Russia Discusses Testing Digital Ruble for Budget Payments

Russia Discusses Testing Digital Ruble for Budget PaymentsThe Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure the targeted use of these funds. Russian Digital Ruble […]

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Russian Digital Ruble Pilot ‘on Track,’ Registers About 25K Transactions

Russian Digital Ruble Pilot 'on Track,' Registers Over 25K TransactionsElvira Nabiullina, Governor of the Bank of Russia, stated that the current pilot test of the Russian digital ruble was “on track,” with several operations being tested, including opening wallets, and interactions with smart contracts. Nabiullina revealed that over 25,000 transactions were registered, and confirmed the pilot expansion later this year. Russian Digital Ruble Pilot […]

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Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May

russia chinese yuanRussia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves […]

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Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States

bank of russia us sanctions reservesElvira 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 […]

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Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran VisitRussia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements The Russian […]

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Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System, Central Bank Says

Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System, Central Bank SaysCryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. The governor also insisted that the digital assets should not be traded on platforms operating inside the country. Bank of Russia Chair Ready to Accept Cryptocurrency Payments for International Settlements Cryptocurrencies can […]

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Russians Have Invested Over $67 Billion in Cryptocurrency, Lawmaker Reveals

Russians Have Invested Over $67 Billion in Cryptocurrency, Lawmaker RevealsInterest in cryptocurrencies has been growing in Russia, not least among non-qualified investors. According to recently quoted estimates, Russians have already put more than $67 billion into the crypto market, the capitalization of which has increased significantly this year. Russians Spent Some 5 Trillion Rubles on Crypto Russian residents have swapped 5 trillion of their […]

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Bank of Russia Has Tools to Restrict Crypto Investments, Governor Hints

Bank of Russia Has Tools to Restrict Crypto Investments, Governor HintsThe Central Bank of Russia has reaffirmed its opposition to cryptocurrency investments citing the volatility of the digital assets as a key motive for its conservative stance. Governor Elvira Nabiullina has recently indicated that the regulator has the means to restrict them. Nabiullina Insists Bank of Russia Can Limit Investments in Crypto Assets Russia’s monetary […]

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Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies

Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate CryptocurrenciesCryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin A “responsible state” should […]

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