Iran and Russia want to issue new stablecoin backed by gold

Iran and Russia want to issue new stablecoin backed by gold

Source: Cointelegraph The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold. According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade. The token […]

The Geopolitics of CBDCs

The Geopolitics of CBDCs

Written by Jannah Patchay, Policy Lead for the Digital Pound Foundation Central bank digital currencies (CBDCs) – a digital form of central bank-issued fiat currency – have seen explosive growth in interest over the past four years. At the start of 2023, 114 countries, representing 95% of global GDP, are currently exploring CBDC, of which 60 […]

Russia to begin work on CBDC settlement system as sanctions endure

Russia to begin work on CBDC settlement system as sanctions endure

Source: Cointelegraph Russia’s central bank is reportedly set to begin developing a cross-border settlement system using a central bank digital currency (CBDC) amid ongoing sanctions in response to its invasion of Ukraine. The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia’s […]

Bill on Digital Ruble Submitted to Russian Parliament

Bill on Digital Ruble Submitted to Russian Parliament

Source: Bitcoin.com A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction. According to the explanatory notes […]

Russia plans to use digital rouble in settlements with China, says lawmaker

Source: Reuters After launching a digital rouble early next year, Russia plans to use the currency in mutual settlements with China as it seeks to reduce Washington’s global financial hegemony, a senior Russian lawmaker said on Monday. Russia, like many countries, has been developing digital money over the last couple of years to modernise its […]

What is SWIFT? What does ejecting Russia achieve? Can Russia evade sanctions through Bitcoin and other cryptocurrency assets?

What is SWIFT? What does ejecting Russia achieve? Can Russia evade sanctions through Bitcoin and other cryptocurrency assets?

Co-authored by Jannah Patchay, Jim Ford, Phil Kenworthy, and Jonathan Marriott Following Russia’s invasion of Ukraine, the US, EU and UK have quickly moved to implement sanctions against Russian financial institutions, companies and individual oligarchs. After much discussion and negotiation, it was also announced that Russian banks would be ejected from the SWIFT network. Opinion […]