• About
  • Contact Us
Wednesday, June 29, 2022
Cryptos Newz
No Result
View All Result
  • Home
  • News

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    BREAKING: 189 people on downed Lion Air flight, ministry says

    Crashed Lion Air Jet Had Faulty Speed Readings on Last 4 Flights

    Police Officers From The K9 Unit During A Operation To Find Victims

    People Tiring of Demonstration, Except Protesters in Jakarta

    Limited underwater visibility hampers search for flight JT610

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us
  • Home
  • News

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    BREAKING: 189 people on downed Lion Air flight, ministry says

    Crashed Lion Air Jet Had Faulty Speed Readings on Last 4 Flights

    Police Officers From The K9 Unit During A Operation To Find Victims

    People Tiring of Demonstration, Except Protesters in Jakarta

    Limited underwater visibility hampers search for flight JT610

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us
No Result
View All Result
Cryptos Newz
No Result
View All Result
Home Bitcoin News

Bank of Russia Steps Up Efforts to Issue Digital Ruble Due to Sanctions – Finance Bitcoin News

Crptoz by Crptoz
May 29, 2022
in Bitcoin News
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

READ ALSO

How likely will Robinhood’s listing support Chainlink’s token as price pumps?

MakerDAO Voting to Allocate $500 Million Treasury Funds – BeInCrypto


The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to conduct transactions with the new version of national fiat in early 2023 instead of 2024 as originally planned.

CBR will launch smart contracts, transactions with the digital ruble early next year

Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to accelerate development of a digital version of the ruble, the Russian-language edition of Forbes quoted CBR’s first vice president, Olga Skorobogatova, as saying. He made this disclosure during a meeting organized by the Federation of Banks of Russia.

The high-ranking official commented that Russia’s central bank initially scheduled a digital ruble pilot with real transactions and users for 2024, but decided to launch the project in April 2023. At the same time, the regulator also wants to start implementing smart digital contracts based on the ruble infrastructure.

Last spring, the Central Bank of Russia announced that the prototype of the digital ruble would be ready by the end of 2021 and that 2022 would be devoted to testing with the participation of commercial banks. It began testing the platform in February this year and later that month announced the first successful transfer between individual wallets.

Users were able to open a digital ruble wallet via a mobile app, exchange regular electronic money from their bank accounts for digital rubles, and then transfer the coins among themselves, CBR detailed. At the time, Skorobogatova assured that digital currency transactions would be free for all Russians and available in every region of the country.

A dozen Russian banks have so far applied to join the pilot group for the project and three of them have already linked their systems to the central bank digital currency (CBDC) platform. In its announcement, CBR revealed that the two financial institutions have successfully completed a full cycle of digital ruble transfers between customers.

The Bank of Russia began testing the digital ruble amid disagreements with the Ministry of Finance over the future of cryptocurrencies in Russia. While the ministry wants them to be legalized and regulated, the monetary authority proposed a complete ban on crypto-related activities. Discussions on the matter continue in Moscow but the central bank maintains its tough stance, insisting the legalization of their circulation poses risks to the country’s financial stability and its citizens.

Forbes quoted Fitch analysts who expect CBR to continue advocating for the prohibition of decentralized cryptocurrencies to make room for the development of its own digital currency. They also suggest that the emergence of the digital ruble could lead to an outflow of funds from deposits in the banking system, increased competition in the financial market, and raised interest rates.

Tags in this story
Bank of Russia, CBDC, CBR, central bank, crypto, cryptocurrency, cryptocurrency, digital currency, digital ruble, attack, pilot, pilot project, regulation, regulation, Russia, Russian, sanctions, trial, trial, Ukraine, war

Do you think the Bank of Russia will manage to issue a digital ruble by April 2023? Tell us in the comments section below.

lubomir tsev

Lubomir Tsev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

more popular news

in case you missed it


Related Posts

Bitcoin News

How likely will Robinhood’s listing support Chainlink’s token as price pumps?

June 29, 2022
Bitcoin News

MakerDAO Voting to Allocate $500 Million Treasury Funds – BeInCrypto

June 29, 2022
Bitcoin News

Should you buy Compound’s token after doubling its value in June?

June 29, 2022
Bitcoin News

Report: A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital – Bitcoin News

June 29, 2022
Bitcoin News

Binance USD (BUSD) Market Cap Soared More Than $400 Million in May – BeInCrypto

June 29, 2022
Bitcoin News

LBank Exchange Will List Delio (DSP) on June 30, 2022 – Press release Bitcoin News

June 29, 2022
Next Post

Best Coin to Buy Today | Which Crypto to Buy Now | Best Cryptocurrency to invest in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Man Who Broke into Terra Founder’s House Was Crypto Investor Who Lost 3 Billion Won

May 16, 2022

When SHIB? Robinhood CBO States They Seek Compliant Ways to Increase Crypto Offering

February 9, 2022

Dock Launches Ambassador Program – Press release Bitcoin News

January 17, 2022

Why You Should Stack Sats To Celebrate Father’s Day

June 19, 2022

Ted Cruz: Texas Should Be “Ground Zero” for Crypto Industry

March 3, 2022

EDITOR'S PICK

BTC and ETH derivative markets for the next three months suggest…

May 24, 2022

A3: Still Alive Second AMA Session With BeInCrypto

April 29, 2022

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

June 27, 2022

Bitcoin Is Reaching Mid-Halving in Upcoming Months, Here’s How Price Bottomed In Previous Cycles

June 17, 2022

About

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow us

Categories

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business
  • Cryptocurrency News
  • Ethereum News
  • How To Buy Crypto
  • News
  • Uncategorized

Recent Posts

  • How likely will Robinhood’s listing support Chainlink’s token as price pumps?
  • MakerDAO Voting to Allocate $500 Million Treasury Funds – BeInCrypto
  • Arbitrum Pauses Odyssey as Layer 2 Fees Surpass Mainnet Fees
  • Should you buy Compound’s token after doubling its value in June?
  • Home
  • News
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information

© 2022 CryptosNewz - Premium Cryptocurrency News Blog CryptosNewz.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us

© 2022 CryptosNewz - Premium Cryptocurrency News Blog CryptosNewz.