Russian CBDC legislation expands foreign access
Source: Ledger Insights The Central Bank of Russia’s (CBRs) digital ruble pilot was delayed from its planned start date of April 1, pending the passage of legislation at the State Duma. The delayed version was expected to pass by now, but according to the Russian state news agency TASS, the legal go ahead for the central bank digital currency (CBDC) […]
Snapshot: Which countries have made the most progress on CBDCs so far in 2023
Source: Atlantic Council 2023 is already shaping up to be a major year in central bank digital currency (CBDC) exploration. As of March 1, sixty-five countries are in the advanced stage of development, and over twenty central banks have launched their pilots, including Brazil, Japan, and Russia. To dive deeper into these countries, follow our CBDC […]
Bank of Russia to Pilot CBDC in April
Source: Coindesk The Bank of Russia’s central bank digital currency (CBDC), the digital ruble, is ready for its pilot phase, said the bank’s deputy governor, Olga Skorobogatova, on Friday. The project will be launched for peer-to-peer transfers between individuals and for retail purchases, Skorobogatova told journalists during a fintech conference in Russia. “The pilot will […]
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
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
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
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?
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 […]
CBDC networks could defang sanction threats
