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Bank of Russia States Digital Ruble Pilot Will Continue Until the End of 2024
11.12.2023
The Bank of Russia has offered an update on the future of the digital ruble pilot, the Russian central bank digital currency (CBDC). The bank’s press service clarified that the pilot will continue throughout 2024 and until the massification of the digital ruble usage, estimated to happen...
‘All Russians’ Will Be Able to Use Digital Ruble in 2024 – Moscow
11.12.2023
Source: petert2/Adobe The Russian government wants to fast-track the launch of the digital ruble – and now claims that all citizens will be able to use the CBDC in 2024. The Central Bank has previously claimed that Russians may have to wait until 2027 for a full nationwide rollout. But in recent...
Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
4.12.2023
Source: Larisa/Adobe The launch of the Russian digital ruble will trigger the nation’s “largest monetary reforms since the 1990s,” a media report has claimed. Per ProGorod, Russia’s CBDC project will be the biggest transformative event in the nation’s economic history since the collapse of...
Digital Ruble Pilot to Expand to Execute Budget Expenditures Next Year
22.11.2023
Anton Siluanov, the finance minister of Russia, has announced that the Central Bank of Russia will expand the pilot phase of the digital ruble next year to include the execution of still undefined targeted budget expenditures. Digital Ruble to Be Leveraged for Budget Expenditures The digital ruble...
Russian Lawmakers Urge Central Bank to Rethink Digital Ruble Plans
20.11.2023
Source: Alex Zarubi/Unsplash Russian lawmakers want the country’s Central Bank to ditch its current retail model digital ruble in favor of a wholesale alternative. Per Interfax, three State Duma committees submitted a joint response to the Central Bank’s monetary policy report for 2024-2026....
Russian Banks ‘Fighting Back’ Against Digital Ruble – Report
14.11.2023
Source: pisotckii/Adobe Russian banks are reportedly “fighting back” against the digital ruble amid claims a CBDC launch would cost them $684 million a year. Per a report from Comnews, even the Central Bank’s commercial bank partners are “looking for ways” to “avoid” dealing with the coin...
Bank of Russia to Develop Digital Ruble Payment System With the UAE
11.11.2023
The Bank of Russia has announced it will create a joint payment system with the United Arab Emirates (UAE) using the digital ruble. Bank of Russia’s First Deputy Governor Olga Skorobogatova stated that the system would serve individuals and businesses alike and estimated its development would...
Binance to Halt Russian Ruble Deposits as Part of Exit Strategy from Russia
10.11.2023
Source: Pixabay / Paolinio Binance, the largest cryptocurrency exchange, has officially announced plans to cease the deposit of Russian rubles on its platform due to the discontinuation of operations in Russia. On November 11, the crypto exchange Binance announced that it would stop accepting...
Binance to terminate Russian ruble deposits next week
10.11.2023
Binance Russia users will have slightly more than two months to withdraw their rubles from the exchange or until Jan. 31, 2024
Russians Will Be Able to ‘Withdraw’ Digital Rubles as Cash at ATMs
9.11.2023
Source: motortion/Adobe A major Russian bank has created a solution that lets digital ruble holders perform real-time “withdrawal”-type cash conversions at ATMs. Per Izvestia, VTB Bank has developed a solution that lets CBDC holders instantly convert their digital rubles to banknotes at any of...
Binance to Opt Out of Ruble Payment Deal with Advcash Amid Russian Exit
2.11.2023
Binance is planning to end its partnership with the payment provider Advcash, putting a stop to the ruble-based transactions, according to the Wall Street Journal. This move is in line with the crypto exchange’s ongoing strategy to exit the Russian market. Binance’s collaboration with...
Bank of Russia Predicts Digital Ruble Won’t End Other Payment Methods
21.10.2023
The Central Bank of Russia does not expect the introduction of the digital ruble to end the popularity of other non-cash and cash payment options. According to statements offered by Alla Bakina, director of the bank’s national payment system department, other non-cash payment options have...
Russian Business Titan Sber to Join Digital Ruble Pilot
16.10.2023
Russia’s Sber, the operator of Sberbank, says it will join the Central Bank’s digital ruble pilot, in a major coup for the nation’s CBDC.
Vedemosti reported that Sber’s influential CEO, the former Economy Minister Herman Gref, said his firm “will definitely” join a “second wave” of banks that will...
Russia Could Use Digital Ruble to Evade SWIFT, Wants Foreign Banks to Use its CBDC
12.10.2023
Russia’s Central Bank thinks its digital ruble could let citizens pay abroad without making use of the SWIFT banking platform – and wants to let foreign banks use its CBDC.
Per the Russian IT-focused media outlet CNews, the Central Bank has drafted a bill that, if passed, would allow foreign banks...
More Russian Banks Say They’ll Join Digital Ruble Pilot – CBDC Advances?
11.10.2023
More Russian banks will join the digital ruble pilot, with Center-invest Bank, which mainly operates in the nation’s south, set to trial the CBDC next year.
Per Rostov Gazeta, Center-invest Bank has “signed a digital ruble [partnership] agreement with the [CBDC’s] operator, the Central Bank.”
The...
Russian Corporations Using Digital Ruble as CBDC Pilot Gathers Pace
4.10.2023
Russian corporations are starting to make use of the digital ruble, the country’s central bank digital currency (CBDC).
Per a report from SPB IT RU, the state-run Sirius Innovation Science and Technology Center has opened a corporate digital ruble wallet.
The center has already used its wallet...
Bank of Russia Digital Ruble Pilot Update: ‘Everything Going as Planned’
3.10.2023
The Bank of Russia offered an update about the state of the digital ruble, the Russian central bank digital currency (CBDC), which is currently in a nationwide pilot. Elvira Nabiullina, governor of the Bank of Russia, stated that the pilot was “going as planned” and that more...
Moscow Claims Russia Will Be Using Digital Ruble in LATAM by 2025
3.10.2023
A senior Russian politician says domestic firms will be using the digital ruble, the nation’s CBDC, in Latin America no later than 2025.
The comments were made by Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Markets.
Per Tass, Aksakov, who is also the MP...
Russia to ‘Integrate’ Digital Ruble With Tax Code – Moscow Forges Ahead with CBDC
20.9.2023
Russia is set to “integrate” its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year’s end.
Per Prime, the State Duma’s Committee on Budgets and Taxes has approved a private member’s bill that seeks to amend the Tax Code.
The amendment will allow...
Bank of Russia Governor Elvira Nabiullina: ‘Cash Is Not Going Away’
19.9.2023
Elvira Nabiullina, Governor of the Bank of Russia, talked about the future of cash in the context of the digital ruble pilot currently being executed in the country. Nabiullina explained that physical money was not disappearing and that the future implementation of the digital ruble was directed...