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Vladimir Putin Says West’s Attempt to ‘Crush the Russian Economy’ Did Not Succeed

01/07/2022 by Idelto Editor

Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin.

Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’


Against the U.S. dollar, the Russian ruble has been performing at the strongest level since May 2015 and it has been said by a number of people that Western sanctions have failed. At the annual St. Petersburg International Economic Forum, Russian president Vladimir Putin said attempts to destroy the Russian economy did not come to fruition. “The idea was clear: crush the Russian economy violently,” Putin declared. “They did not succeed. Obviously, that didn’t happen.” Traditionally, when a country is sanctioned broadly by a majority of countries, capital leaves the region and the currency’s overall value against other fiat currencies would decline.

However, Russia is the second-largest exporter of oil and commands the top position as the world’s biggest gas exporter as well. America and the European Union (EU) are trying awfully hard to sanction Russia but the EU is forced to purchase gas and oil from the country in not-so-obvious ways. Fortune India claims that India is ostensibly buying oil from the Russian Federation and selling it back to the EU for a profit. The New York Post details that analysts believe the ruble’s strong performance is due to the Kremlin’s capital controls and the fact that oil and gas prices have skyrocketed worldwide. In addition to India, China and South Korea have been purchasing oil from Russia.

A study published by Bloomberg Economics estimates that Putin could amass roughly $321 billion in profits from energy exports alone. Tatiana Orlova, a lead emerging markets economist at Oxford Economics told CBS, however, that Russia’s import markets are crumbling at the seams. “Apart from soaring export revenues, we have a collapse in Russian imports owing to Western sanctions,” Orlova noted during an interview with CBS Money Watch. Max Hess, a fellow at the Foreign Policy Research Institute, told CNBC that Russia is still earning record profits. Hess said:

That exchange rate you see for the ruble is there because Russia is earning record current account surpluses in foreign exchange. Although Russia may be selling slightly less to the West right now, as the West moves to cutting off [reliance on Russia], they are still selling a ton at all-time high oil and gas prices. So this is bringing in a big current account surplus.

Service Providers Refuse to Update ATMs in Russia, Biden Says Americans Will Have to Pay High Gas Prices ‘as Long as It Takes’ to Stop Putin’s Ukraine Invasion


Meanwhile, the U.S. and various Western corporations are doing everything they can to stifle the Russian economy. Just recently, the country’s central bank introduced the new 100-ruble banknote but automated teller machines (ATMs) are having issues with the new bill. Western sanctions have pushed ATM companies like NCR and Diebold Nixdorf to exit Russia. Allegedly, ATM service providers are refusing to update the ATMs and the machines reject the new banknotes. According to an unnamed source from the payments industry, Russian ATMs are not a priority. “Given the geopolitical situation, it is difficult to imagine that development for the Russian market will be a priority,” the source familiar with the matter explained.

On June 30, American president Joe Biden was asked at a NATO summit press conference how long American drivers will have to pay high gas prices at the pump. Biden said that it will take “as long as it takes” to stop Putin’s Ukraine invasion. “As long as it takes, so Russia cannot, in fact, defeat Ukraine and move beyond Ukraine,” Biden told the reporter. A Fortune report explains that American citizens “don’t seem to be on board” with Biden’s decisions. The report cites the latest Associated Press-NORC Center for Public Affairs Research poll which shows a lack of confidence in Biden’s leadership.

In terms of handling the U.S. economy, 70% of Americans, including 43% of Democrats, do not approve of Biden’s management. 60% of Americans do not approve of Biden’s leadership, 80% of U.S. citizens think America’s “economic conditions [are] poor,” and 67% of the 80% identified as Democrats. Biden and his administration, however, wholeheartedly believe that Putin is to blame for the world’s rising gas prices. “We could have turned a blind eye to Putin’s barbaric war against Ukraine and the price of gas wouldn’t have spiked the way it has, but America rose to the moment,” Biden said on June 27.

What do you think about the strength of the Russian ruble and Biden saying that Americans must put up with high gas prices because of Putin’s war? Let us know what you think about this subject in the comments section below.

Filed Under: Bank of Russia, Central Bank, China, conflict, Crude Oil, cut rate, Diebold Nixdorf, Economics, English, EU, Gas, India, interest rate, Joe Biden, Max Hess, NCR, News Bitcoin, OIL, Peace Talks, Poll, rouble, ruble, ruble crash, ruble falls, ruble plunges, Ruble Rises, Ruble strength, Russia, Russia Ruble, Russian economy, russian sanctions, Sanctions, Tatiana Orlova, Ukraine, Ukraine Invasion, Vladimir Putin, War, Western Allies

Russian Ruble Taps 7-Year High Against the US Dollar — Economist Says ‘Don’t Ignore the Exchange Rate’

21/06/2022 by Idelto Editor

Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”

Russia’s Ruble Climbs Higher — Report Says ‘Putin Is Having the Last Laugh’


The financial sanctions against Russia are seemingly not affecting the transcontinental country as much as Western media has portrayed during the past few months. On Monday, the Russian ruble tapped a price high against the U.S. dollar and it was the highest rise since 2015. There have been many reports from economists and analysts that have said Russia’s financial books are cooked and most of the ruble’s strength is simply smoke and mirrors. One Youtuber claims that while the ruble looks strong, most of the strength is bolstered by manipulation.

Youtuber Jake Broe told his 146,000 subscribers that the “Russian economy is currently tanking, inflation is high, unemployment is going up, wages are going down, the GDP of the Russian economy is collapsing.” However, Broe’s arguments could also be said about the United States as the American economy seems to be heading toward a recession, inflation is the highest in 40 years, jobless claims in the U.S. have risen as productivity is down, and the U.S. economy’s GDP shrank significantly in Q1 2022.

Broe says that the Russian government and central bank are manipulating things, which has made the ruble look strong. Yet, arguably, U.S. politicians and the Federal Reserve could also be accused of manipulation and spreading unreliable information. Other reports that do not leverage Broe’s biased talking points indicate that sanctions against Russia have failed miserably. A report published by armstrongeconomics.com says the Russian oil boycott is not working and “Putin is having the last laugh as he is now selling more oil at a higher price point.”

Armstrongeconomics.com author Martin Armstrong added:

In April, Russian oil exports rose by 620,000 b/d to 8.1 million b/d. India (+730,000 b/d) and Turkey (+180,000 b/d) helped to offset the international embargo, while the EU remained the largest importer despite a sharp reduction in shipments. The IEA reported that Russian oil exports rose over 50% YoY during the first four months of the year — The boycott has completely backfired on the West and has helped strengthen the Russian economy.

Report Shows India Buys Oil From Russia, Refines It, Then Sells It to Europe for Profit — European Union Commission President Predicts Oil Sanctions Could Backfire


Additionally, Russia has been keeping its financial dealings obscure as the country announced monthly figures on government spending would no longer be disclosed. Russia’s Finance Ministry told the press the country needed to “minimize the risk of the imposition of additional sanctions.” Bitcoin.com News reported two weeks ago that numerous countries are not adhering to the West’s sanctions and have been purchasing oil from the Russian Federation. For instance, India is reportedly obtaining oil from Russia and after the oil is refined, the country has been selling it to Europe for a profit.

New Delhi: India is importing crude oil from Russia & re-exporting it at much higher prices to US, France, Italy & UK. – CREA report shows.

— South Asia Index (@SouthAsiaIndex) June 14, 2022

China has been purchasing oil from Russia as well, and a number of oil refineries are forced to purchase oil from the transcontinental country. For instance, Italy’s largest refinery ISAB has been forced to source crude oil from Russia because banks stopped providing the company with credit. China is the largest single buyer of Russian oil and has been since 2021, and data shows the country obtains 1.6 million barrels per day from Russia on average. Meanwhile, oil is becoming scarcer in Europe as warnings say Britain could face massive grid blackouts. The financial newspaper the Economist insists Europe is suffering through “a severe energy-price shock”

The inconvenient truth those citing Russia’s GDP size fail to grasp:

If we subtract Russian energy from the mix of global energy supplies, global oil & gas prices will quickly spike to levels that collapse the entire global economy, & USD-centric debt markets & financial system. pic.twitter.com/dZiEaZXh3H

— Luke Gromen (@LukeGromen) February 21, 2022

Moreover, two weeks ago, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial that says people should not dismiss the ruble exchange rate. Lichfield’s article says Western governments claimed that eventually, Russia’s economy would ultimately fail but he thinks things need to be reassessed. “The Russian financial system may have withstood the initial shock — but a fall in gross domestic product (GDP) and crippling input shortages, they claimed, would force Moscow to eventually de-escalate as the war entered a grinding phase — But it’s time to reassess this stance,” Lichfield wrote.

Russia’s economy will fail as a result of their “war”. They will not be in a bargaining position soon…. Just kick out their diplomats. https://t.co/Yx2Bn4ACaa

— J Burgess – I am what I am. (@Gooddem4ever) April 5, 2022

Government officials predicted that the energy sanctions could backfire and may not necessarily work. During an interview in May, the European Union Commission president Ursula Von Der Leyen described how the energy sanctions could backfire. Von Der Leyen said that if countries “immediately” sanctioned Russian oil imports, Vladimir Putin “would be able to take the oil that he does not sell to the European Union to the world market, where the prices will increase, and [he will] sell it for more.”

What do you think about the Russian ruble’s market performance and the theories on why it is doing so well? Do you think the Russian ruble is being propped up by the country’s officials or do you think the fiat currency is strong? Let us know what you think about this subject in the comments section below.

Filed Under: Bank of Russia, Central Bank, Charles Lichfield, China, conflict, Crude Oil, cut rate, Economics, English, EU, Gas, India, interest rate, Martin Armstrong, News Bitcoin, OIL, Peace Talks, rouble, ruble, ruble crash, ruble falls, ruble plunges, Ruble Rises, Ruble strength, Russia, russia bank run, Russia Ruble, russian bank run, russian sanctions, Sanctions, Ukraine, Ursula Von Der Leyen, Vladimir Putin, War, Western Allies, Youtuber Jake Broe

Indian Government’s Chief Economic Adviser Warns of Danger in Crypto, Defi Without Regulation

12/06/2022 by Idelto Editor

Indian Government's Chief Economic Adviser Warns of Danger in Crypto, Defi Without Regulation

The Indian government’s chief economic adviser has warned about innovations like crypto and decentralized finance (defi) in the absence of regulation. “We may not be fully aware or comprehend the kind of forces we are unleashing ourselves,” he opined.

Indian Government’s Chief Economic Adviser Skeptical of Crypto, Defi, Decentralization

The Indian government’s chief economic adviser (CEA), V. Anantha Nageswaran, reportedly warned about the danger of crypto and the risks posed by its lack of regulation Thursday at an Assocham event. Referring to cryptocurrency, he was quoted by local media as saying:

The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else.

The government’s economic adviser explained that he agreed with Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on crypto and decentralized finance (defi). The RBI official has warned that there currently appears to be a case of regulatory arbitrage with regard to crypto and defi rather than true financial innovation.

Referring to defi, Nageswaran opined:

In my opinion, while it is considered innovation, I would reserve my judgement whether it is truly innovative or truly disruptive in a positive sense or is it something that we will come to regret.

Commenting on whether cryptocurrency could be an alternative to fiat currencies, the economic adviser stressed that it has “to satisfy many purposes.” He elaborated: “It has to be a store of value, it has to have widespread acceptability, and it has to be a unit of account … In all these cases the new ‘innovations’ such as crypto or defi are yet to pass the test.”

Nageswaran concluded:

So I wouldn’t be very excited by them because sometimes we may not be fully aware or comprehend the kind of forces we are unleashing ourselves.

“I would be somewhat guarded in my welcome of some of these fintech-based disruptions like defi and crypto etc,” he noted.

The Indian government is currently working on the country’s crypto policy. The finance ministry has consulted with the International Monetary Fund (IMF) and the World Bank on crypto regulations. Last week, the Securities and Exchange Board of India (SEBI) said that the decentralized nature of crypto makes regulation challenging.

Meanwhile, the Indian central bank remains skeptical of crypto. On Friday, RBI Governor Shaktikanta Das cautioned investors against trading in cryptocurrencies, reiterating that they “pose huge risks to financial stability.”

What do you think about the comments by the Indian government’s chief economic adviser? Let us know in the comments section below.

Filed Under: Central Bank, Cryptocurrency regulation, decentralized finance, English, India, india defi, indian crypto regulation, indian government, News Bitcoin, RBI, Regulation, Shaktikanta Das, V. Anantha Nageswaran

Study: Switzerland Has ‘the Most Profitable Bitcoin Traders’ Worldwide, While France ‘Is the Best Bitcoin Trading Nation’

20/04/2022 by Idelto Editor

According to a recent study published by the online investing news and education platform Invezz, Switzerland currently has the most profitable bitcoin traders worldwide. That’s according to data stemming from Chainalysis, Worldometers, and Triple A, which helped Invezz assign each country a score in terms of the most profitable bitcoin trading by country.

Researchers Rank the Best Bitcoin Trading Nations and the Most Profitable Bitcoin Traders by Country


This week, invezz.com researchers published a study that looks at the most profitable bitcoin traders by country by leveraging statistics from multiple datasets. The study’s author Dan Ashmore explained one dataset stemmed from Chainalysis, which shows the top 25 countries in the world by realized bitcoin (BTC) gains in 2020.

This served as the study’s backdrop, as the invezz.com research team also utilized statistics from Worldometers and Triple A. While the data shows Switzerland currently has the most profitable bitcoin traders worldwide, France is the top country in terms of “the best bitcoin trading nation.”

“[France] ranked 12th in the percentage of the country invested in crypto (3.3%), but an impressive third and eighth respectively in bitcoin gains per capita and bitcoin gains per investor, at $275 and $13 respectively,” Ashmore’s report explains. “While a lot of other countries placed well in certain categories, France was the only country to be above average in all three metrics.”

Invezz.com Study: ‘France Claims the Title of Best Bitcoin Traders, Switzerland Has the Most Profitable Traders at $1,268 of Gains per Investor’


Following France on the list of countries, the Czech Republic and Belgium are second and third in terms of the best bitcoin trading nations. Then there’s Canada, Netherlands, Switzerland, Germany, Australia, United Kingdom, United States, Spain, Japan, Ukraine, South Korea, and Italy respectively. Other notable countries included Argentina, Vietnam, Poland, Russia, Thailand, Brazil, Turkey, and India. Out of all the countries listed, Switzerland’s bitcoin traders ruled the roost as far as BTC gains are concerned.

“Switzerland has the most profitable traders at $1,268 of gains per investor, however with only 1.8% of the country invested in crypto, they get knocked down to a sixth-place finish. The Czech Republic is similar,” the invezz.com study details. But both Switzerland and the Czech Republic are much lower on the list than France for specific reasons. “Switzerland and Czech Republic ranking 23rd and 21st respectively, out of 24 countries, for the percentage of population invested in crypto (1.8% and 2.2%), [it] ultimately kills their chances,” Ashmore’s report says. The invezz.com researcher concludes:

It is France [that claims] the title of best bitcoin traders. But there must be something in the water in mainland Europe, because their dominance of the top of the table is clear.


What do you think about invezz.com’s study and the results that show the most profitable bitcoin traders by country? Let us know what you think about this subject in the comments section below.

Filed Under: Argentina, Australia, belgium, Brazil, Canada, Czech Republic, Dan Ashmore, English, France bitcoin traders, France bitcoin trading, Germany, India, invezz.com researcher, invezz.com researchers, invezz.com study, Italy, Japan, Netherlands, News, News Bitcoin, Poland, Russia, South Korea, Spain, Switzerland, Switzerland bitcoin traders, thailand, Turkey, Ukraine, United Kingdom, United States, Vietnam

India’s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

02/04/2022 by Idelto Editor

India’s Crypto Trading Volume Drops as New Tax Rules Enter Into Force

Crypto trading volumes in India have plummeted following the new tax law entering into force. The new rules impose a 30% flat tax on crypto income and do not allow losses to be offset against gains.

New Crypto Tax Rules in Effect


The new crypto tax rules entered into force on April 1 after the country’s parliament approved Finance Bill 2022. A flat tax of 30% now applies to crypto income with no deductions or loss offsets allowed.

On April 1, crypto exchanges in India began seeing sharp declines in trading volumes. Aditya Singh, who runs the Youtube channel “Crypto India,” posted screenshots on Twitter showing a sharp decline in trading volume at four major cryptocurrency exchanges in India: Coindcx, Bitbns, Zebpay, and Wazirx.

India's Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

“This is just the start of the decline of such a great ecosystem that we had in India,” Twitter user Shivam Chhuneja commented. “Our government must think about taxation rules that bolster the industry and their tax revenue at the same time. Many people earn their living form crypto trading.”

India’s finance ministry explained in Lok Sabha, the lower house of parliament, last week that “no deduction in respect of any expenditure (other than cost of acquisition) or allowance is allowed.” Furthermore, losses from crypto transactions cannot be offset against gains.

Ashish Singhal, co-founder and CEO of crypto trading platform Coinswitch, commented:

A flat 30% tax that does not differentiate short-term capital gains from long-term gains, with no provision for deducting expenses incurred or offsetting losses is not in tune with the tax framework for other asset classes and is discriminatory.

Crypto supporters in India have petitioned on Change.org for the government to introduce reasonable crypto tax policies. At the time of writing, the petition has garnered more than 103K signers.

On July 1, another damaging tax provision will come into effect. A 1% tax deducted at source (TDS) will be imposed on crypto transactions. An Indian parliament member recently explained why this is detrimental to the crypto industry.

What do you think about how India is taxing crypto income and transactions? Let us know in the comments section below.

Filed Under: crypto taxation india, English, India, india crypto income, india crypto tax, india cryptocurrency tax, News Bitcoin, Regulation

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