Crypto exchange platform BestChange in the dark over Russia block
Circulating and advertising digital currencies is banned in Russia, although using cryptocurrency for international payments is now legal, as is cryptocurrency mining.
"bestchange.ru has been restricted in Russia by Roskomnadzor," the platform said late on Monday in response to a request for comment. "Unfortunately, we cannot account for the exact reason why this has happened.
"We are communicating with the central bank to pinpoint the reason and interacting with the regulator to clarify the situation and lift the block."
Roskomnadzor's website lists bestchange.ru as blocked. The RIA news agency cited Roskomnadzor as saying that the ban was due to legal violations "in the financial sphere".
Roskomnadzor did not immediately respond to a request for comment.
BestChange said new regulations around crypto could be behind the ban, or an issue with an entity using its service.
Last year, Russia legalised cryptocurrency mining and introduced taxes that could bring in up to 200 billion roubles ($2 billion) a year from miners. Moscow has since restricted crypto mining in some Siberian regions to prevent power shortages.
As part of that legislation, Russia has allowed businesses to use cryptocurrencies in international trade as Moscow looks to circumvent Western sanctions causing payment delays, although a trial period is yet to get under way.
($1 = 96.2000 roubles)
(Reporting by Alexander Marrow Editing by Christina Fincher)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
10 hours ago
- Zawya
What South Africa can learn from failed rent control policies worldwide?
Soaring monthly rentals in the Western Cape have made housing unaffordable for many tenants, forcing them to move elsewhere. This is according to nearly 80% of rental agents in PayProp's 2025 State of the Rental Industry report. It's not uncommon for a modest apartment in Green Point to be advertised at a monthly rental of R22,000, while a small unit in Durbanville might go for R16,000 despite needing repairs and having an 'ugly kitchen' with broken appliances. Many people have drawn attention to the price-quality mismatch, noting that similar or better homes in Joburg cost far less. 'Even more concerning, the vast majority of South African households (80%) are priced out of the formal housing market because their monthly income is under R26,000,' says Renier Kriek, managing director of innovative home finance business Sentinel Homes. 'We have an undersupply of about three million formal housing units.' Living in Cape Town is particularly pricey, with average property sale prices increasing from R1.6m in 2020 to R2.1m in 2025. In contrast, Johannesburg's prices have remained relatively flat over this period, staying on average between R1m and R1.5m, according to property analytics firm Lightstone. Soaring rent 'Obviously the higher capital values mean that people who buy for investment require a higher nominal return, which means the rents go up,' says Kriek. This has been happening in the Western Cape, where the PayProp Rental Index shows 9.6% year-on-year rental growth and average monthly rents reaching R11,285 in Q1/2025 – significantly higher than Gauteng (R9,201), KwaZulu-Natal (R9,170) and the Eastern Cape (R7,330). Rent control Calls for rent control in Cape Town are getting louder. The idea is to cap rent increases to make housing more affordable. However, this may win populist votes and provide short-term relief for tenants, but won't fix the housing shortfall, says Kriek, pointing to unsuccessful rent control in cities like New York, Berlin, Stockholm or Tokyo. While rent control impacts the entire property market, it ironically hits hardest in the low-income band – those who should benefit the most. 'Rent control leads to underinvestment and poorly maintained units as landlords have limited incentives to maintain or expand their rental stocks because their profits are capped,' says Kriek. Another problem is misallocation, where some tenants will stay in rent-controlled units even when these no longer match their needs. By blocking the units for people who genuinely need them, they create an inefficient housing distribution that worsens the undersupply further. 'Rent control is the most efficient technique currently known to destroy a city - short of bombing," says Kriek. Making small units profitable There's ample private-sector money available to invest in rental housing, says Kriek but government needs to change the market design that makes this segment unprofitable. Small units are more expensive per square metre to build – and sell – than larger ones. In addition, he says, tenants in affordable units (sub-R7,000 rent/month) are more frequently in rent arrears than higher-income tenants as they feel economic pressure harder. The number of 'squatting' tenants (who haven't paid rent for three consecutive months and are still occupying the property in the fourth month) is also increasing: the TPN Squat Index rose from 3.48% in Q4/2023 to 3.71% in Q2/2024. Legal protection of landlords The balance of power is unduly tipped against landlords and needs to be levelled, says Kriek. 'The law that governs evictions, the Prevention of Illegal Eviction and Unlawful Occupation of Land Act (PAI), isn't fit for purpose. "It was designed to evict land squatters but due to poor drafting it also applies to the eviction of tenants who don't pay their rent or refuse to move out when legally required. This makes the process unnecessarily expensive, time-consuming and open to exploitation. 'Historically, eviction is a sensitive topic in SA,' concludes Kriek. 'But if we don't allow strict enforcement of payment obligations, then landlords won't invest in rental housing, which is the easiest and the quickest way, using the least amount of government resources, to fix our housing undersupply.' All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Sharjah 24
2 days ago
- Sharjah 24
Swatch pulls 'slanted eye' ad after Chinese social media uproar
Internet users slammed the "slanted eye" gesture made by the Asian male model as racist. In a post on Instagram and Chinese social media platform Weibo on Saturday, Swatch acknowledged the "recent concerns regarding the portrayal of a model" in the advert and said it had deleted the promotional material worldwide. "We sincerely apologise for any distress or misunderstanding this may have caused," the company wrote. Many online were not content with the company's response and continued to call for boycotting Swatch Group brands, which include Blancpain, Longines, and Tissot. A Weibo user with more than one million followers accused the company of "racism against Chinese" and suggested the firm should be punished by regulators. Others accused Swatch of deliberate discrimination and urged consumers to boycott the company. "The brand's image has collapsed. (Swatch) thinks they can just apologise and salvage everything? It's not that simple," another user wrote. China is one of Swatch Group's biggest markets. But along with many other Western luxury brands, the watchmaker has struggled to maintain growth as the world's second largest economy has slowed and consumers have shifted to more affordable brands. In July, the group reported an 11.2 percent drop in net sales for the first six months of the year. It said the slump was "exclusively attributable" to sluggish demand in China. Swatch is not the first foreign brand to face accusations of racist advertising in China. Italian luxury fashion brand Dolce & Gabbana was heavily criticised in 2018 after it posted promotional videos showing a Chinese model awkwardly using chopsticks to eat Italian food. In 2023, French brand Dior also sparked uproar with an advertisement showing a model pulling up the corner of her eye.
Al Etihad
2 days ago
- Al Etihad
Tensions over tariffs threatening to disrupt Indo-US relations
17 Aug 2025 22:44 By Abdul Hadi*Following the collapse of the Soviet Union, US-India relations were stable and expanding until President Donald Trump imposed tariffs of up to 50% on Indian imports, which strained move came after months of failed negotiations over tariffs and was exacerbated by New Delhi's continued reliance on Russian oil in defiance of Western sanctions on Moscow over the war in decision reflected Washington's effort to pressure countries trading with Russia, and it was consistent with the 'America First' policy, which seeks to reshape global trade in ways that favour American products and strengthen domestic relations improved in the 21st century after decades of Cold War tensions. The civil nuclear energy cooperation in 2005 marked a major milestone, under which the US Nuclear Suppliers Group granted India a concession to start civilian nuclear the years that followed, the US-India security partnership deepened, driven by growing shared concerns over China's expanding presence in South Asia and the Indian the defence sphere, the United States is a major arms supplier to India. In 2016, Washington designated India as a 'major defence partner'. Between 2016 and 2019, the two countries signed several defence cooperation 2020, the United States and Australia expanded their geographical definitions of the Indian and Pacific Oceans to match those of India and Japan. This development followed trilateral dialogues among India, Japan, and the United States, as well as quadrilateral discussions involving India, Japan, the US, and establishment of a '2+2' dialogue between the foreign and defence ministers of India and the US, along with joint military exercises and manoeuvres, further deepened the strategic partnership within the Quad have come under strain after Washington imposed a 25% tariff on Indian goods, which was on expected lines, but the possibility of an additional 25% increase as sanctions for buying Russian oil by the end of August is very would rank among the highest tariff rates imposed on any US trading partner. Meanwhile, bilateral trade exceeded $128 billion in 2024, with India enjoying a surplus of about $46 billion, a trade imbalance that the US president is seeking to has responded calmly to US policies and statements while defence relations between New Delhi and Washington remain on a cooperative path. The 21st session of the annual joint 'Yudh Abhyas' ('War practice' in Hindi) military exercises is expected to take place from September 1-14 in reflects a bilateral vision based on each side securing certain gains while navigating trade issues. While the Indian government has said it will look after its own interests in buying cheaper oil from Russia, 'America First' policy also continues to be the Trump administration's tariff agreement seems to be faltering due to the nature of India's economic activities, particularly in the agricultural sector, which employs nearly 40% of the country's initial 25% tariffs will affect more than one-third of Indian exports to the US, including pharmaceuticals, automotive products and electronics. The measures would harm the competitiveness of India's major exports, especially agriculture, textiles, gemstones and is one of the world's largest emerging economies and relies heavily on oil imports to meet more than 85% of its energy needs. Washington remains a key partner for India in technology, defence, and Delhi's ties with Moscow are not an endorsement of the war but rather driven by its need for Russian crude, which has also contributed to stabilising global energy is pursuing a diplomatic course in its efforts to strike a delicate balance between its national interests and international pressures, and negotiations are still on. Trump, for instance, has said Apple's iPhones, which are being made in India, will be tariff agreement will depend on the ability of US and Indian negotiators to reach compromises that preserve their partnership. However, US policies could create more rifts in their bilateral relations, particularly if the two sides fail to agree on an alternative to the 50% rate. New Delhi may be forced to look for other allies and options. *The writer is a columnist of TRENDS Research & Advisory
