1 / 3 Relevant items tagged with #BankOfRussia

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Russian Banks Baulk at Digital Ruble Implementation Costs

[Oct 25 11:30 AM] Russian banks, particularly smaller ones, are unhappy about the high cost (between $1.25 million and $2 million) of integrating with the central bank’s digital ruble platform. This cost is seen as prohibitive for many banks, exceeding their…

Bank of Russia Eyes Stablecoins for Cross-Border Transactions

[Aug 27 11:20 AM] The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of…

Putin Signs Law to Regulate Crypto Mining in Russia

[Aug 10 10:30 PM] Russian President Vladimir Putin has enacted legislation to formally regulate the cryptocurrency mining sector in Russia, with the law set to take effect in November. This legislation establishes a regulated framework for mining operations…

Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023

[Feb 12 11:00 PM] The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased…

Russia to Test Digital Ruble in 11 Cities, Moscow Subway

[Aug 12, 2023 1:30 AM] Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users…

Russia to begin CBDC trials with 13 banks

[Aug 9, 2023 7:43 AM] According to Olga Skorobogatova, first deputy governor of the Bank of Russia, initiating pilot operations using genuine digital rubles represents a pivotal phase within the project.