• russia testing digital ruble
    Cryptocurrencies,  Regulation

    Russia’s Central Bank will test digital ruble in 2022

    The central bank deputy chairman said that he expects a prototype of the digital currency to be ready this year, but many regulatory changes will be needed

    Deputy Chairman of the Central Bank Alexey Zabotkin said that the central bank will start “testing rounds” of its CBDC as early as 2022. In October, Bank of Russia head Elvira Nabiullina said that the forthcoming transformation of the economy is taking place, and as a result, “there must be a transformation of the settlement system.”

  • Cryptocurrencies,  Regulation

    Russian parliament committee: make crypto legal

    The State Duma’s Committee on Financial Markets draft tax bill would give cryptocurrencies legal status—but ban their use as currencies

    According to a Dec. 24 report, the committee said its approval of the bill was motivated by "the ubiquitous spread of digital technologies and the expansion of the scope of the use of cryptocurrencies, including for illegal purposes."

  • Russian finance minister digital ruble
    Politics,  Regulation

    Digital ruble will cut transaction costs and increase transparency: Russian finance minister

    Anton Siluanov admitted that he does not know whether a central bank digital currency will be rolled out, but said pursuing one is the best course of action

    Russia’s finance minister Anton Siluanov claimed the digital version of Russia’s fiat currency will reduce transaction costs and improve the transparency of settlements

  • Russian digital ruble
    Politics,  Regulation,  Technology

    Digital ruble coming as soon as 2021

    The head of Russia’s central bank said a pilot program could come next year, and promised confidentiality but not anonymity

    While nothing has been decided, the possibility of launching a digital ruble “is quite real,” she said. It will not replace the physical ruble, she added. The digital ruble project “fits very organically into what is called the development of the digital economy as a whole,” Nabiullina said. “A digital transformation is taking place. Of course, there must be a transformation of the settlement system.”