The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was exploring different possibilities of integration with other CBDC systems to complete cross-border payments and settlements. Central Bank of Russia…
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Olga Skorobogatova, first deputy chairman of the Central Bank of Russia, indicated that the launch of the digital ruble, the Russian central bank digital currency (CBDC), could happen in 2025. The pilot test for the CBDC will be organized later this year after the State Duma, the lower house of the Russian parliament, passes the…
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Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use…
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Sberbank, the largest bank in the Russian Federation, announced that it opened access to its in-house decentralized finance (defi) platform to allow developers to test its capabilities. Reports indicate that Sberbank’s Comunity, the Ethereum-based blockchain decentralized finance solution, will leave the open testing phase later this year. Sberbank Opens Defi Platform for Testing Sberbank, one…
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The digital ruble law project, which was already discussed and approved in its first reading, could be passed in June, according to Anatoly Aksakov, chairman of the Duma’s Financial Markets Committee. The Bank of Russia is currently waiting for the enactment of this ruleset to conduct a live test of the CBDC’s (central bank digital…
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China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet approved the decision to become a dialogue partner. The Cabinet’s decision…
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On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and…
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Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower…
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Lawmakers in Russia are drafting legislation that would allow the establishment of a “national cryptocurrency exchange,” local media unveiled. Coins now circulate outside of government oversight and the Russian state is losing budget revenues in the billions of rubles, pointed out one of the participants in these efforts. Legislators Want Russia to Have Its Own…
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Newly proposed legislation aims to permit the minting of any cryptocurrency in Russia, a prominent lawmaker has revealed. While the draft law states that the circulation of the minted coins should take place outside Russian jurisdiction, an upcoming bill provides for their use under “experimental regimes.” Parliament Prepares to Legalize the Mining of Cryptocurrencies in…
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