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Russia’s Putin Says Crypto Has The Right To Exist And Can Be Used As A Medium Of Payment

Russia’s Putin Says Crypto Has The Right To Exist And Can Be Used As A Medium Of Payment

Key takeaways

  • President of Russia Vladimir Putin says cryptocurrencies “may exist as a means of payment.”
  • Russia’s crypto-industry continue to grow despite grey areas in regulations.
  • Russia has also emerged as a Bitcoin mining power house as they are currently the third largest contributor to Bitcoin mining hashrate.

Amidst global concerns about regulation of cryptocurrencies from governments of countries and global key players, Russia’s President Vladimir Putin seems to have accepted cryptocurrencies according to his recent comments, although he still has some reservations about the asset class.

Speaking with CNBC’s Hadley Gamble yesterday at the end of his plenary session during the Russian Energy Week forum, Putin stated that cryptocurrencies “may exist as a means of payment.” His statement was in response to a question on if Russia had made moves to adopt cryptocurrencies as a means of settling contracts for the supply of oil, as hinted by Deputy Prime Minister Alexander Novak in June.

Putin said that while the possibility exists, it is still early to be used in the trade of crude oil. This is due to the fact that cryptocurrencies are still not supported by “anything” despite having “high value,” and can currently only be used conveniently as a means of payments according to Putin.

“Everything develops and has the right to exist – it [cryptocurrencies] may have the right to accumulate, we’ll see. But it’s too early to talk about it today,” Putin said. 

He also considers the high energy footprint of the industry due to the use of hydrocarbons to be a problem.

The President’s comments echo the stance that the European country has taken on cryptocurrencies in general. Russia has historically been a powerhouse of the cryptocurrency industry, from way back in the ICO days of 2016 to 2018. The large success of the industry was one of the factors that brought increased scrutiny to it even. While Russia once considered completely banning cryptocurrencies, current regulations only restrict the asset class from being used as legal tender.

According to a bill passed into law in January, cryptocurrencies are classified as a type of property for tax purposes. The bill also makes it illegal to buy goods or pay for services with cryptocurrencies and forbids Russia’s public officials from owning digital assets. However, it is legal for Russian residents to pay for products or services provided by foreign merchants or platforms located in nations with friendlier crypto regulations.

Despite the current less than completely certain regulatory policies in the country, Russia has soared in cryptocurrency adoption. Data from Chainalysis in August found that Russia ranked second in the adoption of cryptocurrencies like Bitcoin, contributing strongly to Eastern Europe’s dominance in global cryptocurrency adoption.

Similarly, Russia has also come to be a dominant force in Bitcoin mining. Recent data from the Cambridge Center for Alternative Finance ranks Russia as the third biggest contributor to the global hashrate of the Bitcoin network following the mass exodus of miners from China. Russia now accounts for around 11% of the global hashrate of the Bitcoin network.

Virtual Land Adjacent to Snoop Dogg’s Sandbox Estate Sells for $450K in Ethereum

The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate.::Listen

Virtual Land Adjacent to Snoop Dogg's Sandbox Estate Sells for $450K in Ethereum

The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate.

Plot of Land Next to Snoop’s Virtual Mansion in The Sandbox Metaverse Sells for Six-Digits

Two days ago, The Sandbox disclosed it was selling virtual plots of land that are located next to Snoop Dogg’s virtual property. Snoop has been a cryptocurrency advocate for quite some time and in recent days, he revealed he was a non-fungible token (NFT) whale called “Cozomo de’ Medici.”

Then at the end of September, Snoop partnered with The Sandbox, a gaming ecosystem where people can create, share and monetize NFTs and gaming experiences on the Ethereum (ETH) network.

Virtual Land Adjacent to Snoop Dogg's Sandbox Estate Sells for $450K in Ethereum

The Sandbox blog post published on Thursday, explains that plots of land in the “Snoopverse” would go on sale on December 2 at 1 p.m. (UTC). 122 lands are for sale and 67 premium plots will be sold with a bundle of three exclusive NFTs.

A total of three small estates are to be auctioned on Opensea, The Sandbox announcement further detailed on Thursday. So far, the plot of land called “Wave 1 – 3×3 Estate S [12,-75]” sold for 71,000 SAND or roughly $450K at the time of settlement.

P-Ape Purchases the Adjacent Plot, Nonfungible.com Stats Show Virtual Land Sales Capture This Week’s Top NFT Purchases

At press time the 71,000 SAND is worth less than $400K after the crypto market carnage that took place on Saturday morning. The owner of the land next to Snoop’s estate is called “P-Ape,” and the collector has a number of popular NFTs.

The NFT collector has a slew of Crypto Bull Society NFTs and a Bored Ape Yacht Club (BAYC) NFT as well. P-Ape owns BAYC #6,445 and Mutant Ape Yacht Club #11,089 and a myriad of individual Lazy Bunny NFTs.

The Sandbox team notes that in order to redeem the estate next to Snoop’s, the winner of the auction should first write to The Sandbox and get instructions on how to transfer this token to the team. “The Sandbox team … will in return transfer the estate ownership to him/her,” the company explains in the sale description.

In terms of market sales, The Sandbox held the largest seven-day sales stats last week with 4,433 sales worth $70 million. Top land sales last week sold for 14-15 ether, or 8,000 SAND to close to 10,000 SAND per plot.

What do you think about The Sandbox land that sold next to Snoop Dogg’s estate for 71,000 SAND? Let us know what you think about this subject in the comments section below.

Russia’s Putin Says Crypto Has The Right To Exist And Can Be Used As A Medium Of Payment

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