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Bank of Russia š·šŗ to Pilot #cbdc in April.
The digital #ruble , the central bank #digitalcurrency (#cbdc ) of the #Bank of Russia, is prepared for a pilot phase, according to Olga Skorobogatova, deputy governor of the bank, on Friday.
The digital #ruble , the central bank #digitalcurrency (#cbdc ) of the #Bank of Russia, is prepared for a pilot phase, according to Olga Skorobogatova, deputy governor of the bank, on Friday.
The Russian Parliament has voted on a bill that could pave the way for the adoption of a digital version of the ruble.
#ruble #russia #crypto2023
#ruble #russia #crypto2023
š„Russia is banning crypto!
#Russia is implementing a #crypto ban to strengthen the #ruble amidst escalating geopolitical tensions and widening sanctions.
The proposed bill will include exceptions for crypto miners and Central Bank-sponsored test projects, forming an experimental legal framework. Because crypto mining plays a crucial role in Russia's tax revenues, generating over $2.59 billion for foreign trade settlements, according to Statista data...
So, we will see how these hypocritical bans affect crypto usage in Russia but one thing for sure... we have to endure bear market for longer than we thought.
#Russia is implementing a #crypto ban to strengthen the #ruble amidst escalating geopolitical tensions and widening sanctions.
The proposed bill will include exceptions for crypto miners and Central Bank-sponsored test projects, forming an experimental legal framework. Because crypto mining plays a crucial role in Russia's tax revenues, generating over $2.59 billion for foreign trade settlements, according to Statista data...
So, we will see how these hypocritical bans affect crypto usage in Russia but one thing for sure... we have to endure bear market for longer than we thought.
BRICS Aims to Become a Growing Power in the Global Economy. š·šŗš¦
BRICS, comprised of Brazil, Russia, India, China, and South Africa, aims to assert itself as a major player in the global economy by establishing its own central bank. This move signifies a shift away from reliance on the American dollar in international trade. With the economic dimension of BRICS doubling with the addition of new members, the alliance is gaining momentum and posing a notable challenge to the dominance of the US dollar. Concerns over the US economy's stability, highlighted by figures like Robert Kiyosaki and investment management firm BlackRock, further underscore the growing appeal of alternative investment avenues outside of traditional financial systems.
Source: dunya.com
#BRICS #Russia #usa #dollar #ruble
BRICS, comprised of Brazil, Russia, India, China, and South Africa, aims to assert itself as a major player in the global economy by establishing its own central bank. This move signifies a shift away from reliance on the American dollar in international trade. With the economic dimension of BRICS doubling with the addition of new members, the alliance is gaining momentum and posing a notable challenge to the dominance of the US dollar. Concerns over the US economy's stability, highlighted by figures like Robert Kiyosaki and investment management firm BlackRock, further underscore the growing appeal of alternative investment avenues outside of traditional financial systems.
Source: dunya.com
#BRICS #Russia #usa #dollar #ruble
Russia challenges rivals using Digital Ruble.
In a remarkable transformation that's capturing global attention, Russia is rapidly shedding its cash-dependent past. The numbers tell a compelling story: a staggering 85% of all transactions in Russia are now conducted without physical currency, and experts predict this figure will surge to 90% or higher by 2026.
Cashless Revolution in Numbers
The shift is particularly evident in Russia's retail sector, where cashless payments have seen a dramatic increase. In 2023 alone, the share of non-cash transactions jumped by 5.3 percentage points, reaching an impressive 83.4% of all retail payments. This trajectory shows no signs of slowing down.
Enter the Digital Ruble
At the heart of this financial evolution lies an ambitious project: the digital ruble. Set to launch in 2025, this central bank digital currency (CBDC) represents a bold step into the future of money. As Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, announced at the Finopolis 2024 event in Sirius, Russia is positioning itself as a global leader in the adoption of cashless payment systems.
What Does This Mean for Russians?
The introduction of the digital ruble promises to bring several advantages:
Enhanced Security: Digital transactions provide better tracking and reduced risk of theftImproved Efficiency: Faster, seamless payments across the countryGreater Financial Inclusion: Easier access to financial services for all citizensStreamlined Business Operations: Simplified payment processes for companies of all sizes
A Global Trend
Russia isn't alone in this digital currency revolution. Countries worldwide are exploring CBDCs as they recognize the potential benefits of digital currencies. However, Russia's aggressive timeline and high adoption rates of cashless payments put it at the forefront of this global transformation.
As we approach 2025, all eyes will be on Russia's digital ruble rollout. The success of this initiative could serve as a blueprint for other nations contemplating similar moves toward digital currencies. For Russian citizens and businesses, the future of money is not just digital ā it's already here.
The question isn't whether digital currencies will become the norm, but rather how quickly other nations will follow Russia's bold leap into the cashless future.
#Russia #DigitalRuble #Russian #ruble #cbdc
Cashless Revolution in Numbers
The shift is particularly evident in Russia's retail sector, where cashless payments have seen a dramatic increase. In 2023 alone, the share of non-cash transactions jumped by 5.3 percentage points, reaching an impressive 83.4% of all retail payments. This trajectory shows no signs of slowing down.
Enter the Digital Ruble
At the heart of this financial evolution lies an ambitious project: the digital ruble. Set to launch in 2025, this central bank digital currency (CBDC) represents a bold step into the future of money. As Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, announced at the Finopolis 2024 event in Sirius, Russia is positioning itself as a global leader in the adoption of cashless payment systems.
What Does This Mean for Russians?
The introduction of the digital ruble promises to bring several advantages:
Enhanced Security: Digital transactions provide better tracking and reduced risk of theftImproved Efficiency: Faster, seamless payments across the countryGreater Financial Inclusion: Easier access to financial services for all citizensStreamlined Business Operations: Simplified payment processes for companies of all sizes
A Global Trend
Russia isn't alone in this digital currency revolution. Countries worldwide are exploring CBDCs as they recognize the potential benefits of digital currencies. However, Russia's aggressive timeline and high adoption rates of cashless payments put it at the forefront of this global transformation.
As we approach 2025, all eyes will be on Russia's digital ruble rollout. The success of this initiative could serve as a blueprint for other nations contemplating similar moves toward digital currencies. For Russian citizens and businesses, the future of money is not just digital ā it's already here.
The question isn't whether digital currencies will become the norm, but rather how quickly other nations will follow Russia's bold leap into the cashless future.
#Russia #DigitalRuble #Russian #ruble #cbdc