[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…
[Oct 2 4:30 AM] The Bank of Russia has explained that the launch of the digital ruble, the Russian CBDC, will not affect the state’s mechanisms to control inflation or the amount of money issued. The institution clarified that the new currency does not pose…
[Sep 16 5:30 AM] The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year. Larger banks will offer digital ruble accounts and services by this deadline, with smaller…
[Sep 9 12:30 AM] Russia’s central bank is expanding its digital currency pilot program, involving 9,000 individuals and 1,200 companies. New features for the digital ruble, including payments via QR code, will be tested. Full-scale implementation is expected…
[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…
[Aug 11 11:30 PM] Russian President Vladimir Putin has signed a new law to establish experimental legal frameworks to advance digital technologies, particularly cryptocurrencies, in international trade. The legislation allows for the modification of laws to…
[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…
[Aug 8 7:17 PM] Russia explores other forms of international trade settlement following US sanctions blocking it from the SWIFT interbank messaging system.
[Aug 1 6:10 PM] Elvira Nabiullina, the governor of the Bank of Russia, declared that she expects the digital ruble, the Russian CBDC, to achieve a high level of acceptance due to the benefits it offers to Russian citizens. During a speech at the Federation…
[Jul 31 1:30 AM] Russia plans to launch international cryptocurrency payments by the end of the year to counter Western sanctions, according to the governor of the Bank of Russia. The central bank is prepared to be flexible and is already discussing the conditions…
[Jul 14 4:16 PM] U.S. Treasury Secretary Janet Yellen has addressed concerns about Russia using cryptocurrency to evade sanctions. During her testimony before the House Financial Services Committee, Yellen acknowledged the potential threat, noting that while it may…
[Jul 11 5:20 AM] The Bank of Russia has highlighted the conditions it will need to consider when regulating the use of stablecoins for Russian individuals and companies. The bank stated that before a regulation is enacted, a thorough study of these assets and a…
[Jul 3 7:28 PM] Russia’s central bank has urged businesses to consider various payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and counter Western sanctions. Bank of Russia Governor Elvira…
[Apr 26 4:19 PM] The Bank of Russia and Rosfinmonitoring revealed the existence of a ‘know your crypto customer’ system pilot, that aims to link the fiat operations of crypto users with their blockchain actions. The pilot, which has been ongoing since…
[Apr 18 11:22 PM] Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov stated that digital financial assets, issued by institutions regulated by the central bank, could replace fiat channels for international settlements. Aksakov also…
[Apr 15 11:34 PM] The Bank of Russia has announced that it will support accelerating the adoption of cryptocurrency payments for international settlements. According to Elvira Nabiullina, governor of the Bank of Russia, these crypto-based payments must be launched…
[Apr 2 3:46 AM] The Bank of Russia noted that Russian nationals transacted $51 billion (4.78 trillion rubles) in crypto during 2023. According to an annual report issued by the bank, its investigations found that volume flows equivalent to the number, especially…
[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…
[Feb 1 10:30 PM] The number of banks participating in Russia’s central bank digital currency pilot has increased to 30. Seventeen banks have signed an agreement with the Bank of Russia to participate in the digital ruble program. They will join 13 other…
[Nov 11, 2023 3:30 AM] 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…
[Oct 21, 2023 4:30 AM] 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…
[Aug 25, 2023 5:13 AM] The most common hindrances cited include insufficient information about the technology (22%) and concerns about cybertheft and system failures (21%).
[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…
[Aug 11, 2023 2:30 AM] The Bank of Russia has announced that all 13 banks intending to participate in the digital ruble pilot have already completed their preparations to join the upcoming test. Olga Skorobogatova, first deputy governor of the Bank of Russia, stated that…
[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.
[Aug 4, 2023 2:11 AM] From 2025 business-to-business transactions will cost $0.16 each, while individual customers will pay 0.3% of the total transaction sum when transferring to commercial accounts.
[Jul 24, 2023 7:03 AM] Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, the governor of the Bank of Russia said.
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