Digital Ruble

Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date.  Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…

As part of efforts to evade UN-imposed financial sanctions, Russian legislator Sergei Mironov has proposed that Russia hasten its introduction of a CBDC. CBDC to Combat Inflation Mironov, who also heads the political party, A Just Russia, shared his thoughts with Russia’s central bank. The lawmaker believes that a digital ruble will be a good fit for infrastructural projects. Additionally, Mironov also pointed out that a CBDC could be instrumental in aiding advancement within the production and transport sector.  Mironov’s proposal…

Russian mobile operators are gearing up to introduce wallets for the digital rubles, according to reports. The European country is currently developing its digital currency to increase financial inclusion within its region.  Digital Wallets In Development  This development was revealed by local media outlet Izvestia in a report published on Tuesday, February 16. According to the report, mobile operators have expressed interest in introducing wallets for digital rubles on smart devices.  Two of the largest mobile operators Beeline and Megafon,…