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Bank of Russia Governor Elvira Nabiullina rejected the notion of a divide created by the recently passed Bill No. 1194918-8, which establishes a framework for cryptocurrency regulation. She stressed that withdrawal of crypto abroad had no limitations for both qualified and non-qualified investors. Bank of Russia Ratifies Openness Of Crypto Ecosystem: ‘No Restrictions for Transferring … Read more
Dmitry Dubynin, CEO of the National Payment Card System (NSPK), stressed that cards issued by Visa and Mastercard “don’t provide any value,” as their operations are currently supported by the national system. Visa and Mastercard exited the Russian market in March 2022. Mastercard and Visa ‘Absent’ from Russia as Cards Reach Expiration As local options … Read more
Elvira Nabiullina, Governor of the Central Bank of Russia, stressed that the main banks and large retail businesses were “ready for the widespread use of the digital ruble. The rollout of Russia’s CBDC is programmed for next September. Central Bank of Russia Prepared for Digital Ruble Rollout The Central Bank of Russia has reaffirmed … Read more
Euroclear, one of the largest European clearinghouses, argues that the trial it faced in Russia, where courts ordered it to release nearly $232 billion in blocked assets, was unfair. Euroclear fears that some of its assets in international jurisdictions might be affected. Euroclear Introduces Lawsuit Against the Central Bank of Russia in $231.5 Billion Showdown … Read more
House lawmakers will review how digital assets could support people living under repressive governments or failing financial systems, tying cryptocurrency access to U.S. national security. House Roundtable Will Review Digital Assets and Repressive Financial Systems A congressional announcement issued June 18 scheduled a June 25 roundtable on how digital assets may help people facing repressive … Read more
Alla Bakina, Director of the Bank of Russia’s National Payment System Department, highlighted that most private banks in Russia are ready to provide digital ruble services on September 1. The currency will integrate with the existing universal QR code payment system. Central Bank of Russia: Russian Banks Ready For Digital Ruble Launch While stablecoins have … Read more
Stanislav Lazarev, Deputy General Director for Sales at A7, believes that the cross-border payments ecosystem will shift toward independent solutions, including digital assets, as participants seek to complete these disbursements while avoiding secondary sanctions imposed by Western countries. A7: Cross-Border Settlements Ecosystem To Change Due To Western Pressure The sheer number of sanctions Russia is … Read more
Crypto exchanges face new U.K. enforcement pressure after Britain targeted Russia-linked sanctions-evasion networks using digital assets. The package names 18 exchanges, banks, payment providers, corporate entities, and individuals tied to crypto and financial channels. Crypto Exchanges Face UK Regulation 17A Action Britain announced on May 26 a sanctions package aimed at crypto routes used to … Read more
The statements by Alla Bakina, Director of the Bank of Russia’s National Payment System Department, are supported by the low adoption of these cards in the Russian Federation, which stands at less than 17%. Mir Cards and other payments have substituted Mastercard and Visa. Mastercard and Visa Card Adoption Falls Under 17% in Russia While … Read more
Russia and Iran are accelerating their move away from the U.S. dollar and toward the Chinese yuan as Western sanctions and geopolitical pressures deepen, according to a new report. The Rise of the Petroyuan The global financial landscape is undergoing a tectonic shift as the conflict between the West and a growing coalition of sanctioned … Read more