Ethereum-Based ‘Cryptoruble’ Token Under Development in Russia
Developers are working on a “cryptoruble” that, as they say, can improve Russians’ access to global exchanges and be used for cross-border payments. Defi platform Indefibank, which is behind the project, says the token will be pegged to the national fiat but independent from a state-issued digital ruble. Cryptoruble to Give Russian Companies Another Option for International Settlements Work is underway in Russia to launch a “tokenized cryptoruble” on the Ethereum blockchain, the CEO of decentralized finance (defi) banking platform Indefibank,....
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Transactions with digital assets backed by precious metals are beginning in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has some high-tech applications, is not a publicly available asset in the Russian Federation.
Atomyze and Rosbank Issue Digital Token for Palladium
The Russian unit of Atomyze, a platform that specializes in the tokenization of commodities, and Rosbank, are starting transactions with digital financial assets (DFAs) based on precious metals. The first one is the issuance of a token for palladium, the holders of....
Russia-linked crypto exchange Exmo will no longer provide services to users from Russia, Belarus and Kazakhstan. London-based cryptocurrency exchange Exmo is the latest crypto trading platform to formally suspend its business in Russia and Belarus due to Russia’s invasion of Ukraine.Exmo is selling its digital asset business in Russia and Belarus to a Russia-based software development company, Exmo officially announced on April 18. At the time of writing, the new owner and the size of the deal are not disclosed.“Unfortunately, we can’t anymore hold the high-risk part of the business, since....
Russia has been leaning towards cryptocurrencies such as Bitcoin and Ethereum in recent times. Sanctions against the country since it began its evasion of Ukraine had piled up, and the government had begun to turn to crypto to circumvent these sanctions. In its most recent move, the Central Bank of Russia has moved to legalize […]
While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s inflation won’t be as elevated as economists once predicted. At the same time, inflation in the U.K. topped 10% and the European Union’s inflation rate is expected to be just as high. Russian president Vladimir Putin blames the....
Russia is currently in the pilot phase of its CBDC development and is expected to complete the development by early next year. Russia is in the pilot phase of its central bank digital currency development (CBDC), and new reports indicate that the country could use its national digital currency to settle international trade.According to a report published in Reuters, Russia is reportedly planning to use the digital rouble for mutual settlements with China by next year. The digital rouble is currently being tested for settling with the banks and is expected to be completed by early next....