Russia prioritizes CBDC ruble as overall crypto outlook seems positive
What is the future of cryptocurrencies in Russia, and can a digital ruble really be introduced in the coming years? After the Chinese authorities introduced a complete ban on cryptocurrency transactions in September by equating them to illegal financial activity, local cryptocurrency miners either dropped off the radar or moved to other countries in order to continue with their business.The United States subsequently became the leader in terms of Bitcoin (BTC) mining volumes with a share of 35.4%. Modest Kazakhstan is currently in second place (18.1%), and the bronze spot was secured by....
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Authorities in Russia are gearing up to amend various pieces of legislation to facilitate the issuing and function of the digital ruble. Officials in Moscow believe this version of the national fiat needs to be regulated separately from other digital forms of money such as cryptocurrencies. Russia Prepares to Trial Digital Ruble, Officials Say CBDC Needs Its Own Regulations Russian lawmakers are planning to begin work on legal changes necessary to implement the digital ruble concept in January 2022. These efforts will commence alongside the launch of an experiment for the central bank....
Russia’s digital ruble will not have the same level of anonymity as cash, says official. Elvira Nabiullina, the head of the Bank of Russia, argued that there is a line between anonymity and privacy regarding the circulation of an upcoming digital ruble.Speaking at a press conference on Oct. 23, Nabiullina said that Russia’s digital ruble will not have the same level of anonymity as cash. However, the bank expects to strengthen user privacy, Nabiullina promised, stating:“Still, we shouldn’t confuse the anonymity with confidentiality of digital ruble transactions. Indeed, there will not be....
The Bank of Russia might launch its own CBDC, a digital ruble, after piloting the project at the end of next year, its chairwoman said.
The Bank of Russia reports on the first digital ruble tests as planned but continues to fight against Bitcoin adoption. Amid more reports on the Bank of Russia rejecting the finance ministry’s proposal of cryptocurrency regulation, the central bank has kicked off trials of its own digital currency.The Russian central bank has officially launched the digital ruble trial, successfully completing the first central bank digital currency (CBDC) transfers among citizens, the Bank of Russia announced Tuesday. The launch aligns with the bank’s plans to debut the first digital ruble transactions in....
According to official data, Russia’s inflation rate reached 8.1% in October, the highest level in almost six years. The Bank of Russia will only fully adopt a central bank digital currency (CBDC) if the digital ruble meets several conditions within pilot tests, governor Elvira Nabiullina said.Nabiullina spoke of the digital ruble before the State Duma Committee on Financial Markets on Monday, disclosing more details about the CBDC rollout, local news agency Interfax reported.The Bank of Russia will only adopt the CBDC after the bank makes sure that rubles can be easily converted from cash....