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Russian Central Bank Eyes Digital Currency to Overcome Cross-Border Payment Obstacles

[Sep 17 2:30 AM] Elvira Nabiullina, head of Russia’s central bank, has highlighted challenges in cross-border settlements, including payment issues and falling trade volumes. She emphasized the importance of finding new solutions, such as using digital…

Putin Signs Law to Advance Cryptocurrency Use in Russia’s International Trade

[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…

Bank of Russia Expects Wide Adoption of Digital Ruble Within 5 to 7 Years

[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…

Bank of Russia Dismisses US Asset Confiscation Effects on Russia’s Economic Stability

[Apr 29 9:22 PM] The Bank of Russia has dismissed the effect that a future confiscation of Russian assets in the U.S. might have on the nation’s economic stability. Elvira Nabiullina, governor of the bank, stated that Russia has been diversifying its asset…

Russia Discusses Testing Digital Ruble for Budget Payments

[Mar 27 12:00 AM] The Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving…

Russian Digital Ruble Pilot ‘on Track,’ Registers About 25K Transactions

[Mar 4 11:30 PM] Elvira Nabiullina, Governor of the Bank of Russia, stated that the current pilot test of the Russian digital ruble was “on track,” with several operations being tested, including opening wallets, and interactions with smart contracts…

Bank of Russia Reports 13 Banks Will Participate in Digital Ruble Pilot

[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…

Central Bank of Russia Discusses Digital Ruble Integration With Other Countries

[Jul 22, 2023 3:00 AM] The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was…

Russia’s Central Bank: BRICS Currency Requires Consent of Many Parties, Faces Implementation Challenges

[Jul 11, 2023 9:30 PM] The governor of Russia’s central bank says the creation of a common BRICS currency “requires the consent of many parties.” While emphasizing that the proposed BRICS currency “deserves attention,” the Russian central bank chief…

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…

Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States

[Apr 21, 2023 5:30 AM] Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in…

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit

[Jan 26, 2023 5:30 PM] Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest…