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Bank of Russia

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Bank of Russia Eyes Stablecoins for Cross-Border Transactions

Leave a Comment / Alexey Guznov, Bank of Russia, Bitcoin, Central Bank, cross border, Crypto Hacked, crypto mining, Cryptocurrency, Digital Currencies, digital financial assets, Ethereum, Payments, qualified investors, Regulation, Regulatory Sandbox, Stablecoins / / / , , , , , , , , , , ,

The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of qualified investors and would require testing for regulatory feasibility. Bank of Russia Explores Stablecoin Use for Cross-Border Transactions […]

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Putin Signs Law to Advance Cryptocurrency Use in Russia’s International Trade

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Russian President Vladimir Putin has signed a new law to establish experimental legal frameworks to advance digital technologies, particularly cryptocurrencies, in international trade. The legislation allows for the modification of laws to facilitate cryptocurrency transactions, including cross-border trade, and grants the Bank of Russia oversight of pilot projects related to digital currencies. Putin Signs Law

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Bank of Russia Discusses Conditions of Upcoming Stablecoin Regulation

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The Bank of Russia has highlighted the conditions it will need to consider when regulating the use of stablecoins for Russian individuals and companies. The bank stated that before a regulation is enacted, a thorough study of these assets and a discussion with the relevant actors of the market and the community around them should

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Russian Central Bank Suggests Using Crypto to Counter Western Sanctions

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Russia’s central bank has urged businesses to consider various payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and counter Western sanctions. Bank of Russia Governor Elvira Nabiullina highlighted that the central bank has softened its stance on the use of cryptocurrencies in international payments. She also mentioned ongoing efforts to

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No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again

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Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023. Bank of

No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again Read More »

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Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar

Leave a Comment / Alexander Novak, Bank of Russia, Bitcoin, brics, Crypto Hacked, Cryptocurrency, Economics, Ethereum, international trade, Russia, Settlements, U.S. dollar / / / , , , , , , ,

Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring Russian energy resources, leading Russia to accept more currencies for these settlements. Russia Aims to Settle Energy

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Russia to Work With Digital Currencies of Other Nations

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The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled. Digital Ruble Platform to Support Integration With Other CBDCs, Bank of

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Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States

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Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in these assets while it continues working on creating new reserves in non-U.S. sanctioned assets. Russia Built Bank

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Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements

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Bank of Russia is building a system of gateways with foreign payment networks and is now working with Turkey in this field. Russia’s monetary authority would also allow the experimental use of cryptocurrencies in foreign economic activities, its head was quoted as saying. Russia’s Central Bank ‘Actively Working’ With Turkey on New Payment Gateways The

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US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony

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U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks

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