukraine Escalation

An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU. The measures are part of an expected tightening of the economic and financial restrictions in response to Moscow’s decision to annex Ukrainian territories.

EU Council Adopts Full Ban on Crypto Wallet and Custody Services for Russian Persons

The Council of the European Union announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The penalties, expected to hurt the Russian government and economy, come after Moscow took steps to annex the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson. In a statement, the EU’s High Representative for Foreign Affairs and Security Policy Josep Borrell emphasized that the sanctions are a response to the latest escalation with the “fake referenda” in these four oblasts. Russian individuals and entities that have played a role in their organization will be specifically targeted. Other Russian citizens and businesses are also going to take a hit, including those that deal with cryptocurrencies. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. That’s regardless of the value of these assets, according to the eighth package of sanctions imposed by Brussels. This spring, when the EU approved its fifth round of such measures, the Council prohibited only the provision of “high-value” crypto-asset services to Russians and organizations registered in their country. The ban applied to digital funds exceeding €10,000 (close to $11,000 at the time).

New European Sanctions to Hit Russian Imports and Exports

While the earlier restrictions were meant to limit the transfer of wealth through digital assets and close other loopholes in the crypto space, a recent report revealed that pro-Russian groups have been actively using cryptocurrency, often in small transactions, to fund paramilitary operations in Ukraine. According to the research, they have raised $400,000 in crypto since the start of the invasion in late February. Russian authorities have also been working to allow businesses to employ crypto payments for international settlements. With the latest move, the EU also bans the provision of IT consultancy and legal advisory services to Russia as well as architectural and engineering services. Russian imports and exports have been targeted, too, including the maritime transport of crude oil and petroleum products to third countries. The provision of related services will be allowed only if these have been purchased at or below a pre-established price cap, which is yet to be determined. Among the other measures is a ban on EU nationals to hold any posts on the governing bodies of some Russian state-owned or government-controlled entities. The Council also decided to broaden the criteria under which persons can be designated as facilitating the circumvention of restrictions imposed by the European Union. The European Commission, the executive body in Brussels, welcomed the latest sanctions package. Do you think the new EU sanctions will significantly limit access to cryptocurrencies for Russians? Share your thoughts on the subject in the comments section below. Read the full article

[xtruss]

Russia, Trade Partners Build Alternative Payments Systems Circumventing US Dollar

New Currencies And Financial Systems Are being Built To Circumvent Western Economic Pressure on Moscow.

© Sputnik/Alexandr Demyanchuk/Go to the Mediabank

Russia and various trade partners are working to strengthen alternative currencies and payments systems, reducing global reliance on the US dollar and Western-based financial networks.

“Moscow keeps finding ways to keep the country's economy going,” writes business reporter Huileng Tan, describing Russia’s response to Western sanctions imposed after the launch of its special military operation against Ukraine in 2022. “Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.”

Moscow has been adapting to Western financial pressure since 2014 when trade restrictions were imposed after Russia's reunification with Crimea.

“There are risks in using the global financial networks,” said Russian central bank governor Elvira Nabiullina in 2018. “Therefore, since back in 2014 we have been developing our own systems.”

Western economic aggression intensified in 2022, causing Moscow to increasingly make use of its System for Transfer of Financial Messages (SPFS). The financial messaging system is used in place of SWIFT, the Western system that has traditionally served as the de-facto global standard. SPFS is reportedly used by 556 organizations in 20 countries, with foreign organizations’ use of the system more than doubling after 2022.

Euro's Share in SWIFT Transactions Hits Historic Low in March! The share of the euro in international payments via SWIFT in March dropped to an all-time low of 21.93%, according to the global payment system's data. Photo: © iStock/Gaffera

The proportion of global transactions involving Europe's common currency fell by 1.32 percentage points month-on-month.

Meanwhile, the US dollar strengthened its position last month, gaining 0.81 percentage points from February to reach 47.37%, which is its highest level since December 2023, the data showed.

Russia has also made efforts to integrate its financial system with that of Iran, with Moscow’s Mir card payment platform now working with Tehran’s Shetab system.

Meanwhile, banking and messaging systems developed by China and India, two major global economic powers in their own right, have seen increasing use in financial transactions involving Russian entities. China's Cross-Border Interbank Payment System (CIPS) processed more than 6.6 million transactions last year amounting to $17.3 trillion. India’s Unified Payments Interface (UPI) has also expanded rapidly, threatening to pose a significant challenge to SWIFT’s dominance.

“It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony,” wrote international relations analyst Evan Freidin earlier this year.

Central bank currencies and cryptocurrencies round out the selection of financial innovations utilized by Russia to maintain its robust and growing economy, with both technologies threatening to further undermine the US dollar’s global reserve currency status.

One last strategy can be revived from the Soviet era as Russia looks into economic barter with China and other countries. The direct exchange of quantities of one commodity for another cuts out the need for a currency entirely, harkening back to the days of the socialist-aligned Comecon economic organization. The tactic has been employed by various countries subjected to Western sanctions such as Cuba and Venezuela, which engage in barter with several Latin American neighbors via the ALBA–TCP bloc.

Iran's Proposal to Set Up SWIFT Analogue Added to BRICS Agenda! The BRICS leadership has put on the agenda the Iranian central bank's proposal to set up the group's own equivalent to the SWIFT payment system and create an organization to fight money laundering and terrorist financing that would be similar to the intergovernmental Financial Action Task Force (FATF). Photo: © Sputnik/Mikhail Kutusov/Go to the Mediabank

"The proposals of the Iranian central bank on the creation of a system for exchanging financial messages between members of the organization [similar to SWIFT], combating money laundering and financing of terrorism [similar to FATF] and international credit rating institutions for BRICS members were accepted by the organization on the agenda," Deputy Head of Iranian Central Bank Mohsen Karimi was quoted as saying by the IRNA news agency.

[lizyoungthomas]

Preliminary annual employment benchmark revisions came in at -818k. Not far from what economists expected. No big market reaction so far, and unlikely to cause one given the skepticism over accurate measurement and the long lag time (this is for a 1Y period ending in Mar 2024).

[paulthepoke]

This Week in Prophecy: Global Assault on Freedom; Iran & Russia; Putin Pro Crypto

This Week in Prophecy: Global Assault on Freedom; Iran & Russia; Putin Pro Crypto

2 Corinthians 3:17 Now the Lord is the Spirit, and where the Spirit of the Lord is, there is freedom. Freedom is under attack around the globe. Today, we are highlighting the United Kingdom, China, and Brazil. People are absolutely freaking out about Donald Trump and Elon Musk having a conversation on “X”. JUST IN: 🇬🇧 United Kingdom authorities begin arresting citizens for social media posts…

[cryptonewscentral]

🚀 Russia is paving the way for the future of digital finance! 🏦 From legalizing crypto mining to launching an experimental digital currency regime, major changes are coming. 📈 Get ready for a new era! 🌐

[coinroop]

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[cryptoupdate24houre]

Russian लॉमेकर्स Crypto माइनिंग बैन की बना रहे योजना

Russia के एक सीनियर पॉलिटिशियन Anton Tkachev ने दावा किया है कि लॉमेकर्स, प्राइवेट सिटिजन्स की Crypto माइनिंग को बैन करने की योजना बना रहे हैं।

Russia

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Binance to Exit Russia With Sale to Crypto Exchange CommEX

Binance to Exit Russia With Sale to Crypto Exchange CommEX Introduction Binance, one of the world’s largest cryptocurrency exchanges, has recently announced its decision to exit the Russian market. In a strategic move, Binance has chosen to sell its operations in Russia to CommEX, a rising player in the cryptocurrency exchange space. This decision comes amidst increasing regulatory scrutiny in…