ruble – DIGIT INFO

Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

DIGIT — Mon, 16 Sep 2024 05:30:26 +0000

The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year. Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also […]

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Russian Finance Minister Discloses That Over 90% of Bilateral Trade With China Is Settled Outside the U.S. Dollar System

DIGIT — Tue, 20 Aug 2024 17:46:09 +0000

Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance […]

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India and Russia to Enhance Trade With Rupee-Ruble Payments

DIGIT — Fri, 16 Aug 2024 11:20:12 +0000

India and Russia are discussing ways to enhance bilateral trade by adopting payments in their national currencies and reducing non-tariff barriers. The talks aim to facilitate rupee-ruble trade and address trade imbalances, particularly as petroleum dominates current transactions. With a significant trade deficit favoring Russia, both nations seek to diversify trade beyond oil and create […]

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Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts

DIGIT — Sat, 29 Apr 2023 08:19:58 +0000

A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan […]

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BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

DIGIT — Thu, 27 Apr 2023 09:30:44 +0000

Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over […]

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Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says

DIGIT — Mon, 10 Apr 2023 05:30:35 +0000

Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and […]

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Russian Parliament Votes on Bill Opening Door for Digital Ruble

DIGIT — Sat, 18 Mar 2023 07:30:50 +0000

Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower […]

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Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain

DIGIT — Thu, 02 Mar 2023 14:50:07 +0000

A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan payments is growing. MKB Employs Bank of Russia’s Masterchain to Issue Bank Guarantee in Yuan Moscow Credit Bank […]

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Digital Gold Traded for Digital Rubles by Russia’s Rosbank

DIGIT — Thu, 09 Feb 2023 12:30:04 +0000

Rosbank has brokered Russia’s first deal involving the exchange of tokenized gold with the digital version of the Russian national fiat currency, the ruble. The successful transaction demonstrates the growing interest in digital financial assets and the need for digital ruble payments, the banking institution stated. Rosbank and Atomyze Exchange Gold and Rubles in Digital […]

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Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs

DIGIT — Wed, 11 Jan 2023 08:30:56 +0000

The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank to Propose Platforms for Digital Currency Payments in Foreign Trade Moving forward with […]

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