fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, May 31, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
Online Crypto College
No Result
View All Result

Bank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions – Finance Bitcoin News

May 29, 2022
in Bitcoin
Reading Time: 4 mins read
A A
Bank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions – Finance Bitcoin News
ShareShareShareShareShare

Related articles

Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive

Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive

May 31, 2023
Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?

Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?

May 31, 2023

The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned.

CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year

Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First Deputy Chairman Olga Skorobogatova. She revealed this during a meeting organized by the Association of Banks of Russia.

The high-ranking official remarked that Russia’s central bank had initially scheduled the digital ruble pilot with real transactions and users for 2024 but it has been decided to launch the project in April 2023. At the same time, the regulator also wants to start implementing smart contracts based on the digital ruble infrastructure.

Last spring, the Central Bank of Russia announced that the digital ruble’s prototype will be ready by the end of 2021 and devoted 2022 to trials with the participation of commercial banks. It started testing the platform in February of this year and announced the first successful transfers between individual wallets later that month.

The users were able to open digital ruble wallets through mobile apps, exchange regular electronic money from their bank accounts for digital rubles, and then transfer the coins between themselves, the CBR detailed. At the time, Skorobogatova assured that the digital currency transactions will be free of charge for all Russians and available in every region of the country.

A dozen Russian banks have so far applied to join the pilot group for the project and three of them have already connected their systems to the central bank digital currency (CBDC) platform. Two of the financial institutions have successfully completed a full cycle of digital ruble transfers between clients, the CBR revealed in its announcement.

Bank of Russia started testing the digital ruble amid disagreements with the Ministry of Finance over the future of cryptocurrencies in Russia. While the ministry wants them legalized and regulated, the monetary authority proposed a blanket ban on crypto-related activities. Discussions on the matter continue in Moscow but the central bank maintains its hardline stance, insisting the legalization of their circulation brings risks for the country’s financial stability and its citizens.

Forbes quotes Fitch analysts who expect the CBR to continue to advocate a prohibition of decentralized cryptocurrencies in order to make room for the development of its own digital currency. They also suggest that the emergence of a digital ruble could lead to an outflow of funds from deposits in the banking system, increased competition in the financial market, and rising interest rates.

Tags in this story
Bank of Russia, CBDC, CBR, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital ruble, invasion, pilot, pilot project, Regulation, Regulations, Russia, russian, Sanctions, Testing, trials, Ukraine, War

Do you think Bank of Russia will manage to issue the digital ruble by April 2023? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Credit: Source link

ShareTweetSendPinShare
Previous Post

US SEC Rejects One River Spot Bitcoin ETF Application

Next Post

NFTs In A Nutshell: A Weekly Review

Related Posts

Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive

Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive

May 31, 2023

On-chain data shows Bitcoin is slowly moving from the old holders to new investors, a sign that could be positive...

Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?

Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?

May 31, 2023

This is an opinion editorial by Level39, a researcher focused on Bitcoin, technology, history, ethics and energy.Did The New York...

Trading volumes on CEXs and DEXs surge amid market downtrend

Trading volumes on CEXs and DEXs surge amid market downtrend

May 31, 2023

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Centralized exchanges (CEXs) and decentralized exchanges...

China’s Crypto Innovator Cautions Hong Kong On Digital Assets

China’s Crypto Innovator Cautions Hong Kong On Digital Assets

May 31, 2023

Crypto enthusiasts received a sobering wake-up call when esteemed entrepreneur Bobby Lee issued a warning to the community.  Casting a...

Doge Breaking This Single Level Will Spark Fresh Rally

Doge Breaking This Single Level Will Spark Fresh Rally

May 31, 2023

Dogecoin started a decent increase from the $0.0685 support against the US Dollar. DOGE could rally if it clears the...

Load More
Next Post
NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The co-founder of BitMEX shares his ideas on the future of crypto investing

The co-founder of BitMEX shares his ideas on the future of crypto investing

May 29, 2023
Crypto Crackdown In Bali: Gov't Targets Foreign Tourists' Use Of Digital Currency – Bitcoinist

Crypto Crackdown In Bali: Gov't Targets Foreign Tourists' Use Of Digital Currency – Bitcoinist

May 29, 2023
Russia backtracks from plan to create national crypto exchange

Russia backtracks from plan to create national crypto exchange

May 29, 2023
Crypto Hater China Jumps On Web3 Vehicle 

Crypto Hater China Jumps On Web3 Vehicle 

May 27, 2023
Dogecoin Millionaire Declares Pepe Coin ‘Dead’

Dogecoin Millionaire Declares Pepe Coin ‘Dead’

May 31, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Top Crypto Influencer Expresses Doubt over Ripple’s Triumph in SEC Lawsuit
  • How Do Regulations Affect the Cryptocurrency Market? – Block Telegraph
  • ‘Zero’ Tokens Burned in 24-Hour Period
  • Bitcoin Wealth Is Transferring From Old To New Hands, Why This Is Positive
  • Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$26,981.00-2.55%
  • ethereumEthereum(ETH)$1,860.24-2.07%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.10%
  • binancecoinBNB(BNB)$305.76-1.92%
  • usd-coinUSD Coin(USDC)$1.000.25%
  • rippleXRP(XRP)$0.512.38%
  • cardanoCardano(ADA)$0.373526-0.48%
  • staked-etherLido Staked Ether(STETH)$1,859.28-2.04%
  • dogecoinDogecoin(DOGE)$0.071131-1.76%
  • matic-networkPolygon(MATIC)$0.89-0.16%
  • solanaSolana(SOL)$20.53-2.02%
  • tronTRON(TRX)$0.075486-0.85%
  • polkadotPolkadot(DOT)$5.29-2.48%
  • litecoinLitecoin(LTC)$89.23-2.44%
  • binance-usdBinance USD(BUSD)$1.000.15%
  • shiba-inuShiba Inu(SHIB)$0.000008-3.86%
  • avalanche-2Avalanche(AVAX)$14.07-2.61%
  • daiDai(DAI)$1.00-0.03%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,025.00-2.54%
  • uniswapUniswap(UNI)$5.05-1.61%
  • chainlinkChainlink(LINK)$6.46-1.43%
  • leo-tokenLEO Token(LEO)$3.51-0.06%
  • cosmosCosmos Hub(ATOM)$10.48-2.83%
  • ToncoinToncoin(TON)$1.84-0.12%
  • okbOKB(OKB)$45.32-3.96%
  • moneroMonero(XMR)$148.88-2.88%
  • ethereum-classicEthereum Classic(ETC)$17.94-1.55%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • stellarStellar(XLM)$0.0905011.72%
  • bitcoin-cashBitcoin Cash(BCH)$112.59-1.61%
  • internet-computerInternet Computer(ICP)$4.67-3.10%
  • true-usdTrueUSD(TUSD)$1.000.20%
  • filecoinFilecoin(FIL)$4.64-2.64%
  • lido-daoLido DAO(LDO)$2.08-5.17%
  • quant-networkQuant(QNT)$116.422.84%
  • AptosAptos(APT)$8.30-1.43%
  • hedera-hashgraphHedera(HBAR)$0.051329-3.17%
  • crypto-com-chainCronos(CRO)$0.059529-1.14%
  • vechainVeChain(VET)$0.020431-1.31%
  • ArbitrumArbitrum(ARB)$1.15-5.54%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • nearNEAR Protocol(NEAR)$1.56-2.75%
  • the-graphThe Graph(GRT)$0.1337843.87%
  • apecoinApeCoin(APE)$3.13-2.01%
  • algorandAlgorand(ALGO)$0.147537-2.42%
  • paxos-standardPax Dollar(USDP)$1.000.22%
  • fraxFrax(FRAX)$1.00-0.02%
  • EdgecoinEdgecoin(EDGT)$1.00-0.02%
  • the-sandboxThe Sandbox(SAND)$0.53-2.84%