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Russia’s Rosbank Launches Crypto Payments Solution for Cross-Border Settlements
5.6.2023
Rosbank has become the first large Russian bank to offer clients an option to use cryptocurrencies in international settlements. The solution, provided in tandem with a Russian fintech, is mostly intended to meet the needs of businesses working with foreign partners. Russian Companies to Be Able...
BRICS Nations to Encourage Use of Local Currencies in Trade
3.6.2023
Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it. BRICS to Stimulate...
EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card
27.5.2023
Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank...
Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says
24.5.2023
The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government....
Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says
14.5.2023
Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature...
Iran Sets Up Platform to Facilitate Crypto Payments for Imports
3.5.2023
Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of cross-border settlements. Iran to Use Cryptocurrencies...
‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says
1.5.2023
Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated....
World’s Largest Regional Organization to Switch to Settlements in National Currencies
29.4.2023
A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to consider a common currency. Shanghai Cooperation...
Russia to Work With Digital Currencies of Other Nations
23.4.2023
The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled....
Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements
19.4.2023
Bank of Russia is building a system of gateways with foreign payment networks and is now working with Turkey in this field. Russia’s monetary authority would also allow the experimental use of cryptocurrencies in foreign economic activities, its head was quoted as saying. Russia’s Central Bank...
Report: UAE Central Bank Implements Digital Currency Strategy
29.3.2023
The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial...
Crypto Banking Rules Could Be Modified If Market Reacts, Basel Committee Chair Says
28.3.2023
Controversial rules unveiled last year would discourage banks from holding assets such as bitcoin that are deemed risky
Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies
22.3.2023
As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies...
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
8.3.2023
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed...
BIS Completes Successful Pilot Study of Central Bank Digital Currencies for Cross-Border Payments
7.3.2023
The Bank for International Settlements (BIS) has completed a pilot study of the use of central bank digital currencies (CBDCs) for cross-border payments in collaboration with central banks in Norway, Sweden, and Israel.
The pilot study, called Project Icebreaker, aimed to test the “technical...
Has Tokenization’s Moment Finally Come?
3.3.2023
Tokenization of real-world assets has been dismissed by many crypto purists for operating under a centralized framework, but new technological advances have migrated the process from closed, permissioned projects onto public, permissionless blockchain platforms. This could offset traditional...
BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central Planning
22.2.2023
According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that...
Most Retail Crypto Investors Lost Money Over the Last 7 Years, According to BIS Analysis
21.2.2023
According to data from the Bank for International Settlements (BIS), published in the latest BIS Bulletin No. 69, researchers assessed that, on average, most users lost money on their investments over the past seven years. Onchain data, metrics from exchanges, and cryptocurrency application...
Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil
18.1.2023
Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted. Russian, Iranian Representatives Talk Using...
Bank of Russia to Test International Crypto Payments With Companies
21.12.2022
The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto...