Russia is now the second largest Bitcoin miner after the U.S., according to a report by Russian media Kommersant. Russia’s new ranking comes amid moves by the U.S. to tax and regulate crypto mining at both state and federal levels, resulting in a less welcoming environment for the industry in the U.S.

Russia has become the second-largest country in the world in terms of Bitcoin and cryptocurrency mining, with 1 gigawatt of power involved, according to BitRiver, a company that provides colocation services for cryptocurrency mining operations. The United States maintains its position as the leader with a mining capacity of 3-4 GW. Lack of clear regulations regarding cryptocurrencies in the United States may lead to a potential market distribution shift. The positive trend in mining capacity in Russia is attributed to the restrictions imposed on mining activities in Kazakhstan and China due to electricity shortages. Kazakhstan has signed a law on digital assets that regulates cryptocurrency mining, which will provide a sense of security for mining industry players to plan their operational and financial activities, execute major projects, draw investments, and advance related sectors of the Russian economy.

In Argentina, the peso has lost over 10% against the US dollar in the past week, reaching over 440 pesos per dollar on April 21. The cause is attributed to the perceived weakness of the Argentine government, which has not been able to control inflation. The country has $2 billion in foreign currency reserves, low compared to Brazil's $350 billion. Venezuelans and Russians are developing an alternative to SWIFT, expected to be a messaging and settlements system that frees both countries from the influence of the US dollar as a regulator of commercial transactions. Bitcoin mining in Venezuela is still paused due to the ongoing PDVSA-crypto probe, causing losses of up to $11 million monthly for farm owners and $2 million for Corpoelec.

Russian crypto entrepreneur Denis Dubnikov, founder of two coin trading platforms, has been sentenced to three years of probation in the US after pleading guilty to money laundering relating to ransomware attacks. Dubnikov was accused of laundering proceeds from Ryuk ransomware attacks on individuals and organisations in the US and other countries between August 2018 and August 2021. Dubnikov has been ordered to forfeit proceeds in the amount of $2,000 and pay $10,100 in criminal monetary penalties. Dubnikov exchanged 35 BTC for approximately $400,000 in cash for a US company that paid a Ryuk ransomware attack of 250 BTC. The court says he did not know these were ransomware proceeds but "deliberately avoided learning the truth". (Bitcoin.com)

Binance has reportedly allowed users to purchase crypto with Russian bank cards, quietly reintroducing compatibility this week. The move comes after Binance blocked transactions with cards issued by banks located in Russia in March, following international sanctions over the invasion of Ukraine, and deactivated the accounts of many major clients in response to EU sanctions in April. Russian users with over 10,000 euros in crypto have been banned from making new deposits or trading since then. Russia has been increasingly locked out of critical payments infrastructure since the invasion of Ukraine, and is turning to alternative technologies, including CBDCs and cryptocurrencies, to develop new cross-border payment channels.

The digital ruble platform being developed by the Bank of Russia will have the capability to interact with other state-issued digital currencies, according to the central bank.

The digital ruble platform being developed by the Bank of Russia will have the capability to interact with other state-issued digital currencies, according to the central bank. The bank is working on mechanisms to facilitate interaction with digital coins issued by other countries' central banks, potentially through two-way integration or an international digital platform. The Bank of Russia does not plan to create a national crypto exchange but is considering legalizing international crypto settlements under experimental legal regimes. The bank is also open to using stablecoins in cross-border payments or trading them through Russian exchanges. The bank is exploring alternative payment gateways with partnering nations, including Turkey, amid Western sanctions over the war in Ukraine.

Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted.

In the face of Western financial exclusion following its invasion of Ukraine, Russia is reportedly setting up "special authorized organizations" through which cryptocurrency mining and settlements with foreign economic entities can take place, according to the head of the Bank of Russia, Elvira Nabiullina.

Fetch.ai aims to facilitate peer-to-peer trading between DeFi users using AI-powered software "agents."