Coinbase has answered the SEC request for comments on the proposed rule change to list the ETH Grayscale Fund as a spot ETF. Coinbase stated that ether was a commodity, and its status has been publicly recognized in a variety of circumstances by U.S. agencies and courts. Coinbase Supports Ethereum Grayscale Fund Conversion as a […]
Source link
The Russian Ministry of Finance has proposed allowing crypto miners to export their crypto akin to other commodities, local media outlet RBC reported.
During a round table discussion titled “Cryptocurrency and the Future of Digital Finance,” Ivan Chebeskov, the Deputy Finance Minister, unveiled this proposal. He highlighted the intention to create legislation mirroring the export norms of natural gas for cryptocurrency exports.
Chebeskov stated that the ministry had devised a concept and a project to enable miners to export their mined product—cryptocurrency—as an export commodity. A translated version of his statement reads:
“We developed a concept, a project so that a miner could export the product of what he mined, that is, cryptocurrency as an export product. Such a legislative initiative is also being formed in our country.”
Russia produces the second-largest mining power in the world, indicating its strength in the sector. However, despite such advancements, the authorities are yet to legalize crypto-mining activities within their jurisdiction.
A bill addressing this lacuna was introduced to the State Duma last year. The proposed bill outlines procedures for selling mined crypto assets, including foreign platform sales. However, miners must disclose information to the Federal Tax Service under this legislation.
Meanwhile, the Central Bank of Russia permits the sale of mined cryptocurrencies exclusively on foreign platforms and to non-residents.
During the past year, Russia’s attitude toward crypto has shifted, with key stakeholders like the Bank of Russia acknowledging its potential for cross-border settlements. This interest stems from international sanctions limiting the country’s access to global payment systems.
Besides that, officials previously touted the country’s desire to establish a national crypto exchange. However, the idea was shelved after it was kicked against by several stakeholders in the industry. Instead, the authorities have been advised to formulate rules allowing private companies to establish such exchanges.
Shell is struggling with a continuous fall in profits as Q2 2023 figures show significant reductions compared with last quarter and Q2 2022.
Oil giant Shell (LON: SHEL) has posted disappointing profits for Q2 2023, largely caused by a reduction in the prices of fossil fuels.
Shell’s report shows that the British giant saw its adjusted earnings crest at $5.1 billion for the quarter ended June, lower than the expected $6 billion from analysts polled by Refinitiv. This is a steep 55.6% fall from the $11.5 billion for Q2 2023, and 46.8% from Q1 this year.
Despite efforts to ramp up profit, Shell is still focused on reducing emissions. Speaking to CNBC’s Squawk Box Europe, Shell CEO Wael Sawan said the company is looking to make moves that are beneficial for its shareholders but also for the planet. Sawan added:
“We are focused on creating more value with less emissions. And what that means is we will continue to pull all the levers to drive further value growth in the organization, while at the same time we will continue to meet our aggressive emissions reduction targets – both for our own emissions, as well as for our customers.”
Shell has announced share buybacks worth $3 billion to conclude over the next quarter. In addition to reporting a 15% increase to $0.33 per share in the quarterly dividend, Shell is true to its word on doing right by shareholders. However, RBC Brew Dolphin investment manager Stuart Lamont believes this would “inevitably come with questions attached in the current environment”.
The British oil giant received some criticism after it announced a decision to maintain current oil production levels until the decade ends. Activist shareholder group Follow This believes that avoiding new output cuts pushes Shell “on a collision course” with the 2015 Paris Agreement. The agreement includes several points, including a long-term global warming goal and a target to reduce greenhouse gas emissions every five years.
At Shell’s shareholder meeting in May, Follow This garnered 20% support. The group’s founder Mark van Baal insists that Shell is still accountable to the 20%. Nonetheless, Shell has confirmed its commitment to following climate targets. The company assures it is on course to achieving net-zero status by 2050.
Shell intends to spend $15 billion on low-carbon projects over the next three years. Asked whether this will appease climate activists, Shell CEO Sawan said the company’s focus is doing right for its own health and for its shareholders. Although Shell focuses on a balanced energy transition, Sawan said the company looks to deploy capital so shareholders can see returns.
Sawan also added that Shell is very willing to grow its capital if it sees new opportunities that will help do so. According to the CEO, the company cannot grow its capital “on the basis of activist noise”.
A few other oil companies also recorded reduced earnings. TotalEnergies reported a 49% plunge in adjusted income to $5 billion from the same period last year. Norway’s Equinor also recorded a 57% crash in Q2 profit compared to Q2 2022.
next
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.