The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme.

After she disappeared in October 2017, the FBI put up a $100,000 reward for the&nbsp;42-year-old, who is also a German citizen.

US authorities filed a sealed indictment and warrant for her arrest as she was behind one of the most notorious scams in the frequently treacherous world of cryptocurrencies.

Aiming to replace Bitcoin as the world's leading virtual money, Ignatova launched OneCoin in 2014. According to the FBI, she and her co-conspirators pulled in at least $3.4 billion by tapping a global network to market the coin to friends and family in exchange for their own payouts.

While other cryptocurrencies have independent and secured blockchain-type technology, OneCoin did not have these as it was a classic Ponzi scheme.

Ignatova encouraged early investors to find others and then paid out by receipts from later investors.

FBI Special Agent Ronald Shimko said in a statement "OneCoin claimed to have a private blockchain."

"This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin," he said.

As international investigators began to close in on her group, Ignatova disappeared in 2017.

"Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities," the FBI said.

"She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since."

Offering a 5,000 euro ($5,200) reward for information on her whereabouts, Europol announced it had added Ignatova to its most-wanted list in May this year.

(With inputs from agencies)

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The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme.

The Federal Bureau of Investigation (FBI) has added Ruja Ignatova to its top 10 most wanted list. Ignatova, who is dubbed the "Crypto Queen", raised billions of dollars in a fraudulent virtual currency scheme. After she disappeared in October 2017, the FBI put up a $100,000 reward for the 42-year-old, who is also a German citizen. US authorities filed a sealed indictment and warrant for her arrest as she was behind one of the most notorious scams in the frequently treacherous world of cryptocurrencies. Aiming to replace Bitcoin as the world's leading virtual money, Ignatova launched OneCoin in 2014. According to the FBI, she and her co-conspirators pulled in at least $3.4 billion by tapping a global network to market the coin to friends and family in exchange for their own payouts. While other cryptocurrencies have independent and secured blockchain-type technology, OneCoin did not have these as it was a classic Ponzi scheme. Ignatova encouraged early investors to find others and then paid out by receipts from later investors. FBI Special Agent Ronald Shimko said in a statement "OneCoin claimed to have a private blockchain." "This is in contrast to other virtual currencies, which have a decentralized and public blockchain. In this case, investors were just asked to trust OneCoin," he said. As international investigators began to close in on her group, Ignatova disappeared in 2017. "Investigators believe Ignatova may have been tipped off that she was under investigation by US and international authorities," the FBI said. "She traveled from Sofia, Bulgaria, to Athens, Greece, on October 25, 2017, and has not been seen since." Offering a 5,000 euro ($5,200) reward for information on her whereabouts, Europol announced it had added Ignatova to its most-wanted list in May this year. (With inputs from agencies) Watch WION's live TV here:

Ruja Ignatova: Missing Bulgarian 'Crypto Queen' added to most-wanted list by FBI

All you need to know about the world of crypto lending

Bitcoin, the world’s largest cryptocurrency is crashing. More people are selling Bitcoin and there are less buyers. Some crypto trading companies have fired their staff some put the transactions on hold. Why is this happening?

Largest cryptocurrency Bitcoin is crashing – why?

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform.

Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Amid a surge in&nbsp;inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks.

According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56.

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Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well.

Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered."

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects.

US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off.

Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors.

(With inputs from agencies)

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Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price. Amid a surge in inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. × Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well. Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered." In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off. Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors. (With inputs from agencies) Watch WION's live TV here:

After crypto lender Celsius blocks all redemptions, Bitcoin tumbles

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos. Russia’s Ministry of Finance is considering allowing cryptocurrency to be used for international payments, Interfax news agency quoted a government official as saying on Friday (May 27). Ivan Chebeskov, head of the finance ministry's financial policy department, said as quoted: "The idea of using digital currencies in transactions for international settlements is being actively discussed." ALSO READ | Western arms supply to Ukraine risks further destabilisation, warns Putin This is not the first time such reports have emerged. In March, Pavel Zavalny, who is the chairman of the country's Congressional energy committee stated in a press conference that Moscow was open to accepting bitcoin for the exports of its natural resources. His comments were made after Russia Vladimir Putin told the "unfriendly" countries to pay for Russian gas in rubles. Zavalny said that only "friendly" countries would get the bitcoin option. The Vedomosti newspaper reported on Friday, citing government officials that the finance ministry is discussing adding the latest proposal on international payments to an updated version of a draft law. IN PICS | Satellite images of Ukraine conflict show devastation of the battle As per Interfax’s Friday report, Chebeskov said, "If the digital currency is recognized as property, in principle, within the framework of barter transactions with such a digital currency, it will be possible to carry out operations on foreign economic activity." "This topic is being discussed and, it seems to me, deserves attention, given that we have limited possibilities for settlements in the classical, traditional payment infrastructure," Chebeskov added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia is considering allowing cryptocurrency for international payments: Report

A 23-year-old Argentine young man is mining cryptocurrencies. Sebastian Carsorio is making extra money after getting overwhelmed by economic situation. He works repairing appliances at recycling foundation. He made over 180,000 dollars after he started mining cryptocurrencies. With his profit, he invested in property.

This young Argentine is making money by mining digital currency

Currency markets where as investors sought safety due to fears about global growth, Dollars started the week just off a 20-year high against peers while crypto markets appeared to find some stability after last week's turmoil.

Dollar holds gains as investors seek safety, crypto markets find stability

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows.

Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.

The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap.

Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents.

Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system.

"I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing.

On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020.

In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021.

Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month.

Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700.

(With inputs from agencies)

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Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar.

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap. Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents. Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system. "I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing. On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020. In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021. Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month. Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Cryptocurrencies collapse, stablecoin Tether slumps against dollar

As the end of easy monetary policy diminishes, appetite for risk assets crypto assets have bled nearly 800 billion dollars in market value over the last one month.

Crypto assets shed $800 billion in market value in a month

The word metaverse, a combination of the prefix ''meta'' meaning beyond, and ''stem'' meaning the universe is used to describe a virtual space within a digital environment.

The term was coined by science fiction writer Neal Stephenson in the novel ''Snow Crash'' which he wrote in 1992.

Luxury fashion brands such as LVMH and Hermes are considering to cash in on the popularity of metaverse with cryptocurrency&nbsp;emerging as the favoured mode of payment for it.

LVMH's head Bernard Arnault said his business is eyeing to expand into the digital metaverse.

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Meanwhile, Axel Dumas, executive chairman of Hermes has said the company is considering to use metaverse for communications.

Italian luxury brand Gucci has jumped on the bandwagon of cryptocurrency with its stores in Los Angeles and New York accepting Bitcoin, Ethereum and Litecoin.

A Metaverse Fashion Week was held on Decentraland from March 24-27 in which over 70 fashion brands and designers participated.

These included big names in the fashion industry such as Dolce &amp; Gabbana, DKNY, and Tommy Hilfiger among others.

The three-dimensional event along with the Meta Gala and Crypto Fashion is just the beginning of the arrival of fashion into the crypto space.

These fashion shows provide wider exposure to brands and help them communicate with their target audience. They feature outfits with realistic ones and take payments on Boson Protocol direct platform.

<a href="https://www.wionews.com/technology/what-is-metaverse-the-new-buzzword-in-internet-technology-412364">Also read |&nbsp;What is metaverse, the new buzzword in internet technology?</a>

Earlier this year, Benoit Pagotto's design studio RTFKT worked with teenage digital artists, FEWOCiOus, to sell 620 pairs of virtual sneakers generating a total of $3.1 million in less than five minutes.

Entrepreneurs in the space say that virtual fashion will become ubiquitous. They believe that with time the understanding of physical and digital worlds will change our definition of what's real.

If it sounds like science fiction to you then you are on the right track. The de-materialisation of fashion is here and it is going to change the fashion business as we know it.

What we wear says a lot about who&nbsp;we are, making fashion a $2.5 trillion global industry that touches everyone on Earth. It has been transformed immensely by technology, globalisation, and shifting consumer values.

<a href="https://www.wionews.com/entertainment/lifestyle/news-dior-kicks-off-paris-fashion-week-with-survival-thrust-457986">Also read |&nbsp;Dior kicks off Paris Fashion Week with survival thrust</a>

Fashion is recalibrating in&nbsp;the wake of the coronavirus pandemic to balance profit with purpose. As the world stayed home during the pandemic,&nbsp;metaverse was a place people could go to get dressed up.

The business opportunities in this fast-evolving convergence of digital and physical worlds are real.

The metaverse has grown out of gaming where players already spend over 100 billion dollars a year on virtual goods.

3 billion people, more than a third of the world's population, regularly play video games. 46 percent of gamers are women and across generations, people prefer video games over movies and TV shows, making the gaming world's leading form of entertainment.

Dressing avatars have come a long way from battleground beginnings with gaming emerging as a lucrative channel for luxury brands to reach new customers, screen wear is the new streetwear.

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The word metaverse, a combination of the prefix ''meta'' meaning beyond, and ''stem'' meaning the universe is used to describe a virtual space within a digital environment.

The word metaverse, a combination of the prefix ''meta'' meaning beyond, and ''stem'' meaning the universe is used to describe a virtual space within a digital environment. The term was coined by science fiction writer Neal Stephenson in the novel ''Snow Crash'' which he wrote in 1992. Luxury fashion brands such as LVMH and Hermes are considering to cash in on the popularity of metaverse with cryptocurrency emerging as the favoured mode of payment for it. LVMH's head Bernard Arnault said his business is eyeing to expand into the digital metaverse. Meanwhile, Axel Dumas, executive chairman of Hermes has said the company is considering to use metaverse for communications. Italian luxury brand Gucci has jumped on the bandwagon of cryptocurrency with its stores in Los Angeles and New York accepting Bitcoin, Ethereum and Litecoin. A Metaverse Fashion Week was held on Decentraland from March 24-27 in which over 70 fashion brands and designers participated. These included big names in the fashion industry such as Dolce & Gabbana, DKNY, and Tommy Hilfiger among others. The three-dimensional event along with the Meta Gala and Crypto Fashion is just the beginning of the arrival of fashion into the crypto space. These fashion shows provide wider exposure to brands and help them communicate with their target audience. They feature outfits with realistic ones and take payments on Boson Protocol direct platform. Also read | What is metaverse, the new buzzword in internet technology? Earlier this year, Benoit Pagotto's design studio RTFKT worked with teenage digital artists, FEWOCiOus, to sell 620 pairs of virtual sneakers generating a total of $3.1 million in less than five minutes. Entrepreneurs in the space say that virtual fashion will become ubiquitous. They believe that with time the understanding of physical and digital worlds will change our definition of what's real. If it sounds like science fiction to you then you are on the right track. The de-materialisation of fashion is here and it is going to change the fashion business as we know it. What we wear says a lot about who we are, making fashion a $2.5 trillion global industry that touches everyone on Earth. It has been transformed immensely by technology, globalisation, and shifting consumer values. Also read | Dior kicks off Paris Fashion Week with survival thrust Fashion is recalibrating in the wake of the coronavirus pandemic to balance profit with purpose. As the world stayed home during the pandemic, metaverse was a place people could go to get dressed up. The business opportunities in this fast-evolving convergence of digital and physical worlds are real. The metaverse has grown out of gaming where players already spend over 100 billion dollars a year on virtual goods. 3 billion people, more than a third of the world's population, regularly play video games. 46 percent of gamers are women and across generations, people prefer video games over movies and TV shows, making the gaming world's leading form of entertainment. Dressing avatars have come a long way from battleground beginnings with gaming emerging as a lucrative channel for luxury brands to reach new customers, screen wear is the new streetwear. Watch WION's live TV here:

How can metaverse help fashion brands?

Bitcoin is no exception and following the plunge on Wall Street yesterday, World's largest cryptocurrency Bitcoin has also fallen to its lowest level since July of 2021.

Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble

We all agree that regulation of the cryptocurrency industry is needed. However, Gucci is trying to woo the crypto crowd, the brand announced that it will accept cryptocurrency payments in some US stores at the end of this month.

The Good Life: Gucci to accept payments in Cryptocurrency

The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services.

The government had made the use of cryptocurrencies for personal use legal in the country last year. The government said it would grant a license for up to a year and it can be extended for another year amid large scale interest in the country to use the virtual currency.

<a href="https://www.wionews.com/technology/the-price-of-love-cryptocurrency-scammers-target-dating-apps-466384">Also Read |&nbsp;The price of love: Cryptocurrency scammers target dating apps</a>

Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country's central bank has been granted the right to issue licenses with the new rule set to come into effect in May.

The central bank will consider licenses after evaluating the "legality, opportunity and socioeconomic interest of the initiative" the government directive said. Local and foreign companies without a legal license could face sanctions, reports said.

Watch:&nbsp;Cuba approves cryptocurrency services

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The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances&nbsp;as reports claim cryptocurrencies could help Cuba in the current crisis.

(With inputs from Agencies)

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The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services. The government had made the use of cryptocurrencies for personal use legal in the country last year.

The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services. The government had made the use of cryptocurrencies for personal use legal in the country last year. The government said it would grant a license for up to a year and it can be extended for another year amid large scale interest in the country to use the virtual currency. Also Read | The price of love: Cryptocurrency scammers target dating apps Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country's central bank has been granted the right to issue licenses with the new rule set to come into effect in May. The central bank will consider licenses after evaluating the "legality, opportunity and socioeconomic interest of the initiative" the government directive said. Local and foreign companies without a legal license could face sanctions, reports said. Watch: Cuba approves cryptocurrency services Th The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances as reports claim cryptocurrencies could help Cuba in the current crisis. (With inputs from Agencies) Watch WION LIVE here

Cuba approves cryptocurrency services

The Cuban central bank has issued regulations for virtual asset service providers after giving a nod last year to personal use of cryptocurrencies. It's a move some experts said could help Communist-run Caribbean island skirt stiff US sanctions.

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US&nbsp;sanctions using cryptocurrency, federal prosecutors in Manhattan said.&nbsp;

Virgil Griffith was arrested in 2019 and pleaded guilty last September to conspiring to violate the International Emergency Economic Powers Act by travelling to North Korea to present on blockchain technology.

Griffith formerly worked for the Ethereum Foundation, a non-profit that works to support the technology behind the cryptocurrency ether.

The sentence, imposed by US&nbsp;District Judge Kevin Castel, was the minimum amount of prison time prosecutors had sought. Griffith had asked for a sentence of two years. Castel also fined Griffith $100,000, below the $1 million prosecutors suggested.

Griffith's attorney Brian Klein said in a statement that while the sentence was disappointing, the judge "acknowledged Virgil's commitment to moving forward with his life productively and that he is a talented person who has a lot to contribute."

US&nbsp;Attorney Damian Williams said in a statement on Tuesday that "justice has been served."

Griffith, who has a doctorate from the California Institute of Technology, travelled to North Korea via China in April 2019 to deliver a presentation at the Pyongyang Blockchain and Cryptocurrency Conference, despite being denied permission by the U.S. Department of State to go, according to prosecutors.

Prosecutors said Griffith understood the information could be used to evade sanctions the U.S. had imposed on North Korea over its development of nuclear weapons technology.

"The most important feature of blockchains is that they are open. And the DPRK can't be kept out no matter what the USA or the UN says," Griffith said during the presentation, according to prosecutors, using the initials of North Korea's official name.

The Ethereum Foundation said at the time of Griffith's arrest that it had not approved or supported his travel to North Korea.

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US sanctions using cryptocurrency, federal prosecutors in Manhattan said.

A former researcher at a high-profile cryptocurrency group was sentenced to five years and three months in prison on Tuesday for conspiring to help North Korea evade US sanctions using cryptocurrency, federal prosecutors in Manhattan said. Virgil Griffith was arrested in 2019 and pleaded guilty last September to conspiring to violate the International Emergency Economic Powers Act by travelling to North Korea to present on blockchain technology. Griffith formerly worked for the Ethereum Foundation, a non-profit that works to support the technology behind the cryptocurrency ether. The sentence, imposed by US District Judge Kevin Castel, was the minimum amount of prison time prosecutors had sought. Griffith had asked for a sentence of two years. Castel also fined Griffith $100,000, below the $1 million prosecutors suggested. Griffith's attorney Brian Klein said in a statement that while the sentence was disappointing, the judge "acknowledged Virgil's commitment to moving forward with his life productively and that he is a talented person who has a lot to contribute." US Attorney Damian Williams said in a statement on Tuesday that "justice has been served." Griffith, who has a doctorate from the California Institute of Technology, travelled to North Korea via China in April 2019 to deliver a presentation at the Pyongyang Blockchain and Cryptocurrency Conference, despite being denied permission by the U.S. Department of State to go, according to prosecutors. Prosecutors said Griffith understood the information could be used to evade sanctions the U.S. had imposed on North Korea over its development of nuclear weapons technology. "The most important feature of blockchains is that they are open. And the DPRK can't be kept out no matter what the USA or the UN says," Griffith said during the presentation, according to prosecutors, using the initials of North Korea's official name. The Ethereum Foundation said at the time of Griffith's arrest that it had not approved or supported his travel to North Korea.

US crypto researcher sentenced to five years for helping North Korea evade sanctions

Bitcoin has dropped 5.3 percent to $39,881. The world's biggest and best-known cryptocurrency is down 7.3 percent from the year's high of $48,234 on March 28. The price was also down as investors assessed the risks from rising rates and the potential for more tightening by Federal Reserve

Bitcoin falls 5.3 percent to $39,881, Crypto below $40,000 first time in a month

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method.

"It's my ambition to make the UK a global hub for crypto-asset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country," said finance minister Rishi Sunak.

"We want to see the businesses of tomorrow -- and the jobs they create -- here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term."

Also read |&nbsp;<a href="https://www.wionews.com/technology/at-new-yorks-first-nft-atm-buying-digital-art-is-as-easy-as-buying-candy-458000">At New York's first 'NFT ATM', buying digital art is as easy as buying candy</a>

Sunak has also commissioned the Royal Mint, Britain's official coin producer, to create a non-fungible token (NFT).

"The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-asset technology and investment," said a Treasury statement.

Stablecoins will be regulated as part of a package of measures aimed at keeping the UK finance sector on the "cutting edge" of technology.

"Appropriate regulation... could provide a more efficient means of payment and widen customer choice," in the sector the Treasury noted.

Also read |&nbsp;<a href="https://www.wionews.com/technology/after-cryptocurrencies-money-laundering-via-nfts-is-next-big-worry-450303">After cryptocurrencies, money laundering via NFTs is next big worry</a>

Stablecoins do not experience the price swings that cryptocurrencies like Bitcoin have seen since they are backed by one or more national currencies with a nearly&nbsp;fixed rate of exchange.

The Treasury is also looking into methods to improve&nbsp;&nbsp;"the competitiveness of the UK tax system to encourage further development" of the market.

The thriving cryptocurrency industry, as well as its expanding economic significance, is being keenly monitored around the world.

Watch |&nbsp;Gravitas Plus: Bitcoin, Cryptocurrency &amp; Blockchain- What's driving the craze?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-plus-bitcoin-cryptocurrency-blockchain-whats-driving-the-craze-380193/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The United States has also started work on developing a digital dollar, joining more than a hundred other countries that are experimenting with or have already launched pilot projects with their own central bank digital currency.

Regulators, on the other hand, are not that&nbsp;excited about the sector.

Virtual currencies are the "new front line" for criminal schemes, according to Bank of England governor Andrew Bailey.

Last month, Christine Lagarde, the head of the European Central Bank, expressed worry that crypto units were being used as a way to dodge sanctions against Russia over the conflict in Ukraine.

(With inputs from agencies)

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method.

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method. "It's my ambition to make the UK a global hub for crypto-asset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country," said finance minister Rishi Sunak. "We want to see the businesses of tomorrow -- and the jobs they create -- here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term." Also read | At New York's first 'NFT ATM', buying digital art is as easy as buying candy Sunak has also commissioned the Royal Mint, Britain's official coin producer, to create a non-fungible token (NFT). "The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-asset technology and investment," said a Treasury statement. Stablecoins will be regulated as part of a package of measures aimed at keeping the UK finance sector on the "cutting edge" of technology. "Appropriate regulation... could provide a more efficient means of payment and widen customer choice," in the sector the Treasury noted. Also read | After cryptocurrencies, money laundering via NFTs is next big worry Stablecoins do not experience the price swings that cryptocurrencies like Bitcoin have seen since they are backed by one or more national currencies with a nearly fixed rate of exchange. The Treasury is also looking into methods to improve "the competitiveness of the UK tax system to encourage further development" of the market. The thriving cryptocurrency industry, as well as its expanding economic significance, is being keenly monitored around the world. Watch | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? The United States has also started work on developing a digital dollar, joining more than a hundred other countries that are experimenting with or have already launched pilot projects with their own central bank digital currency. Regulators, on the other hand, are not that excited about the sector. Virtual currencies are the "new front line" for criminal schemes, according to Bank of England governor Andrew Bailey. Last month, Christine Lagarde, the head of the European Central Bank, expressed worry that crypto units were being used as a way to dodge sanctions against Russia over the conflict in Ukraine. (With inputs from agencies)

United Kingdom wants to be a crypto-assets hub; to mint its own NFT

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour.

But mining Bitcoins requires one to have a large array of computers the computing power of which is then harnessed to tackle extremely complex cryptographic puzzles during the process of mining. These understandably consumes a lot of energy and leaves a huge carbon footprint.&nbsp;

Several environmental organisation have come together to launch a campaign that says a small tweak in Bitcoin mining method may considerably reduce the huge energy requirement and carbon footprint of the mining. The campaign 'Change the Code Not the Climate' has been launched by Environmental Working Group, Greenpeace USA and several other groups that are battling Bitcoin mining facilities.

The 'Proof of work', the software code that is used in Bitcoin mining.

Rival cryptocurrency Ethereum or Ether is planning a shift to another system called "proof of stake". It is believed that such a shift would bring the energy requirement to mine Ethereum down by 99 per cent.

The campaign launched by the environmental organisations is urging Bitcoin miners to take a similar step and help save the environment

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour.

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour. But mining Bitcoins requires one to have a large array of computers the computing power of which is then harnessed to tackle extremely complex cryptographic puzzles during the process of mining. These understandably consumes a lot of energy and leaves a huge carbon footprint. Several environmental organisation have come together to launch a campaign that says a small tweak in Bitcoin mining method may considerably reduce the huge energy requirement and carbon footprint of the mining. The campaign 'Change the Code Not the Climate' has been launched by Environmental Working Group, Greenpeace USA and several other groups that are battling Bitcoin mining facilities. The 'Proof of work', the software code that is used in Bitcoin mining. Rival cryptocurrency Ethereum or Ether is planning a shift to another system called "proof of stake". It is believed that such a shift would bring the energy requirement to mine Ethereum down by 99 per cent. The campaign launched by the environmental organisations is urging Bitcoin miners to take a similar step and help save the environment

Campaign pushes for change in Bitcoin mining method to save environment

Young Afghans are using cryptocurrencies to circumvent western sanctions on the Taliban regime. Why is crypto exempt from sanctions? How are Afghan youth harnessing its power? Mariam Wardak tells you.

South Asia Diary: Afghans use cryptocurrency to sidestep sanctions

Tens of thousands of people are being targeted by cryptocurrency scammers that have a new target, which is dating apps. WION tells you more in this report.

Crypto Romance Scams: Don't fall for dating app swindlers

Tens of thousands of people are being targeted by cryptocurrency scammers that have a new target, which is dating apps.

Cons dubbed "romance scams" are skyrocketing during the Covid pandemic when lockdowns sent people flocking to the internet seeking a salve for isolation. So have crypto prices. That has made crypto a useful entry point for criminals looking to part victims from their savings.

The US Federal Trade Commission, tracking scams reported to its Consumer Sentinel Network, said 2021 saw a record $547 million stolen in romance scams. This marked a nearly 80 percent increase compared to the year before.

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Those figures cap an upward trend that leapt in the first year of the pandemic. People reported to the FTC losing $1.3 billion to the scams over the past five years, the most of any fraud category.&nbsp;

But it is just the tip of the iceberg, the FTC notes, as the vast majority of cons go unreported.

“Romance is a powerful hook for scammers,” said Emma Fletcher, a data researcher with the FTC's Bureau of Consumer Protection.

Cryptocurrency was the top method by dollar amount that victims used to make such payments in 2021, at about $139 million. That is nearly five times the cryptocurrency amount reported in 2020 and more than 25 times that in 2019, the FTC said. In comparison, about $121 million was lost through bank transfers or payments and another $93 million through wire transfers in 2021, FTC data shows.

The FTC saw an increase in the frequency of romance-scam reporting across all age groups in 2021, but the most significant increase was among 18-29 year olds, said Fletcher.

Experts believe this particular type of scam originated in China before spreading to the US and Europe. Its Chinese name translates roughly as "pig butchering," &nbsp;a reference to the way that victims are "fattened up" with flattery and romance before being scammed.

<a href="https://www.wionews.com/technology/what-is-friend-in-need-scam-being-faced-by-whatsapp-users-428563">Also read |&nbsp;What is 'friend in need' scam being faced by WhatsApp users?</a>

Jan Santiago, the deputy director of the Global Anti-Scam Organisation, a non-profit that represents victims of online cryptocurrency scams, said that unlike typical romance scams - which generally target older, less tech-savvy adults - these scammers appear to be going after younger and more educated women on dating apps like Tinder, Bumble and Hinge.

"It's mostly millennials who are getting scammed," he said.

Jane Lee, a researcher at the online fraud-prevention firm Sift, began looking into crypto dating scams last year. She signed up for several popular dating apps and quickly matched with men who tried to offer her investing advice.

"People are lonely from the pandemic, and crypto is super hot right now," she said. "The combination of the two has really made this a successful scam."

<a href="https://www.wionews.com/india-news/this-66-year-old-man-who-married-and-conned-27-women-is-being-called-indias-tinder-swindler-455379">Also read |&nbsp;This 66-year-old man who married and conned 27 women is being called India's 'Tinder Swindler'</a>

Tim McGuinness, founder of the non-profit Society of Citizens Against Relationship Scams (SCARS), said numbers soared because of "the isolation, the loneliness and the utilization of the web as virtually the exclusive communication tool" during the pandemic.

Cancelled dates over supposedly positive Covid tests and disrupted travel plans due to lockdowns are ruses that feed into the well-worn script of romance scammers, the FTC warned.

While awareness is growing -- through support groups, online forums and even a recent documentary on Netflix "The Tinder Swindler" -- many still fall prey to elaborate cons spun to get into a victim's heart.

Scammers, many based in West Africa, will adopt fake identities, often saying they work abroad and travel a lot or are in the military -- providing ready-made excuses for why they can't meet in person.

A period of intense contact is followed by requests to wire money for plane tickets, visa fees, medical expenses or other emergencies -- always with the promise of paying the amount back when they are finally united.

The internet was already a low-cost, high-return field, but scammers, often working in teams, now hunt everywhere from Instagram to online games like Words with Friends.&nbsp;

(With inputs from agencies)&nbsp;

Tens of thousands of people are being targeted by cryptocurrency scammers that have a new target, which is dating apps. Cons dubbed "romance scams" are skyrocketing during the Covid pandemic when lockdowns sent people flocking to the internet seeking a salve for isolation.

Tens of thousands of people are being targeted by cryptocurrency scammers that have a new target, which is dating apps. Cons dubbed "romance scams" are skyrocketing during the Covid pandemic when lockdowns sent people flocking to the internet seeking a salve for isolation. So have crypto prices. That has made crypto a useful entry point for criminals looking to part victims from their savings. The US Federal Trade Commission, tracking scams reported to its Consumer Sentinel Network, said 2021 saw a record $547 million stolen in romance scams. This marked a nearly 80 percent increase compared to the year before. Those figures cap an upward trend that leapt in the first year of the pandemic. People reported to the FTC losing $1.3 billion to the scams over the past five years, the most of any fraud category. But it is just the tip of the iceberg, the FTC notes, as the vast majority of cons go unreported. “Romance is a powerful hook for scammers,” said Emma Fletcher, a data researcher with the FTC's Bureau of Consumer Protection. Cryptocurrency was the top method by dollar amount that victims used to make such payments in 2021, at about $139 million. That is nearly five times the cryptocurrency amount reported in 2020 and more than 25 times that in 2019, the FTC said. In comparison, about $121 million was lost through bank transfers or payments and another $93 million through wire transfers in 2021, FTC data shows. The FTC saw an increase in the frequency of romance-scam reporting across all age groups in 2021, but the most significant increase was among 18-29 year olds, said Fletcher. Experts believe this particular type of scam originated in China before spreading to the US and Europe. Its Chinese name translates roughly as "pig butchering," a reference to the way that victims are "fattened up" with flattery and romance before being scammed. Also read | What is 'friend in need' scam being faced by WhatsApp users? Jan Santiago, the deputy director of the Global Anti-Scam Organisation, a non-profit that represents victims of online cryptocurrency scams, said that unlike typical romance scams - which generally target older, less tech-savvy adults - these scammers appear to be going after younger and more educated women on dating apps like Tinder, Bumble and Hinge. "It's mostly millennials who are getting scammed," he said. Jane Lee, a researcher at the online fraud-prevention firm Sift, began looking into crypto dating scams last year. She signed up for several popular dating apps and quickly matched with men who tried to offer her investing advice. "People are lonely from the pandemic, and crypto is super hot right now," she said. "The combination of the two has really made this a successful scam." Also read | This 66-year-old man who married and conned 27 women is being called India's 'Tinder Swindler' Tim McGuinness, founder of the non-profit Society of Citizens Against Relationship Scams (SCARS), said numbers soared because of "the isolation, the loneliness and the utilization of the web as virtually the exclusive communication tool" during the pandemic. Cancelled dates over supposedly positive Covid tests and disrupted travel plans due to lockdowns are ruses that feed into the well-worn script of romance scammers, the FTC warned. While awareness is growing -- through support groups, online forums and even a recent documentary on Netflix "The Tinder Swindler" -- many still fall prey to elaborate cons spun to get into a victim's heart. Scammers, many based in West Africa, will adopt fake identities, often saying they work abroad and travel a lot or are in the military -- providing ready-made excuses for why they can't meet in person. A period of intense contact is followed by requests to wire money for plane tickets, visa fees, medical expenses or other emergencies -- always with the promise of paying the amount back when they are finally united. The internet was already a low-cost, high-return field, but scammers, often working in teams, now hunt everywhere from Instagram to online games like Words with Friends. (With inputs from agencies)

The price of love: Cryptocurrency scammers target dating apps

As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April.

This would apply to all virtual digital assets (VDA) and their earnings from Bitcoin to non-fungible tokens (NFTs).

Furthermore, for every transaction involving crypto and other virtual assets, 1% of tax will be deducted at source (TDS).&nbsp;

For example, if a crypto investor buys crypto for Rs 10,000 and sells it for Rs 15,000, netting a profit of Rs 5,000, the investor will face a 30% tax on the profit.&nbsp;

Meanwhile, with only a few days till the new tax system for crypto assets takes effect, numerous investors are reportedly booking profits, rejigging their portfolios, or transferring their crypto assets to private wallets outside of India.&nbsp;

Crypto investors should be aware of a few fiscal regulations for the years 2022-2023:

1: After accounting for all bitcoin transactions for the year, no tax will be required to be paid if an investor is losing money with no earnings.

2: Furthermore, investors will not be taxed if they purchase a crypto asset that has gained in value but are unable to sell it due to market conditions. The profits will not be taxed until they sell it for a profit.

3: When calculating taxes, losses from one type of VDA cannot be offset by gains from other VDA transactions.This means that investors will have to pay a 30% tax on any gains made, while losses will not be deducted from the final taxation amount when trading other tokens.As a result, if you make a profit on one token but lose on another, you must still pay 30% on the profitable token.&nbsp;

4: TDS will be imposed on July 1 and will be deducted from the whole transaction value, regardless of whether the investor makes a profit or a loss.

5: Experts and business owners will be unable to deduct gains or losses from their main income and cryptocurrency revenue.

(With inputs from agencies)

As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April.

As revealed in the Union Budget, profits from trading in crypto and other virtual assets such as non-fungible tokens (NFTs) will be taxed at a flat 30% rate beginning in April. This would apply to all virtual digital assets (VDA) and their earnings from Bitcoin to non-fungible tokens (NFTs). Furthermore, for every transaction involving crypto and other virtual assets, 1% of tax will be deducted at source (TDS). For example, if a crypto investor buys crypto for Rs 10,000 and sells it for Rs 15,000, netting a profit of Rs 5,000, the investor will face a 30% tax on the profit. Meanwhile, with only a few days till the new tax system for crypto assets takes effect, numerous investors are reportedly booking profits, rejigging their portfolios, or transferring their crypto assets to private wallets outside of India. Crypto investors should be aware of a few fiscal regulations for the years 2022-2023: 1: After accounting for all bitcoin transactions for the year, no tax will be required to be paid if an investor is losing money with no earnings. 2: Furthermore, investors will not be taxed if they purchase a crypto asset that has gained in value but are unable to sell it due to market conditions. The profits will not be taxed until they sell it for a profit. 3: When calculating taxes, losses from one type of VDA cannot be offset by gains from other VDA transactions.This means that investors will have to pay a 30% tax on any gains made, while losses will not be deducted from the final taxation amount when trading other tokens.As a result, if you make a profit on one token but lose on another, you must still pay 30% on the profitable token. 4: TDS will be imposed on July 1 and will be deducted from the whole transaction value, regardless of whether the investor makes a profit or a loss. 5: Experts and business owners will be unable to deduct gains or losses from their main income and cryptocurrency revenue. (With inputs from agencies)

India: 30% tax on profits from cryptocurrency assets from April 1

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push.

The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict.

Ukraine's Ministry of Digital Transformation said it is meant "to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine."&nbsp;

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NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated.

Just over a month into the invasion, Russia’s attack has slowed into a grinding war of attrition. Russian forces in Ukraine appear to have shifted their focus from a ground offensive aimed at Kyiv to instead prioritizing what Moscow calls the liberation of the contested Donbas region, suggesting a new phase of the war.

Also see |&nbsp;<a href="https://www.wionews.com/photos/why-russias-missiles-in-ukraine-are-failing-to-hit-the-target-465689" hreflang="en">Why Russia's missiles in Ukraine are failing to hit the target</a>

Russian President Vladimir Putin’s forces are under great strain in many parts of the country, and the United States and other countries are accelerating their transfer of arms and supplies to Ukraine.

The global NFT boom, with US artist Beeple selling artwork at a record-breaking $69 million last year, has encouraged people to turn to digital art.&nbsp;

Opinions on the merits of NFT art vary wildly. The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations.

They are often pilloried for blocky graphics or tacky animation style.&nbsp;

Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code.

The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements.

(With inputs from agencies)

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push. The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict.

Ukraine has launched a collection of non-fungible tokens (NFTs) called 'Meta History: Museum of War' in an expansion of a cryptocurrency fundraising push. The collection is a series of digital images, including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion, each one marking a different day in the conflict. Ukraine's Ministry of Digital Transformation said it is meant "to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine." NFT sales platforms use the blockchain technology behind cryptocurrencies, and transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated. Just over a month into the invasion, Russia’s attack has slowed into a grinding war of attrition. Russian forces in Ukraine appear to have shifted their focus from a ground offensive aimed at Kyiv to instead prioritizing what Moscow calls the liberation of the contested Donbas region, suggesting a new phase of the war. Also see | Why Russia's missiles in Ukraine are failing to hit the target Russian President Vladimir Putin’s forces are under great strain in many parts of the country, and the United States and other countries are accelerating their transfer of arms and supplies to Ukraine. The global NFT boom, with US artist Beeple selling artwork at a record-breaking $69 million last year, has encouraged people to turn to digital art. Opinions on the merits of NFT art vary wildly. The most famous collections, Bored Ape Yacht Club and CryptoPunks, feature cartoon images replicated 10,000 times with algorithm-generated variations. They are often pilloried for blocky graphics or tacky animation style. Also, those who buy NFTs do not get a physical product, rather they receive a verified entry on a blockchain, essentially a piece of computer code. The value comes from the supposed rarity or fame of the object, often driven by celebrity endorsements. (With inputs from agencies)

'Meta History: Museum of War': Ukraine launches NFT in crypto crowdfunding push

President Joe Biden on Wednesday ordered government agencies to begin work on creating a digital US dollar, weighing the risks and benefits of a move that could be a game-changer for the global financial system.

According to a White House statement, the US effort will be "placing urgency on research and development of a potential United States CBDC."&nbsp;

Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.

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“That will help position the US to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement.

It comes amid heightened concern about the use of cryptocurrencies by Russian elites to circumvent Western sanctions that have cut Russia off from large portions of the global economy, and moves by China and other economies to create their own cryptocurrencies.

The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial institutions to watch out for potential attempts by Russian entities to evade sanctions imposed by Washington over Moscow's invasion of Ukraine.

<a href="https://www.wionews.com/photos/how-much-tax-is-imposed-on-cryptocurrency-in-different-countries-worldwide-449585">Also see |&nbsp;How much tax is imposed on cryptocurrency in different countries worldwide?</a>

The Biden administration has argued that Russia won’t be able to make up for the loss of US and European business by turning to cryptocurrency.

The executive order had been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West.

Despite the risks, the government said, surveys show that roughly 16 per cent of adult Americans, or 40 million people, have invested in cryptocurrencies. And 43 per cent of men age 18-29 have put their money into cryptocurrency.

Treasury Secretary Janet Yellen said last week that “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions” and that the industry is not “completely one where things can be evaded.”

The US Federal Reserve released a report on January noting that digital currencies could offer potential benefits to American consumers and businesses, but said it is not clear they would outweigh the potential risks.

Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November, from just $14 billion just five years prior. 
&nbsp;

(With inputs from agencies)

President Joe Biden on Wednesday ordered government agencies to begin work on creating a digital US dollar, weighing the risks and benefits of a move that could be a game-changer for the global financial system.

President Joe Biden on Wednesday ordered government agencies to begin work on creating a digital US dollar, weighing the risks and benefits of a move that could be a game-changer for the global financial system. According to a White House statement, the US effort will be "placing urgency on research and development of a potential United States CBDC." Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States. “That will help position the US to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement. It comes amid heightened concern about the use of cryptocurrencies by Russian elites to circumvent Western sanctions that have cut Russia off from large portions of the global economy, and moves by China and other economies to create their own cryptocurrencies. The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial institutions to watch out for potential attempts by Russian entities to evade sanctions imposed by Washington over Moscow's invasion of Ukraine. Also see | How much tax is imposed on cryptocurrency in different countries worldwide? The Biden administration has argued that Russia won’t be able to make up for the loss of US and European business by turning to cryptocurrency. The executive order had been widely anticipated by the finance industry, crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West. Despite the risks, the government said, surveys show that roughly 16 per cent of adult Americans, or 40 million people, have invested in cryptocurrencies. And 43 per cent of men age 18-29 have put their money into cryptocurrency. Treasury Secretary Janet Yellen said last week that “many participants in the cryptocurrency networks are subjected to anti-money laundering sanctions” and that the industry is not “completely one where things can be evaded.” The US Federal Reserve released a report on January noting that digital currencies could offer potential benefits to American consumers and businesses, but said it is not clear they would outweigh the potential risks. Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November, from just $14 billion just five years prior. (With inputs from agencies)

US President Joe Biden orders work to begin on future 'digital dollar'

The winner of Melania Trump's non-fungible token (NFT) auction is reportedly none other than the former United States first lady herself. &nbsp;

Joining a growing list of celebrities offering digital memorabilia, Trump had launched her NFT and blockchain technology venture last year in December.&nbsp;

As per a statement issued by Melania Trump's office, the first NFT was named "Melania's Vision" which was a watercolour art by artist Marc-Antoine Coulon. It "embodies Melania's cobalt blue eyes".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/twitter-ceo-parag-to-go-for-parental-leave-decision-appreciated-by-fellow-dads-454074">Twitter CEO Parag to go for parental leave, decision appreciated by fellow dads</a>

At the time of the announcement, she said: "I am proud to announce my new NFT endeavour, which embodies my passion for the arts, and will support my ongoing commitment to children through my Be Best initiative."&nbsp;

"Through this new technology-based platform, we will provide children computer science skills including programming and software development to thrive after they age out of the foster community," the statement added.&nbsp;

However, as per an analysis by Bloomberg News, the transactions on the Solana blockchain has links to Melania (or maybe her team members) and the winning bid of 1,800 SOL (the equivalent of $185,000).&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/in-saudi-arabia-sending-red-heart-emojis-can-attract-26000-fine-up-to-5-years-in-jail-454044">In Saudi Arabia, sending ‘red heart’ emojis can attract $26,000 fine, up to 5 years in jail</a>

The report states that the series of blockchain transactions show that the cryptocurrency used to purchase Trump's NFT came from a wallet that "belongs to the entity that originally listed the project for sale".&nbsp;

As per the investigative report, the creator of Trump's NFT transferred "372,657 USDC, a stablecoin pegged to the US dollar, to a second wallet that later sent 1,800 SOL to a third address."&nbsp;

And probing further, it has been understood that the "third one is listed as the winner of the auction on Trump's website." A report over the issue related to the transaction was earlier published by VICE.&nbsp;

​​For the unversed, SOL is the seventh-largest cryptocurrency in terms of the market capitalisation of $38 billion.&nbsp;

Melania Trump has denied the reports as in a statement, the Office of Melania Trump said: "The nature of Blockchain protocol is entirely transparent."

"Accordingly, the public can view each transaction on the Blockchain. The transaction was facilitated on behalf of a third-party buyer," it added.&nbsp;

In the latest tweet,&nbsp;Melania informed about former President Donald Trump's NFT collection which will launch on February 21.&nbsp;

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Official POTUS TRUMP NFT Collection // Launching Presidents Day <a href="https://t.co/fHht5vQesL">pic.twitter.com/fHht5vQesL</a>
— MELANIA TRUMP (@MELANIATRUMP) <a href="https://twitter.com/MELANIATRUMP/status/1494298199208734724?ref_src=twsrc%5Etfw">February 17, 2022</a></blockquote>
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WATCH |&nbsp;World’s first NFT museum opens in Seattle

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&nbsp;

The winner of Melania Trump's non-fungible token (NFT) auction is reportedly none other than the former United States first lady herself. Joining a growing list of celebrities offering digital memorabilia, Trump had launched her NFT and blockchain technology venture last year in December.

The winner of Melania Trump's non-fungible token (NFT) auction is reportedly none other than the former United States first lady herself. Joining a growing list of celebrities offering digital memorabilia, Trump had launched her NFT and blockchain technology venture last year in December. As per a statement issued by Melania Trump's office, the first NFT was named "Melania's Vision" which was a watercolour art by artist Marc-Antoine Coulon. It "embodies Melania's cobalt blue eyes". ALSO READ | Twitter CEO Parag to go for parental leave, decision appreciated by fellow dads At the time of the announcement, she said: "I am proud to announce my new NFT endeavour, which embodies my passion for the arts, and will support my ongoing commitment to children through my Be Best initiative." "Through this new technology-based platform, we will provide children computer science skills including programming and software development to thrive after they age out of the foster community," the statement added. However, as per an analysis by Bloomberg News, the transactions on the Solana blockchain has links to Melania (or maybe her team members) and the winning bid of 1,800 SOL (the equivalent of $185,000). ALSO READ | In Saudi Arabia, sending ‘red heart’ emojis can attract $26,000 fine, up to 5 years in jail The report states that the series of blockchain transactions show that the cryptocurrency used to purchase Trump's NFT came from a wallet that "belongs to the entity that originally listed the project for sale". As per the investigative report, the creator of Trump's NFT transferred "372,657 USDC, a stablecoin pegged to the US dollar, to a second wallet that later sent 1,800 SOL to a third address." And probing further, it has been understood that the "third one is listed as the winner of the auction on Trump's website." A report over the issue related to the transaction was earlier published by VICE. For the unversed, SOL is the seventh-largest cryptocurrency in terms of the market capitalisation of $38 billion. Melania Trump has denied the reports as in a statement, the Office of Melania Trump said: "The nature of Blockchain protocol is entirely transparent." "Accordingly, the public can view each transaction on the Blockchain. The transaction was facilitated on behalf of a third-party buyer," it added. In the latest tweet, Melania informed about former President Donald Trump's NFT collection which will launch on February 21. Official POTUS TRUMP NFT Collection // Launching Presidents Day pic.twitter.com/fHht5vQesL — MELANIA TRUMP (@MELANIATRUMP) February 17, 2022 × WATCH | World’s first NFT museum opens in Seattle ×

The winning bid for Melania Trump's NFT was placed by Melania Trump: Report

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.&nbsp;

"We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said.

"All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India."

India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century.

Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question.

India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations.

She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing.

RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government.

"Whatever points we have we discuss with the government," he added.

CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency.

(With inputs from agencies)

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India. "We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said. "All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India." India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century. Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question. India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing. RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government. "Whatever points we have we discuss with the government," he added. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency. (With inputs from agencies)

Reserve Bank of India deputy governor equates crypto with Ponzi schemes

India's finance minister, Nirmala Sitharaman said on Friday that the government has the sovereign right to tax profit made from cryptocurrency transactions. She added that the decision on banning or not banning will be taken depending on feedback from consultations.

In response to the general discussion on the country's Union Budget, the minister said, "I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input".

Also read |&nbsp;<a href="https://www.wionews.com/india-news/how-will-tax-on-virtual-digital-assets-impact-crypto-investors-in-india-coinswitch-ceo-answers-451545">How will tax on virtual digital assets impact Crypto investors in India? CoinSwitch CEO answers</a>

When asked about the profits derived from cryptocurrency transactions, she stated that "(Whether it is) legitimate or illegitimate, it is a different question, but I will tax because it is a sovereign right to tax".

The minister was responding to questions raised by Congress member Chhaya Verma about cryptocurrency, who had asked about the legitimacy of taxing cryptocurrency.

In her budget speech on February 1, Sitharaman announced that as of April 1, only the RBI-issued 'Digital Rupee' will be recognised as currency, and the government will levy a 30 per cent tax on gains from any other private digital assets.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/decoding-how-rbis-digital-rupee-will-impact-the-indian-economy-449859">Decoding how RBI’s Digital Rupee will impact the Indian economy</a>

The Budget 2022-23 proposes a 1 per cent TDS on payments towards virtual currencies in excess of Rs 10,000 per year, taxation of such gifts in the hands of the recipient.

TDS would be subject to a limit of Rs 50,000 annually for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.

Watch |&nbsp;India's RBI to launch digital currency

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indias-rbi-to-launch-digital-currency-449556/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In addition, no deductions in respect of any expenditure or allowance shall be allowed when computing income from transactions in such assets. It has also been stipulated that losses from the transfer of virtual digital assets will not be able to be set off against other income.

The provisions relating to 1 per cent TDS will take effect on July 1, 2022, while from April 1, 2022, gains will be subject to tax.

(With inputs from agencies)

India's finance minister, Nirmala Sitharaman said on Friday that the government has the sovereign right to tax profit made from cryptocurrency transactions. She added that the decision on banning or not banning will be taken depending on feedback from consultations.

India's finance minister, Nirmala Sitharaman said on Friday that the government has the sovereign right to tax profit made from cryptocurrency transactions. She added that the decision on banning or not banning will be taken depending on feedback from consultations. In response to the general discussion on the country's Union Budget, the minister said, "I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input". Also read | How will tax on virtual digital assets impact Crypto investors in India? CoinSwitch CEO answers When asked about the profits derived from cryptocurrency transactions, she stated that "(Whether it is) legitimate or illegitimate, it is a different question, but I will tax because it is a sovereign right to tax". The minister was responding to questions raised by Congress member Chhaya Verma about cryptocurrency, who had asked about the legitimacy of taxing cryptocurrency. In her budget speech on February 1, Sitharaman announced that as of April 1, only the RBI-issued 'Digital Rupee' will be recognised as currency, and the government will levy a 30 per cent tax on gains from any other private digital assets. Also read | Decoding how RBI’s Digital Rupee will impact the Indian economy The Budget 2022-23 proposes a 1 per cent TDS on payments towards virtual currencies in excess of Rs 10,000 per year, taxation of such gifts in the hands of the recipient. TDS would be subject to a limit of Rs 50,000 annually for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act. Watch | India's RBI to launch digital currency In addition, no deductions in respect of any expenditure or allowance shall be allowed when computing income from transactions in such assets. It has also been stipulated that losses from the transfer of virtual digital assets will not be able to be set off against other income. The provisions relating to 1 per cent TDS will take effect on July 1, 2022, while from April 1, 2022, gains will be subject to tax. (With inputs from agencies)

'Sovereign right' to tax: This is what Nirmala Sitharaman said about India's cryptocurrency tax in parliament

The US Justice Department announced on Tuesday that it has uncovered its largest cryptocurrency theft to date, seizing $3.6 billion in bitcoin tied to digital currency exchange Bitfinex's 2016 hack. A husband-and-wife team were arrested on money laundering charges.

Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan on Tuesday morning. They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-charges-three-north-korean-hackers-in-13-billion-theft-spree-364574">US charges three North Korean hackers in $1.3 billion theft spree</a>

Deputy Attorney General Lisa Monaco said it was the Justice Department's largest financial seizure, emphasising that cryptocurrency is not a safe haven for criminals.

Among the charges against Lichtenstein and Morgan are conspiracies to defraud the United States and to commit money laundering. The lawsuit was filed in a federal court in Washington, DC.

US Magistrate Judge Debra Freeman set Lichtenstein's bond at $5 million and Morgan's at $3 million during their preliminary appearances in federal court on Tuesday. She demanded that their parents post their homes as security for their return to court.

The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in bitcoin, but as the currency's value has grown, it's now over $4.5 billion.

Also read |&nbsp;<a href="https://www.wionews.com/science-technology/crypto-platform-wormhole-hit-by-320-million-hack-450282">Crypto platform Wormhole hit by $320 million hack</a>

An important clue may have been found in the 2017 bust of an underground digital market used to launder some of the funds. US officials said that some of the money was transferred to AlphaBay, a dark web version of eBay that allows anything to be sold.

Elliptic, a digital currency tracking company, says it is plausible that when AlphaBay shut down, it allowed authorities access to its internal transaction logs, which were linked to a cryptocurrency account in Lichtenstein's name.

Bitfinex said in a statement that the company was working with the Department of Justice to establish its rights to the bitcoin stolen.

Additionally, Lichtenstein and Morgan attempted to launder money by using a network of currency exchanges or claiming that the money represented payments to Morgan's startup, according to the DOJ.

Watch |&nbsp;Digital hoarding: What it is and why you should care

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/digital-hoarding-what-it-is-and-why-you-should-care-450726/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Both Morgan and Lichtenstein, who have dual citizenship with the United States and Russia, nodded as Freeman warned them that fleeing would result in severe penalties.

Both will be placed under house arrest, with electronic monitoring, and will not be allowed to transact in cryptocurrency pending trial, Freeman said. Later, a judge in Washington, where further hearings will be held, may set different conditions, she said.

(With inputs from agencies)

The US Justice Department announced on Tuesday that it has uncovered its largest cryptocurrency theft to date, seizing $3.6 billion in bitcoin tied to digital currency exchange Bitfinex's 2016 hack.

The US Justice Department announced on Tuesday that it has uncovered its largest cryptocurrency theft to date, seizing $3.6 billion in bitcoin tied to digital currency exchange Bitfinex's 2016 hack. A husband-and-wife team were arrested on money laundering charges. Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan on Tuesday morning. They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors. Also read | US charges three North Korean hackers in $1.3 billion theft spree Deputy Attorney General Lisa Monaco said it was the Justice Department's largest financial seizure, emphasising that cryptocurrency is not a safe haven for criminals. Among the charges against Lichtenstein and Morgan are conspiracies to defraud the United States and to commit money laundering. The lawsuit was filed in a federal court in Washington, DC. US Magistrate Judge Debra Freeman set Lichtenstein's bond at $5 million and Morgan's at $3 million during their preliminary appearances in federal court on Tuesday. She demanded that their parents post their homes as security for their return to court. The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in bitcoin, but as the currency's value has grown, it's now over $4.5 billion. Also read | Crypto platform Wormhole hit by $320 million hack An important clue may have been found in the 2017 bust of an underground digital market used to launder some of the funds. US officials said that some of the money was transferred to AlphaBay, a dark web version of eBay that allows anything to be sold. Elliptic, a digital currency tracking company, says it is plausible that when AlphaBay shut down, it allowed authorities access to its internal transaction logs, which were linked to a cryptocurrency account in Lichtenstein's name. Bitfinex said in a statement that the company was working with the Department of Justice to establish its rights to the bitcoin stolen. Additionally, Lichtenstein and Morgan attempted to launder money by using a network of currency exchanges or claiming that the money represented payments to Morgan's startup, according to the DOJ. Watch | Digital hoarding: What it is and why you should care Both Morgan and Lichtenstein, who have dual citizenship with the United States and Russia, nodded as Freeman warned them that fleeing would result in severe penalties. Both will be placed under house arrest, with electronic monitoring, and will not be allowed to transact in cryptocurrency pending trial, Freeman said. Later, a judge in Washington, where further hearings will be held, may set different conditions, she said. (With inputs from agencies)

$4.5 billion in bitcoin: US uncovers biggest-ever cryptocurrency theft

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency.&nbsp;

“The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. Before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognised as an analogue of currencies, and not digital financial assets,” said Russia paper Kommersant as reported by CNBC.

If true, this will be a marked departure from stance taken Russia's central bank which called for blanket ban on cryptocurrencies as late as last month.&nbsp;

If the law reported in Russian media is passed, reports say that only owning cryptocurrencies will be legalised in the country and not other activities.

Cryptocurrencies have had legal status in Russia since 2020. But payments using cryptocurrencies have not yet been authorised. Authorities in the country have in past expressed fears that cryptocurrencies may be used to fund illegal activities. Kommersant says that if a law is passed, it may come into force in latter half of 2022 or first half of 2023

However, the report suggests that transactions made using cryptocurrencies that amount to more than 600,000 rubles (about $8,000) may get declared illegal.

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency. “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia.

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency. “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. Before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognised as an analogue of currencies, and not digital financial assets,” said Russia paper Kommersant as reported by CNBC. If true, this will be a marked departure from stance taken Russia's central bank which called for blanket ban on cryptocurrencies as late as last month. If the law reported in Russian media is passed, reports say that only owning cryptocurrencies will be legalised in the country and not other activities. Cryptocurrencies have had legal status in Russia since 2020. But payments using cryptocurrencies have not yet been authorised. Authorities in the country have in past expressed fears that cryptocurrencies may be used to fund illegal activities. Kommersant says that if a law is passed, it may come into force in latter half of 2022 or first half of 2023 However, the report suggests that transactions made using cryptocurrencies that amount to more than 600,000 rubles (about $8,000) may get declared illegal.

Russia may recognise cryptocurrency, likely to pass a law: Report

A new report has claimed that Russia can earn $13 billion annually by regulating cryptocurrency.

Published by Moscow-based news outlet 'The Bell,' the report suggests that taxes should imposed on exchanges and intermediaries, as well as income from investments.

A piece of similar advice was given by Finance Ministry official Ivan Chebeskov who said Russia should regulate the crypto market, not ban it.

<a href="https://www.wionews.com/photos/how-much-tax-is-imposed-on-cryptocurrency-in-different-countries-worldwide-449585">Also see |&nbsp;How much tax is imposed on cryptocurrency in different countries worldwide?</a>

President Vladimir Putin has asked Russian politicians and the central bank to reach consensus, following a clash over how much control is needed on cryptocurrencies as they gain traction in Russia.

Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.

The central bank last week said financial stability, citizens' wellbeing and its monetary policy sovereignty were all under threat.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-proposes-ban-on-crypto-use-mining-446390/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies.

The central bank said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients. It pointed to steps taken in other countries, such as China, to curb cryptocurrency activity.

In September last year, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Kremlin had estimated the Russian cryptocurrency market at more than 16.5 trillion rubles ($214 billion), which is around 12 per cent of the total value of global crypto market capitalisation.

Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month.

Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles, a process that requires heavy use of electricity.

This year, Russia plans to test a digital rouble to facilitate payments for individuals and businesses and try to make its currency more global in the face of Western sanctions.

(With inputs from agencies)

A new report has claimed that Russia can earn $13 billion annually by regulating cryptocurrency. Published by Moscow-based news outlet 'The Bell,' the report suggests that taxes should imposed on exchanges and intermediaries, as well as income from investments.

A new report has claimed that Russia can earn $13 billion annually by regulating cryptocurrency. Published by Moscow-based news outlet 'The Bell,' the report suggests that taxes should imposed on exchanges and intermediaries, as well as income from investments. A piece of similar advice was given by Finance Ministry official Ivan Chebeskov who said Russia should regulate the crypto market, not ban it. Also see | How much tax is imposed on cryptocurrency in different countries worldwide? President Vladimir Putin has asked Russian politicians and the central bank to reach consensus, following a clash over how much control is needed on cryptocurrencies as they gain traction in Russia. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment. The central bank last week said financial stability, citizens' wellbeing and its monetary policy sovereignty were all under threat. The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies. The central bank said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients. It pointed to steps taken in other countries, such as China, to curb cryptocurrency activity. In September last year, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Kremlin had estimated the Russian cryptocurrency market at more than 16.5 trillion rubles ($214 billion), which is around 12 per cent of the total value of global crypto market capitalisation. Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles, a process that requires heavy use of electricity. This year, Russia plans to test a digital rouble to facilitate payments for individuals and businesses and try to make its currency more global in the face of Western sanctions. (With inputs from agencies)

How Russia can earn $13 billion annually by regulating cryptocurrency?

India's finance minister Nirmala Sitharaman explains why the government announced a 30% tax on cryptocurrencies in Budget 2022, in an exclusive interview with WION's Editor-in-chief Sudhir Chaudhary.

Exclusive: A currency gets the intrinsic value only when the govt issues it, says Nirmala Sitharaman

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