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Russia Advances Use of Bitcoin, Other Digital Financial Assets in Foreign Trade

Russia is actively experimenting with digital financial assets (DFAs) in foreign trade, as per its new legislation, a senior government official revealed. Russian Finance Minister Anton Siluanov spoke about alternatives to the US dollar for international trade during an interview on Russia-24 on Dec. 25. Siluanov highlighted that the government has authorized foreign trade transactions using DFAs and Bitcoin, adding that such methods are already in practice and set for expansion. “We Can Use Mined Bitcoin” Siluanov emphasized that adopting DFAs in foreign trade is a logical step under current circumstances, enabling the use of modern infrastructure. He described this approach as an innovation in global settlement systems, stating, “That is the future.” Russia is leveraging its experimental legal framework, effective since September 2024, to integrate DFAs — including Bitcoin — into international trade. Siluanov explained, “We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.” Russia Legalizes Mining and Scales DFA Use The minister noted that Russia legalized Bitcoin mining earlier in 2024, paving the way for such transactions. He added, “We say that they need to be developed and expanded, and I am sure that next year, it will be a reality.” Siluanov Cautions Against Crypto Investment Amid Bitcoin Highs While advocating for DFA use in trade, Siluanov has warned against viewing cryptocurrency as an investment vehicle. In a speech on Nov. 6, he stated, “Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment.” His remarks underline the dual approach of promoting DFAs in trade while cautioning against speculative risks for individual investors. CoinTurk News

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Whale Launches ‘Suspicious’ LINK Accumulation Spree on Binance As Chainlink Releases New DeFi Solution

A whale has been spotted aggressively accumulating LINK , the native token of the decentralized oracle network Chainlink, according to blockchain tracking firm Lookonchain. Lookonchain reports that a whale suddenly created 30 new wallets to accumulate $34.1 million worth of LINK tokens from Binance. “Suspicious LINK accumulation spotted! Over the past 5 days, 30 newly created wallets have withdrawn 1.37M LINK ($34.1M) from Binance.” Source: Lookonchain/X At time of writing, Chainlink is trading at $24.04, up 34% in the last month. Earlier this week, Chainlink released Smart Value Recapture (SVR), a solution aiming to allow DeFi solutions to recapture non-toxic Maximal Extractable Value (MEV) from the leading oracle’s price feeds. “Based on real-world testing, we believe Chainlink SVR can expect to achieve a realistic value recapture rate of approximately 40% (i.e., for every $100 that would have been leaked via liquidation MEV, $40 was recaptured). While some alternative solutions have claimed to achieve a higher efficiency rate for recapturing liquidation MEV, we have not seen conclusive real-world data to showcase this. We believe that 40% is a conservative but realistic estimate—real life performance will be needed to gather actual data.” On the same day as the announcement from Chainlink, Aave , the biggest lending platform in crypto, proposed using SVR. Specifically, the proposal was about activating a pilot program of SVR oracles on Aave v3 to recapture MEV from the platform’s liquidations to return its own ecosystem. The proposal is currently awaiting questions and feedback from the community. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/GrandeDuc The post Whale Launches ‘Suspicious’ LINK Accumulation Spree on Binance As Chainlink Releases New DeFi Solution appeared first on The Daily Hodl . CoinTurk News