April

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.</div>



<p class="has-drop-cap">Russia’s central bank digital currency (CBDC) pilot rollout, <a href="https://tokenist.com/russias-central-bank-plans-to-launch-a-limited-cbdc-pilot-on-april-1st/" rel="dofollow" class="deco-link">initially scheduled</a> for April 1, has been delayed as the country’s central bank awaits approval for a specific law. The legislation on CBDC could be approved by the Russian State Duma next month and come into effect in May, state-owned news agency <a aria-label="TASS reported (opens in a new tab)" href="https://tass.ru/ekonomika/17382789" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">TASS reported</a>.</p>



<h3 id="cbdc-legislation-could-come-into-force-in-may">CBDC Legislation Could Come Into Force in May</h3>



<p>According to a state-owned news outlet TASS, the launch of Russia’s digital ruble pilot has been delayed as the central bank waits for specific legislation to be approved by the Russian State Duma, the Federal Assembly’s lower house. The rollout of Russia’s CBDC, initially scheduled for April 1, is being postponed indefinitely.</p>



<p>State Duma member Anatoly Aksakov said the legislation on the CBDC could be approved in April and come into force in May, TASS reports. The number of private banks participating in the CBDC project in Russia has been reduced to 13 from 15.</p>



<p>Further, some employees at the banks and Ingosstrakh, one of the biggest insurance firms in the country, would help test CBDC for retail payments. Vitaly Kopysov, director of innovations at Sinara Bank, said Russian bank executives are excited about the digital ruble due to its potential to “reduce the operational load of banks and make the deals transparent.” As a result, the use of smart contracts would “not only will reduce the chances of the misuse of government and banks’ funds, but ultimately simplify the control over the existing contracts.”</p>


<div class="cta-referral">

			<img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
	
	<div class="cta-referral__text">
		<p>Join our <a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a> and never miss a breaking digital asset story.</p>

	</div>

</div>


<h3 id="russia-accelerated-cbdc-plans-due-to-western-sanctions">Russia Accelerated CBDC Plans due to Western Sanctions</h3>



<p>The postponement of the digital ruble pilot launch comes a month after the Bank of Russia announced the project. In the announcement, the bank said the pilot would include transactions with real customers, although the pilot currency would not be available to the general public.</p>



<p>If the pilot project succeeds, the fully-fledged digital ruble could be launched as early as 2024. Originally, Russia planned to launch the pilot project next year, but these plans have been accelerated amid the central bank’s pursuit of an alternative to the <a aria-label="SWIFT payment system (opens in a new tab)" href="https://www.bbc.com/news/business-60521822" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">SWIFT payment system</a> following <a aria-label="severe sanctions (opens in a new tab)" href="https://en.wikipedia.org/wiki/International_sanctions_during_the_Russo-Ukrainian_War" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">severe sanctions</a> against the country by the Western nations.</p>



<p>Several other countries have joined the CBDC race in recent months, <a href="https://tokenist.com/japan-joins-the-cbdc-race-will-conduct-tests-in-april/" rel="dofollow" class="deco-link">including Japan</a>, Brazil, and India, among others. <a href="https://tokenist.com/china-launched-the-first-cbdc-wallet-dispenser-with-disappointing-results/" rel="dofollow" class="deco-link">China remains</a> one of the leaders, advancing its digital yuan pilot programs for several years.</p>


<div class="cta-sub js__cta-sub">

	<div class="cta-sub__start" data-step="1">

					<div class="cta-sub__title"><strong>Finance is changing.</strong></div>
							<div class="cta-sub__subtitle">Learn how, with Five Minute Finance.</div>
							<div class="cta-sub__excerpt">A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.</div>
							<button type="button" class="btn">Try it out (for free)</button>
			</div>

	<div class="cta-sub__form" data-step="2" style="display: none;">
									<script type="text/javascript"
						src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&#038;webforms_id=zw3Wv"></script>
						</div>

	<div class="cta-sub__result" data-step="3" style="display: none;">
		<div class="cta-sub__title">Awesome</div>
		<div class="cta-sub__caption">You&#8217;ve subscribed.</div>
		<div class="cta-sub__greeting">You&#8217;re well on your way to being in the know.</div>
	</div>

</div>



<p><em><strong>Do you think a digital ruble could offer a strong enough alternative to other forms of digital payments in Russia sanctioned by the West? Let us know in the comments below.</strong></em></p>
<p>The post <a rel="nofollow" href="https://tokenist.com/russia-postpones-cbdc-pilot-waiting-for-legislation-to-pass/">Russia Postpones CBDC Pilot, Waiting for Legislation to Pass</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Russia Postpones CBDC Pilot, Waiting for Legislation to Pass

Table of Contents

TokenInsight

Άλλα άρθρα που δημοσιεύτηκαν στις 29 Μαρ 2023

UBS’s acquisition of Credit Suisse brings some good and bad for crypto

FTX founder Sam Bankman-Fried charged with bribing Chinese government officials

Why do people buy NFTs?

Despite Recent Setbacks, Crypto Idealism Is Still Alive And Well

Alibaba Cloud opens blockchain lab for Web3 game developers in Japan

Safemoon Liquidity Pool Compromised Thanks To Token Burn Bug

Join our free newsletter for daily crypto updates!