Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financia...
The launch of a digital ruble will be among Russia’s key priorities of digitalization this decade, the country’s financial market development strategy has confirmed. The document claims the issuance of a digital national fiat will help the central bank to prevent Russians from using “money surrogates” as officials have previously called cryptocurrencies. Bank of Russia to Issue Digital Ruble by 2030, According to Financial Market Development Plan The Strategy for the Development of the Financial Market of the Russian Federation by 2030 was released....
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Bulgarian bitcoin exchange BTC-e has pulled support for the ruble, following a decision by the Russian Prosecutor's Office to ban bitcoin. A statement issued by Russia's General Prosecutor's Office said that it saw growing interest in the cryptocurrency, including from money launderers. "The official Russian currency is the ruble. The use of any other monetary instruments or surrogates is forbidden," it said, citing Russian Article 27 of Russia's Federal Law, regarding the Central Bank of Russia. The announcement is the clearest indication yet of its position regarding cryptocurrencies.....
If BTC-e's move this morning to officially halt Ruble deposits and withdrawals was any hint, it now seems a sure thing that the Russian Central Bank is quite simply saying no to bitcoin and other digital currencies. "The monitoring of the use of virtual currencies shows an increasing interest in them, including for the purpose of money laundering, profit obtained through illegal means," the Prosecutor General's Office said following a meeting with the central bank of Russia. "Russia's official currency is the ruble. The introduction of other types of currencies and the issue of money....
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....
The Russian Finance Ministry has reportedly tightened its proposed penalties for the issuance of so-called money surrogates including digital currencies. News service Interfax has reported that, according to an unnamed source in the Russian government, individuals who issue money surrogates face as many as four years in prison. Executives with financial firms that release their own money surrogates could be imprisoned for as many as seven years and be restricted from holding similar positions in the future. Fines for issuing a money surrogate, according to Interfax, range from 500,000....
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of....