Bank of Russia – Page 2

Russian Duma Financial Market Chairman States Digital Financial Assets Might Replace Fiat for International Payments

April 19, 2024

Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov stated that digital financial assets, issued by institutions regulated by the central bank, could replace fiat channels for international settlements. Aksakov also acknowledged that while not being controlled for this use case, digital assets were already being used to settle international payments.…
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Bank of Russia Supports Cryptocurrency Usage for International Settlements

April 16, 2024

The Bank of Russia has announced that it will support accelerating the adoption of cryptocurrency payments for international settlements. According to Elvira Nabiullina, governor of the Bank of Russia, these crypto-based payments must be launched in a sandbox-style experimental regime. In contrast, payments with national digital assets will be launched without similar precautions. Bank of…
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Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023

February 13, 2024

The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency as tools for promoting and carrying…
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30 Banks Participating in Russia’s Central Bank Digital Currency Pilot

February 2, 2024

The number of banks participating in Russia’s central bank digital currency pilot has increased to 30. Seventeen banks have signed an agreement with the Bank of Russia to participate in the digital ruble program. They will join 13 other banks, about 600 citizens, and 30 trading and service companies that are already testing Russia’s central…
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Bank of Russia to Develop Digital Ruble Payment System With the UAE

November 11, 2023

The Bank of Russia has announced it will create a joint payment system with the United Arab Emirates (UAE) using the digital ruble. Bank of Russia’s First Deputy Governor Olga Skorobogatova stated that the system would serve individuals and businesses alike and estimated its development would take a year. Russia to Develop Digital Ruble ‘Fast…
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Bank of Russia Predicts Digital Ruble Won’t End Other Payment Methods

October 21, 2023

The Central Bank of Russia does not expect the introduction of the digital ruble to end the popularity of other non-cash and cash payment options. According to statements offered by Alla Bakina, director of the bank’s national payment system department, other non-cash payment options have reached over 80% of the total payment transactions in Russia.…
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Russia to Test Digital Ruble in 11 Cities, Moscow Subway

August 12, 2023

Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble…
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Bank of Russia Reports 13 Banks Will Participate in Digital Ruble Pilot

August 11, 2023

The Bank of Russia has announced that all 13 banks intending to participate in the digital ruble pilot have already completed their preparations to join the upcoming test. Olga Skorobogatova, first deputy governor of the Bank of Russia, stated that customers of these banks will be able to apply to join the pilot “after some…
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Russia to begin CBDC trials with 13 banks

August 9, 2023

According to Olga Skorobogatova, first deputy governor of the Bank of Russia, initiating pilot operations using genuine digital rubles represents a pivotal phase within the project. The Bank of Russia (BoR) has revealed that it will begin testing operations for Russia’s central bank digital currency (CBDC) project with digital rubles. The test will begin on…
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Putin signs law on introduction of digital ruble in Russia

July 24, 2023

Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, the governor of the Bank of Russia said. Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law…
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Category: Bank of Russia