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CATEGORY: russian ruble


Jul 26, 2023 05:50

Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia

President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1. President Putin Greenlights Law Introducing Digital Ruble as [...]

The post Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia appeared first on Crypto Breaking News.

Jul 25, 2023 12:30

Putin Approves Law on Digital Rubble

Vladimir Putin, the President of Russia, has ratified a law that introduces digital rubble, the country’s central bank digital currency (CBDC), according to an official government document published today (Monday). The approval comes after Russia’s upper and lower chambers passed a bill on the digital currency earlier this month.

Russia Eyes August for CBDC Pilot

Putin approved the introduction of digital rubble through amendments to Russia’s Civil Code, thereby validating the CBDC as a legitimate form of national currency. The amendments are expected to enter into force on August 1, 2023. However, certain provisions, including those related to bankruptcy and inheritance, will only come into enforcement in August next year.

Earlier, Russia indefinitely postponed a pilot testing of the digital rubble initially scheduled to run in April. The pilot was planned to go live in partnership with 13 local banks. However, with presidential approval now granted, the pilot, which will test the application of the digital currency in real-life transactions, is expected to go live next month.

According to the state-owned news agency, TASS, under the new law, a transaction in digital rubble is to be done through a special information system manned by the Bank of Russia. On top of this, the apex monetary authority will only accept the CBDC as a means of payment and money transfer.

Furthermore, the law provides that transfers and payments made using the digital currency will be free of charge for citizens but will attract a 0.3% fee when used by businesses, according to a local media outlet. On the contrary, the law makes no provision for operating a bank account based on the CBDC.

‘This Is a New Opportunity'

Earlier in the month, Elvira Nabiullina, the Governor of the Bank of Russia, told local media that the government will not force its citizens to adopt the digital rubble, noting that adoption of the CBDC will be voluntary.

“But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it,” local outlet RIA News, quoted Nabiullina as saying. “This is a new opportunity.”

Russia’s progress with the digital rubble comes as the transcontinental country has been seeking an alternative to the international financial messaging system, SWIFT. The country, following its invasion of Ukraine, was hit with several economic sanctions by Western nations, including exclusion of several of its banks from SWIFT.

Revolut debuts joint accounts in the UK; Tradefeedr hires new exec; read today's news nuggets.

This article was written by Solomon Oladipupo at www.financemagnates.com.

May 24, 2023 10:30

Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says

The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in [...]

The post Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says appeared first on Crypto Breaking News.

Mar 01, 2022 10:40

Ruble-Crypto Trading Soars amid Western Sanctions on Russia


Trading volumes between the Russian Ruble and the Tether cryptocurrency surged on Monday as Western powers slapped sanctions on Russia over the Ukraine-Russia war. (Read More)

May 19, 2023 01:20

Russia and Iran Phasing Out US Dollar in Bilateral Trade Settlements

The governments of Russia and Iran are starting to phase out the usage of the U.S. dollar to conduct bilateral trade settlements. Russian Deputy Prime Minister Alexander Novak stated that 80% of Russia-Iran trade transactions are settled using national currencies and that they are considering also the usage of the Chinese yuan. 80% of Russia-Iran

The post Russia and Iran Phasing Out US Dollar in Bilateral Trade Settlements appeared first on BTC Ethereum Crypto Currency Blog.

Jan 30, 2024 09:13

Binance Pulls the Plug on Russian Ruble: Delisting Confirmed by January 30

Binance, a major player in the cryptocurrency market, is bidding farewell to the Russian market. Part of this exit strategy and sale to CommEX includes plans to discontinue all services related to the Russian ruble (RUB) by early February 2024.

This decision holds significant implications for users with RUB assets on the platform and has prompted Binance to provide clear guidelines for navigating this transition.

Delisting of Spot Trading Pairs

On January 30, 2024, Binance's spot trading services will delist all existing RUB spot trading pairs, including popular ones like BTC/RUB and USDT/RUB. Any open spot orders tied to these pairs will be automatically closed. Additionally, Binance Convert and Binance Pay will delist all RUB trading pairs and exclude RUB from the list of supported fiat currencies, effective January 30, 2024.

For users looking to directly withdraw RUB, Binance Fiat will support these withdrawals until January 31, 2024, at 00:00 UTC. According to the crypto exchange, users must use this chance to secure their funds. Lastly, Binance's P2P trading will delist all RUB trading pairs on January 31, 2024, at 00:00 UTC. This marks the conclusion of RUB-related trading activities on the platform.

Binance Faces Global Regulatory Pressure

Last year, Binance P2P announced the discontinuation of RUB trading pairs, including USDT/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, RUB/RUB, and BTC/RUB, effective from January 31, 2024, 00:00 UTC. According to a report by Finance Magnates, this decision followed Binance's sale of its Russian operations.

Following this step, Binance provided alternative options for users, including withdrawing RUB through Binance's fiat partners before the deadline. The other options include converting RUB into crypto using Binance Convert or trading the currency for crypto on the Binance Spot market.

Previous reports revealed that Binance's P2P trading platform allowed transactions through sanctioned banks like Tinkoff Bank and Rosbank. However, Binance promptly ceased support for these banks amid strict financial sanctions on Russia.

This article was written by Jared Kirui at www.financemagnates.com.

May 10, 2023 06:10

Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar

Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed. Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies Personal [...]

The post Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar appeared first on Crypto Breaking News.

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