Sanctioned Russian Bank Tests In-app Operations With Digital Rubles
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 Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency (CBDC) issued by the Bank of Russia. According to a report by the business news....
Related News
The heavily-sanctioned country is scrambling to find ways to increase its revenue and has floated the possibility of allowing China and Turkey to pay for energy in Bitcoin. The Russian Federation's energy chief Pavel Zavalny has floated the possibility of accepting Bitcoin as payment for its oil and gas from “friendly countries” such as China and Turkey.He said those countries could begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Lira — or even Bitcoin (BTC) — rather than the international standard US dollar. According to Russian news media RBC, Chairman of the State Duma....
The London Bullion Market Association (LBMA) said it wants six accredited Russian gold refiners to clarify if they have commercial ties with sanctioned Russian entities. The association’s request comes a few days after it revoked the membership of three sanctioned Russian banks.
LBMA Accreditation
The London Bullion Market Association (LBMA) has requested six Russian gold refiners on its good delivery list clarify if they have commercial ties to sanctioned entities. If such links exist, this will likely affect the refiners’ accreditation status with the LBMA, a....
The Bank of Russia views CBDCs as a responsible alternative to Bitcoin and wants to take fees from CBDC transactions. The Russian central bank continues to disclose more details about its upcoming digital currency and is now reportedly planning to take commissions for the digital ruble transactions.The fees for Russia’s central bank digital currency (CBDC) transactions will be lower than those of wire transfers, Bank of Russia’s director of financial technologies department Kirill Pronin reportedly said.Pronin elaborated that the CBDC transactions’ commissions will not be higher than those....
Russians cashed out over $1.3 billion from banks on the first day of Russia’s invasion of Ukraine, the largest amount since the onset of COVID-19. Several Russian banks that have been sanctioned over Russia’s “special military operation” in Ukraine will no longer support major payment services like Apple Pay and Google Pay.Russia’s second-largest bank, VTB — as well as other banks like Sovcombank, Otkritie, Novikombank and Promsvyazbank — are on the list of companies sanctioned by the United States, the Bank of Russia confirmed on Friday.Users of debit and credit cards issued by these....
As financial authorities around the world continue to target sanctioned Russian entities, regulators in Japan along with the country’s crypto association are attempting to find and close gaps that may be used to circumvent sanctions. The two bodies, however, have said they are not discussing the plan to block all Russians. Calls to Block Russian Users Rejected Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly said they are trying to find ways of stopping blacklisted Russian entities from evading sanctions via....