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According to Frank Media, the Bank of Russia may push back the full digital ruble CBDC launch to summer 2026 because its banking clients need more time to switch from their foreign software platforms. The Bank of Russia set July 2024 as the first target for distributing digital ruble currency throughout the country. Following the […]
The government of Russia is preparing to regulate the establishment and action of crypto exchanges, abandoning its earlier proposal of the creation of a unique national platform. Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee, stated that crypto exchanges could help Russia to bypass sanctions by using crypto to settle international payments.
The post Russia to Enact Laws to Regulate Crypto Exchange Action; Profiles Use of Cryptocurrency to Bypass Sanctions appeared first on BTC Ethereum Crypto Currency Blog.
The Bank of Russia's CBDC pilot rollout has been delayed indefinitely due to legislation only passing through the first reading. The number of participating private banks has also changed to 13 from 15, with the pilot involving real operations and limited consumers. (Read More)
The Bank of Russia has put forward a proposal to establish a controlled framework for cryptocurrency investments under a three-year experimental legal regime (ELR).
The post Russia Proposes Controlled Framework for Crypto Investments appeared first on Kanalcoin.
Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023. Bank of [...]
The post No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again appeared first on Crypto Breaking News.
The rollout of The Bank of Russia’s central bank digital currency (CBDC) pilot is being delayed for an indefinite period. Although all the participants, at least from the banking side, reassure of their readiness to begin the testing. As reported by the state-owned TASS on March 28, the CBDC pilot won’t start on April 1, [...]
The post Russia delays digital ruble launch testing due to lawmaking process appeared first on Crypto Breaking News.
<p>Russia has delayed its planned central bank digital currency (CBDC) rollout without providing any further timeline. The testing of the digital ruble was scheduled to start on 1 April. </p><p>Russia Delays CBDC Pilot </p><p>According to state-owned TASS, the CBDC pilot launch has been canceled as the central bank is waiting to approve some of the specific legislation by the Russian State Duma, the Federal Assembly’s lower house. These legislations are expected to be adopted in April and effective in May. </p><p>Initially, Russia kept the <a href="https://www.financemagnates.com/cryptocurrency/news/bank-of-russia-plans-to-pilot-digital-ruble-in-2021-end/" target="_blank" rel="follow">CBDC pilot</a> scheduled for 2024. However, the plans have been brought forward by a year as the Russian central bank is seeking an alternative to the SWIFT payments system amid heavy economic sanctions on the country by Western governments. </p><p>During the pilot, the digital ruble will be available only to a handful of program participants and not the entire population. It will be a real-time operation on a limited scale, and the central bank will determine scaling methods based on the results. </p><p>For the <a href="https://www.financemagnates.com/cryptocurrency/coins/the-rise-of-central-bank-digital-currencies-cbdcs-impacts-on-the-crypto-market/" target="_blank" rel="follow">CBDC</a> pilot, the Russian central bank has partnered with commercial banks in the country. Initially, 15 banks agreed to participate in the digital ruble pilot. However, the count came down to 13 as they only confirmed technical readiness to participate in the pilot with a limited number of customers. </p><p>“The use of smart contracts should reduce the operational load of banks and make the deals transparent, which not only will reduce the chances of the misuse of government and banks’ funds, but ultimately simplify the control over the existing contracts,” said Vitaly Kopysov, the Director of Innovations at Sinara Bank. </p><p>Central Banks Are Keen on Launch Digital Fiat </p><p>Apart from Russia, other countries are pushing forward toward a central bank digital currency launch. China is at the forefront and has been running its <a href="https://www.financemagnates.com/cryptocurrency/news/china-to-pilot-distribute-cbdc-to-state-employees/" target="_blank" rel="follow">digital yuan pilot programs</a> for a few years now. Meanwhile, countries in Europe and Asia are also exploring the possibilities of a CBDC launch, even with the help of global banking bodies.</p><p>Most recently, the UAE central bank <a href="https://www.financemagnates.com/cryptocurrency/uae-inches-closer-to-digital-dirham-launch-with-new-cbdc-strategy/" target="_blank" rel="follow">revealed its strategy for a digital dirham</a>, as it is targeting to complete the first phase of the launch in the next 12 to 15 months, which will be around mid-2024. It will include the soft launch of mBridge, a project in collaboration with the Bank for International Settlements (BIS) and a few other central banks; the development of a proof-of-concept for bilateral CBDC bridges with India; and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.</p> This article was written by Arnab Shome at www.financemagnates.com.
Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use
The post State Duma Chairman of Financial Markets Committee: Russia to Exert ‘Serious’ Control Over Crypto After Legalization appeared first on BTC Ethereum Crypto Currency Blog.
Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, the governor of the Bank of Russia said.
Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring Russian energy resources, leading Russia to accept more currencies for these settlements. Russia Aims to Settle Energy [...]
The post Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar appeared first on Crypto Breaking News.
The bill could be changed regarding debt operations, services for non-residents and the role of the central bank.
The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled. Digital Ruble Platform to Support Integration With Other CBDCs, Bank of [...]
The post Russia to Work With Digital Currencies of Other Nations appeared first on Crypto Breaking News.
The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was exploring different possibilities of integration with other CBDC systems to complete cross-border payments and settlements. Central Bank of Russia [...]
The post Central Bank of Russia Discusses Digital Ruble Integration With Other Countries appeared first on Crypto Breaking News.
Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in these assets while it continues working on creating new reserves in non-U.S. sanctioned assets. Russia Built Bank [...]
The post Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States appeared first on Crypto Breaking News.
The Bank of Russia is planning a consumer pilot for the digital ruble and a gold-backed cryptocurrency. (Read More)
Gazprom, a Russian state-owned company, suggested allowing banks extra time to deploy the "digital ruble." (Read More)
The country’s central bank will begin studying two possible cross-border CBDC settlement models this quarter.
The Russian government doesn’t want to enable Bitcoin for regular Russian people but exclusively for foreign trade entities.
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Russia’s largest lender is moving into DeFi and Web3 by integrating its blockchain platform with the Ethereum blockchain.
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