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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...
Russian Central Bank: Digital Ruble ‘Doesn’t Use Biometric Data’
19.9.2023
The Russian Central Bank says that its CBDC, the digital ruble, “has nothing to do with” state efforts to collect biometric data.
The bank began piloting its CBDC just over a month ago in 11 cities nationwide.
Russian MPs last year voted in a law that allows banks and state agencies to collect...
Russian Banks Say Digital Ruble Will Drive up Loan Rates – New CBDC Dangers?
15.9.2023
A major Russian banking association has warned that the digital ruble will drive up loan rates as banks struggle to cope with the soon-to-be-issued CBDC.
The Central Bank last month launched an 11-city “real-world” CBDC pilot in conjunction with 13 commercial banks.
But banking organizations have...
Digital Ruble ‘Could Help De-Dollarize’ Russia, Ex-Gov’t Minister Claims
13.9.2023
The launch of Russia’s CBDC, the digital ruble, will help spur de-dollarization, a former government minister has claimed.
Per the media outlet KV News, the comments were made by the MP Sergei Kalashnikov, formerly the Minister of Labor and Social Development and the first deputy chairman of...
Russian Central Bank May ‘Mark’ CBDC Tokens to Track Digital Ruble Transactions
12.9.2023
The Russian Central Bank says it may look to “mark” or “color-code” digital ruble tokens to help it track CBDC transactions.
Per Tass, the bank said it would “consider the possibility” of issuing super-traceable tokens.
But, speaking at a financial forum, the bank’s Deputy Governor Alexei...
Russian Lawmaker Backs CBDC To Displace Private Banking Sector
6.9.2023
Russia’s Central Bank Digital Currency (CBDC) the digital ruble continues to garner steam with positive pronouncements on use cases made by financial regulators in the country.
The head of the State Duma financial committee Anatoly Aksakov has said that as the digital ruble's adoption grows...
Russian Lawmaker Predicts that Digital Ruble Will Displace Banks
6.9.2023
Soon it will be possible to get a loan in the digital ruble and decisions will be made by a robot, Anatoly Aksakov, the head of the State Duma Banking Committee, said in a meeting
Crypto Exchanges Bybit and Okx Drop Cards of Sanctioned Russian Banks
30.8.2023
Cryptocurrency exchanges Bybit and Okx have discontinued support for payment cards issued by sanctioned banks from Russia. The moves follow in the footsteps of Binance, the world’s largest exchange for digital assets, which recently removed such cards from its peer-to-peer (P2P) platform. Bybit...
Binance Mulls Leaving Russia, Limits Options for Russian Users
30.8.2023
Crypto exchange Binance considers exiting Russia amid increased scrutiny over its services for users in the sanctioned nation. The news of the potential move comes after the exchange delisted several sanctioned Russian banks from its peer-to-peer (P2P) platform and restricted fiat payment options...
Russian Banks to Quiz Central Bank on Digital Ruble Pilot Next Month
30.8.2023
Russian banks will have the opportunity to question the Central Bank on its digital ruble pilot next month.
The Central Bank is facing a backlash from some sections of the banking industry after beginning “real-world” transactions with its CBDC earlier this month.
The megabanks Sberbank...
Digital Ruble Scammers ‘Target Russians in Multiple Regions’
28.8.2023
Digital ruble scammers have reportedly struck in multiple Russian regions, with fraudsters apparently hoping to dupe citizens who do not yet fully understand how the CBDC works.
Media outlets around the country say that scammers are sending citizens emails that use commercial and Central Bank...
Only 2 % of Russians Ready to Keep All Their Savings in Digital Ruble: Poll
27.8.2023
While over half of Russians are willing to put some money into their nation’s digital ruble, only 2% say they would keep all their savings in it. Insufficient information and fear of system failures are among the biggest factors turning people away from the government-issued digital currency....
Binance Renames Russian Bank Cards Amid US Sanctions Probe, Report
26.8.2023
Crypto exchange Binance has replaced the names of cards issued by Russian banks with colors, Russian media revealed amid reports of a U.S. investigation into potential sanctions violations. The changes concern the ruble exchange feature on Binance’s peer-to-peer platform. Russian Traders on Binance...
Russian Banks MTS, PSB Say Customers Are Now Using Digital Ruble
23.8.2023
The Russian banks MTS and PSB have begun testing the digital ruble, with “entrepreneurs” using the CBDC to pay for “services.”
The nation’s Central Bank has fast-tracked its CBDC project in recent weeks, and is eyeing a 2025-2027 national rollout.
The banks, along with the likes of VTB Bank,...
Volatility in Chinese Yuan, Russian Ruble Makes De-Dollarization Harder, Market Analyst Says
21.8.2023
A market analyst says that the recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, “will only add further challenges to the idea of de-dollarization.” He stressed that countries are “unable to agree on a clear path to de-dollarization...
Russian Analyst: Digital Ruble ‘Brings No Benefits’ for Ordinary Citizens
19.8.2023
A Russian analyst has claimed that the digital ruble, the nation’s CBDC, will bring no benefits to ordinary citizens.
The comments were made by Anastasia Tselykh, a special correspondent at RTVI in her most recent column for the media outlet.
The Central Bank launched a pilot this week, which...