Have a look down there on what I found on the Bank of Russia website đ·đșđ
Last summer, during a trip to Russia, I wanted to investigate whether the Bank of Russia was exploring blockchain technologies in response to Western sanctions.
What I discovered ? An official report highlighting the countryâs deep dive into these innovations and mentionning Ripple's technology !! đ»
đ The report outlines how Ripple has developed a mechanism where transferred amounts are converted into XRP tokens, sent through a DLT network, and then reconverted into the recipient's local currency. This ensures fast and efficient international transactions. (have a look page 16)
đIllustration from the Report:
The document includes a detailed diagram showcasing how Ripple operates, emphasizing the currency conversion process via XRP and its seamless integration into local infrastructures. (Page 19)
đĄSmart Contracts and Codius:
Rippleâs network also served as the foundation for Codius, a smart contract platform enabling automated transactions between countries. This represents a major innovation for businesses and financial institutions. (Page 17)
đStrategic Implications for Russia:
As Vladimir Putin recently spoke about Bitcoin, Ripple and DLT solutions could play a pivotal role in advancing Russiaâs digital payment systems, especially in navigating challenges posed by sanctions.
đ·đș But Russia and BRICS are also fighting against the $ dominance. Will they risk to implement a system that involved an american company whose stablecoin is backed by the $ ?
Please find, in the comment section, the official report.
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