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The final August services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; Singapores fuel oil inventory figures for the week ending September 2, and the changes in LME copper, aluminum, and nickel inventories in the UK for the week ending September 3 will be released in twenty minutes.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "The president of Palau, the host country of the 55th Pacific Islands Forum, said today that he hopes member states will reach a consensus to condemn Chinas missile test in the region. What is the Foreign Ministrys response to this?" Guo Jiakun stated that China has repeatedly clarified its position on the test. Palaus repeated hype is an attempt to manipulate the positions of other Pacific Islands Forum member states; its intentions are malicious, and its scheme will not succeed. Guo Jiakun said that China adheres to the path of peaceful development, firmly pursues a defensive national defense policy, and never engages in military expansion. We are willing to work with South Pacific countries to contribute to maintaining peace, stability, development, and prosperity in the South Pacific region.On September 3, Polish Deputy Defense Minister Pawel Zalewski stated that Poland hopes to expand its participation in NATOs nuclear deterrence system, and the issue of participating in related missions under the NATO nuclear sharing framework is currently under discussion. He said Poland hopes to participate in missions related to nuclear weapons delivery, which is also part of the NATO nuclear sharing mechanism. Through participation in related programs, Poland hopes to further strengthen its role in NATOs nuclear deterrence system. Zalewski stated that this is the first time Poland has pushed for NATO member states to consider allowing it to participate in related nuclear weapons delivery missions. However, he also emphasized that there is currently no issue of deploying nuclear warheads outside of existing NATO deployment sites.September 3 - U.S. retail diesel prices rose to their highest level since mid-2022, surpassing the peak set at the beginning of the Iran-Iraq War and just shy of a record high. Data from the American Automobile Association (AAA) showed that the national average retail price of diesel rose to $5.783 per gallon on Wednesday, exceeding the high reached in April during the Middle East war and only slightly below the record high set in June 2022 during the energy crisis triggered by the Russia-Ukraine conflict. Patrick DeHaan, director of oil analysis at GasBuddy, said that at the current rate of increase, diesel prices could break a new record before Labor Day next Monday.On September 3, the Ministry of Commerce held a regular press conference. Spokesperson Huang Ling, responding to comments made by EU Trade and Economic Security Commissioner Šefčovič regarding China-EU trade, emphasized that consultations at all levels between China and the EU should adhere to the stable and balanced positioning of the key China-EU trade partnership, and insist on resolving each others concerns on an equal footing. Unilateral demands, conditions, or even threats of market closures should be avoided. Huang Ling stressed that China has repeatedly reiterated that the EU should face up to its own economic and trade problems. China is not the root cause of these problems, but rather a partner that can help the EU resolve them.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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