Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Russia passed a bill allowing crypto trade payments and is aiming to roll out the digital ruble next July.</li><li>Moscow's tilt to crypto reverses its previous anti-crypto stance.</li></ul>Russia is stepping up sanctions-evading measures to keep its international trade flowing. The country is passing new laws regulating cryptocurrency and a plan for the digital ruble.On Tuesday, Russia's State Duma — the lower house of Russia's federal assembly — passed a bill that would let businesses use cryptocurrencies in international trade, <a target="_blank" class="" href="https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/">Reuters</a> reported.Under this new law, Russia's central bank will create a new "experimental" payments platform. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters.Nabiullina also said on Tuesday that the Russian central bank plans a mass introduction of the digital ruble in July next year, per <a target="_blank" class="" href="https://tass.com/economy/1823089">TASS.</a>Digital currencies, like the digital ruble, are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks.</a><h2 id="04f69842-16d5-468a-85c4-9bbe54193e49">Some Russian businesses are already using crypto</h2>In addition, Russia passed new regulations legalizing crypto mining on Tuesday.An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift.In January 2022 — before the full-scale invasion of Ukraine — <a target="_blank" class="" href="https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/">Russia's central bank</a> proposed a ban on the use and mining of cryptocurrencies within the country, citing risks to financial stability and monetary policy.However, the heavily sanctioned country is facing so many issues with international payments that it has been forced to shift its position.Some Russian businesses are already using cryptocurrencies to trade with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.<a target="_blank" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said earlier this month that Russia had to <a target="_blank" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.Russia's tilt toward crypto isn't unexpected. Analysts have been speculating about how <a target="_blank" href="https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia">Russia would eventually move</a> toward using crypto and digital assets following sweeping sanctions over its invasion of Ukraine.<h2 id="0eca508c-15cf-41aa-b85a-a557ee507d8d">Increasingly tight Western sanctions hit Russia's international trade</h2>Until recently, Moscow hasn't really had to look into digital currencies that intently — since Russian companies have managed to keep on doing business using non-US dollar currencies, such as the Chinese yuan, or via smaller banks.But Russia's international trade is getting <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">ever more difficult.</a>The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions — even in non-US dollars — with Russia to avoid getting in the crosshairs."This episode demonstrates the global power of the US Treasury, causing banks from Turkey to India and China to pause the processing of payments invoiced by or to Russian counterparties," wrote Christopher Granville, the managing director of global political research at GlobalData TS Lombard, in a May note about <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-brics-usd-dollar-central-banks-digital-currency-payments-mbridge-2024-5">digital currencies and dedollarization.</a>"In other words, simply settling commercial invoices in national currencies rather than US dollars turns out to be an insufficient counter to US sanctions," Granville added.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a><h2 id="b33701e6-83ac-4290-b6c2-ada7fbc1bf3a">Russia could be eying a digital-currency-based settlement system</h2>It isn't clear how Russia's crypto and digital currency regimes will shape up.Implementation may be easier said than done.Even China, which has one of the world's most advanced <a target="_blank" class="" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital currencies,</a> relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote in May that that setup avoided excessively disrupting the operations of banks, which could threaten broader financial stability.

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said. Addressing a financial sector seminar organised by business daily Mint here, the Reserve Bank of India (RBI) chief also said that for emerging market economies and advanced economies, travelling down that path of cryptocurrencies will create huge risks which will be very difficult to contain going forward. "The question is why do you want to go down that road? What is it that you are going to get?," Das said while responding to a query about the development in the US with respect to cryptocurrencies. <keyword id="20153809" type="General" weightage="20" keywordseo="personally-das" source="keywords">Personally Das</keyword> and RBI, as an institution, are opposed to private cryptocurrencies on the grounds that they pose tremendous threat to the financial stability. "The US capital markets regulator in the same announcement also issued necessary cautionary advice and necessary warning to investors to be careful along with the risks it poses. Our position, my position and the RBI's position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them," he said. The remarks were in the context of the US regulator SEC permitting bitcoin ETFs. The approval is seen as a landmark event in the adoption of cryptocurrencies in mainstream finance as the ETF structure gives institutions and financial advisors a familiar and regulated way to have an exposure to bitcoins. "I don't wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks in the product and advised people to be very careful. "We are all familiar with the Tulip mania in the Netherlands that had led to an asset bubble in the past. I don't think emerging markets and the world can afford a crypto mania that could lead to similar outcomes," the governor said. On whether he sees the forthcoming vote-on-account to be inflationary, Das said that going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures. Further, Das mentioned many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

The world cannot afford a crypto mania: Shaktikanta Das

Ethereum's London Hard Fork

<ul class="summary-list"><li>6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event, Bloomberg reported.</li><li>The halving event will whittle down the reward for miners, which means they'll be looking for more cost-effective ways to operate.</li></ul>Crypto miners are getting ready for the long-awaited bitcoin halving event slated for next month, which will cut down their rewards for introducing new tokens onto the blockchain.One way they're bracing for the change? Shipping old bitcoin mining machines overseas.There will soon be 6,000 old computers being packaged up to be shipped abroad, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-23/bitcoin-halving-spurs-exodus-of-old-us-mining-computers-abroad?srnd=markets-vp" target="_blank" rel="noopener">reported</a> on Monday. SunnySide Digital is a crypto wholesaler operating a facility in Colorado Springs which will refresh a several thousand outdated computers and resell them to miners in countries like Ethiopia, Tanzania, Paraguay and Uruguay.That's because, after April, crypto miners will be <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3">rewarded with 3.125 bitcoin</a> for cracking complex puzzles instead of the 6.25 they have been for the past four years. Which means miners have to figure out how to lower their production costs in order to still turn a profit.Miners use big computers to solve complex problems to add new tokens to the blockchain, making <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crypto-mining-electricity-energy-us-government-cryptocurrency-australia-eia-2024-2">energy use</a> one of the biggest expenses miners have to budget for. So while some miners will upgrade to more energy-efficient computers and <a href="https://theminermag.com/news/2024-03-21/miner-weekly-private-bitcoin-mining-share/">phase out the old tech</a> to adapt to the halving, others will send old computers abroad where the machines can still make a profit because of low electricity costs.One SunnySide official told Bloomberg that the process is a "natural migration," which is only accelerated by the halving.There has actually been an uptick in private mining activity approaching the halving as older miners get "one last squeeze" out of their old mining machines before the bitcoin reward drops, a crypto outlet, The Miner Mag, <a href="https://theminermag.com/news/2024-03-21/miner-weekly-private-bitcoin-mining-share/">found</a>.The halving event is also expected to trigger a big price jump in bitcoin. The token is currently trading at $66,911, up over 50% this year, although down from recent <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-price-impact-record-high-above-72000-btc-2024-3">record-highs</a> of $73,798.

6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event

<ul><li>If you are a gamer and have been waiting for <keyword id="257940" type="General" weightage="20" keywordseo="gpu" source="Orion">GPU</keyword> prices to stabilize or decline, you are in for a rude shock.</li><li>The recent surge in <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> prices has led to a major increase in the prices of Nvidia GPUs.</li><li>To make matters worse, reports suggest that this could get worse as supply is expected to reduce by half in the coming weeks.</li></ul>After cooling down for a few weeks, <a href="https://www.businessinsider.in/tech/news/heres-why-gpu-prices-are-skyrocketing-in-india/articleshow/83304810.cms">GPU prices</a> are surging once again much to the annoyance of gamers. The recent breakout in Ethereum prices has led to an increase in GPU prices by nearly 20%, according to various trackers. A report by <a href="https://news.mydrivers.com/1/781/781064.htm">MyDrivers</a>, a Chinese news portal that tracks tech-related supply chain news, has revealed that Nvidia GPU (graphics processing unit) prices are up by 18% in China. The report states that the supply of Nvidia graphics cards will be “very tight” in September, with total units expected to be down by 50%. While GPU prices bottomed out around July, the new spike could be a result of a major breakout in Ethereum prices. In the last one week, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial" data-type="tilCustomLink">Ethereum</a> has surged by over 23%, going from $3,172 (approx. ₹2,31,700) to $3,912 (approx. ₹2,85,700). Ethereum was trading around $2,000 in July, leading to a decline in GPU prices across the board, as cryptocurrency mining became less profitable. At $2,000 levels, Ethereum’s price had fallen by half from its previous highs of over $4,000. Unsurprisingly, with Ethereum back in the $4,000 range, GPU prices have picked up steam, too. And it’s not just Nvidia cards that have seen an increase in prices – the AMD RX 6000 series cards have witnessed a noticeable increase, too. This is at a time when the supply is still keeping up with the demand – according to a 3D Center report, supply has taken a minor hit despite the surge in demand. If and when the supply gets even more constrained, we could see a much more rapid increase in GPU prices. <cmsannotation type="cmsannotation" annotationid="These are the worst affected graphics cards" comment="subhead" text="These are the worst affected graphics cards">These are the worst affected graphics cards</cmsannotation> According to data compiled by MyDrivers, some of the worst affected graphics cards are Nvidia-based ones from Asus and Gigabyte. Note that these are prices in China. Asus <ul><li>RTX 3070 Ti: +600 Yuan (approx. $92 or ₹6,800)</li><li>RTX 3080, 3070: +400 Yuan (approx. $62 or ₹4,500)</li><li>RTX 3060 Ti, 3060: +350 Yuan (approx. $54 or ₹4,000)</li></ul>Gigabyte <ul><li>RTX 3090, 3080 Ti: +400 Yuan (approx. $62 or ₹4,500)</li><li>RTX 3070 Ti, 3070, 3060 Ti, 3060: +300 Yuan (approx. $46 or ₹3,400)</li></ul>For context, these are the current prices of some of these graphics cards in India: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">GPU </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Price </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3080 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹1,79,200 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3080 Ti </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹1,50,900 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3070 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹98,000 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3070 Ti </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹1,06,000 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3060 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹76,700 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">RTX 3060 Ti </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹81,300 </td></tr></tbody></table> Source: Cost to Cost, Prime ABGB A <a href="https://www.3dcenter.org/news/hardware-und-nachrichten-links-des-2829-august-2021">3D Center</a> report notes that GPU prices are increasing in Europe as well. If the Ethereum rally continues and with supply issues expected to worsen in the coming weeks, you can expect GPU prices to increase even more from where they are now. <cmsannotation type="cmsannotation" annotationid="How are GPU prices linked to cryptocurrency prices?" comment="subhead" text="How are GPU prices linked to cryptocurrency prices?">How are GPU prices linked to cryptocurrency prices?</cmsannotation> Cryptocurrency mining requires a GPU or a dedicated application-specific integrated circuit (ASIC) to solve complex mathematical problems. Cryptocurrency mining can be an expensive proposition given the hardware it requires, and the power that is consumed in the process. If cryptocurrency prices increase, crypto mining becomes more profitable, thereby resulting in an increase in demand for GPUs. With <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial" data-type="tilCustomLink">Ethereum prices</a> nearly doubling over the last one week, it’s no surprise that GPU prices are increasing once again. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/heres-why-gpu-prices-are-skyrocketing-in-india/articleshow/83304810.cms">GPU prices are skyrocketing in India — this is how crypto miners and scalpers are making it worse</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-is-closing-in-on-key-resistance-level-that-could-signal-nearly-30-upside-ahead-according-to-a-technical-analyst/articleshow/85901921.cms">Bitcoin is closing in on key resistance level that could signal nearly 30% upside ahead, according to a technical analyst</a> <a href="https://www.businessinsider.in/cryptocurrency/news/vitalik-buterin-discussed-ethers-environmental-impact-how-dogecoin-could-become-more-like-ether-and-joked-with-elon-musk-in-a-recent-twitter-qa-here-are-the-10-best-quotes/articleshow/85894535.cms">Vitalik Buterin discussed ether's environmental impact, how dogecoin could become more like ether and joked with Elon Musk in a recent Twitter Q&amp;A. Here are the 10 best quotes</a>

You Searched For "paraguay crypto mining in india" and got 5 results

Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier

Huileng Tan

The world cannot afford a crypto mania: Shaktikanta Das

PTI

Ethereum's London Hard Fork

BI India Bureau

6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event

Aruni Soni

Bad news for gamers – GPU prices are increasing once again, this time because of Ethereum

Rounak Jain

Popular Keywords

Buying Guides