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Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks to Record Digital Currencies as Assets in Their Accounting … Read more
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Go to Source Powered by WPeMatico
Russia is currently in the pilot phase of its CBDC development and is expected to complete the development by early next year. Go to Source Powered by WPeMatico
While the U.S. dollar has soared in value against a basket of worldwide fiat currencies, Russia’s ruble climbed 4.5% against the greenback this week. During the first week of September, Russia told the press China would pay for natural gas with rubles and yuan. Moreover, Switzerland’s imports of Russian gold reached a high not seen … Read more
Finance Ministry official says an upcoming bill may provide local infrastructure, allow businesses to negotiate the use of cryptocurrencies in international trade on their own. Go to Source Powered by WPeMatico
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Go to Source Powered by WPeMatico
Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months, the monetary authority says it will “actively promote” its digital currency for international … Read more
Key government institutions have agreed that Russia needs to legalize crypto payments for international settlements. The proposal has been gaining support in the past few months since Moscow’s decision to invade Ukraine was met with wave after wave of Western sanctions. Financial Authorities in Russia Consider Legalizing International Cryptocurrency Payments In the current conditions, “it … Read more
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes. Go to Source Powered by WPeMatico
A Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine. Russian Bank Experiments With Digital Ruble Transfers via Mobile Application … Read more
