Russia: New law greenlights digital assets use for cross-border payments
The provisions of the newly minted law reveal that only tokenized assets issued by the Bank of Russia are authorized to be deployed in foreign trade payments.
The provisions of the newly minted law reveal that only tokenized assets issued by the Bank of Russia are authorized to be deployed in foreign trade payments.
Russia is reportedly banking on the planned blockchain-based payment system to reduce the U.S. dollar's global influence, seeking help from other BRICS members.
Seven months after its introduction, Russia's digital ruble pilot has recorded 25,000 transactions, with the upcoming project with fellow BRICS member states projected to help increase the figure.
The proposed BRICS Bridge system draws inspiration from the BIS-backed mBridge platform, with China and the United Arab Emirates already recording initial successes.
The State Duma Committee has issued a green light for the proposed digital assets bill to proceed for a second reading on the floor of the House after confirmation of several proposed amendments.
China and Russia will be exchanging assessments on military use cases for AI focused on safety within international best practices.
Since mid-2023, the Bank of Russia has been experimenting with its central bank digital currency, the digital ruble, and a tentative launch date is pegged for 2025.
Russia’s CBDC pilot is expected to will gather a larger pool of merchants and participants following the onboarding of over a dozen more banks in the initiative, including Russia's largest bank.
Alexander Razuvaev says that while it’s being framed as optional, the digital ruble will become mandatory for all pension payments, limiting economic freedom.
The Bank of Russia's digital ruble experiments will not launch before 2025 as the central bank continues to test a range of use cases for the CBDC with commercial banks.
While Tether attempts to disassociate itself from entities and individuals on Office of Foreign Assets Control’s SDN list, Coinbase is acting tough as it continues to show its rejection of the Office's sanctions list.
On December 7, U.S. District Court Judge Richard Jones rejected CZ’s request to return to Dubai until his sentencing hearing on February 23, 2024.