2 / 3 Relevant items tagged with #BankOfRussia
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Russia to Enact Laws to Regulate Crypto Exchange Action; Profiles Use of Cryptocurrency to Bypass Sanctions
[May 30, 2023 1:30 AM] The government of Russia is preparing to regulate the establishment and action of crypto exchanges, abandoning its earlier proposal of the creation of a unique national platform. Anatoly Aksakov, head of the Russian State Duma Financial Markets…
Russian lawmakers propose amendments to digital ruble bill
[May 23, 2023 7:13 AM] The bill could be changed regarding debt operations, services for non-residents and the role of the central bank.
Bank of Russia Expects Significant Growth in Digital Assets Market
[May 20, 2023 4:30 AM] The Central Bank of Russia predicts an increase in the issuance of digital assets, citing some of their advantages. The monetary authority has published a report presenting the progress made by the growing industry and assessing the prospects for…
Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May
[May 4, 2023 5:30 AM] Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will…
Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say
[May 3, 2023 4:00 AM] Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian…
No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again
[Apr 29, 2023 10:00 AM] Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and…
Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar
[Apr 24, 2023 5:30 AM] Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring…
Russia to Work With Digital Currencies of Other Nations
[Apr 23, 2023 12:30 AM] 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…
Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States
Foreign trade and pensions: What’s next for Russia’s CBDC project?
[Apr 20, 2023 7:23 AM] The Russian digital ruble pilot launch was delayed until at least May, but the government still hopes to kick off the currency in 2024.
Bank of Russia to set up entities for crypto mining and cross-border settlement: Report
[Apr 19, 2023 3:05 PM] Russia's central bank plans to create new institutions to mine crypto assets and settle international payments.
Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements
[Apr 19, 2023 5:30 AM] 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…
US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony
[Apr 17, 2023 4:00 AM] U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions…
Bank of Russia Analysts Note Ditching US Dollar Is ‘Hardly Possible’ Without Structural Changes to Foreign Trade
[Apr 14, 2023 12:00 AM] A report from the research department of the Bank of Russia shows that, due to the structure of foreign trade contracts, it will be difficult to ditch the usage of the U.S. dollar to settle payments. The analysts found that contracts are often…
Household Crypto Holdings Included in Bank of Russia’s Consumer Finance Survey
[Apr 2, 2023 11:30 PM] The Central Bank of Russia has added crypto asset holdings of households to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds…
Russia delays digital ruble launch testing due to lawmaking process
[Mar 29, 2023 2:18 AM] The participating banks expressed their readiness to proceed with the CBDC pilot.
Russian Parliament Votes on Bill Opening Door for Digital Ruble
[Mar 18, 2023 1:30 AM] Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the…
Bank of Russia Registers Another Digital Asset Issuer
[Mar 12, 2023 11:30 PM] The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize…
Russian crypto advocates urge Putin to stop regulatory hostility
[Mar 8, 2023 4:46 AM] Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued.
Investment Fund Focused on Crypto Mining to Be Created in Russia
[Mar 3, 2023 1:30 AM] The establishment of Russia’s first mutual investment fund dedicated to financing cryptocurrency mining operations is underway. According to a report by the Russian press, it will be available to qualified investors and will finance the acquisition…
Bank of Russia to Start Testing Digital Ruble With Real Users on April 1
[Feb 19, 2023 11:30 PM] The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April. More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of…
Russia to roll out CBDC pilot with real consumers in April
[Feb 17, 2023 7:49 AM] Russia’s central bank is preparing to launch the first consumer pilot for the digital ruble in collaboration with 13 local banks.
Russia’s Gazprombank recommends slow CBDC rollout fearing loss of income
[Feb 8, 2023 6:00 AM] Gazprombank, a subsidiary of a state-owned energy corporation, which participates in Russia’s CBDC initiative, fears losing a part of its income as the digital ruble replaces traditional fiat currency.
Russia’s Largest Private Bank Launches Digital Asset Platform
[Feb 5, 2023 3:00 PM] Alfa-Bank, one of the major Russian banking institutions, has established its own platform for digital financial assets. The launch became possible after Russia’s monetary authority added Alfa-Bank to its register of digital asset issuers this…
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say
[Feb 3, 2023 2:00 AM] Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be…
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs
[Jan 11, 2023 2:30 AM] The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first…
Russia to begin work on CBDC settlement system in Q1 as sanctions endure: Report
[Jan 9, 2023 7:34 PM] The country's central bank will begin studying two possible cross-border CBDC settlement models this quarter.
Bill on Digital Ruble Submitted to Russian Parliament
[Jan 1, 2022 1:00 AM] A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to…
Crypto OTC trading to get traction due to FTX fiasco, exec says
[Dec 27, 2022 4:30 AM] The FTX crash could trigger a bigger demand for crypto OTC services as investors are looking for alternative crypto exchange methods amid weak trust in CEXs.