Bank

Bitcoin

<ul>
 <li>Russia plans to transition from pilot tests to the mass adoption of its Central Bank Digital Currency (CBDC) by July 2025.</li>
 <li>The government assures that the digital ruble will not be mandatory.</li>
</ul>
As <a href="https://www.ethnews.com/battle-of-the-etfs-bitcoin-vs-ethereum-who-wins-erc20-tokens-like-rollblock-will-benefit-in-any-outcome/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and cryptocurrencies gain momentum, Russia’s Central Bank Governor, Elvira Nabiullina, announced that the country’s digital currency (CBDC), the digital ruble, is set for release next year. This development provides Russia with a critical tool to circumvent international sanctions.
Nabiullina, addressing the Federation Council, <a href="https://www.ethnews.com/hong-kong-eyes-strategic-bitcoin-reserve-amid-global-shift-towards-digital-gold/" rel="noopener noreferrer nofollow">emphasized</a> the plan to move from pilot tests to the widespread adoption of the CBDC, contingent on the successful progression of the eurasian financial strategy.
<blockquote>
 “By July 2025, we can transition from ‘pilot’ to mass adoption of the digital ruble. This will be a gradual process,”
</blockquote>
Nabiullina stated, according to TASS.
Russia’s journey with its CBDC began last year with pilot tests involving around 25,000 transactions, including 19,000 peer-to-peer transfers. These tests <a href="https://www.ethnews.com/bitcoin-conference-speakers-bet-on-crypto-future-top-5-altcoins-expected-to-go-over-1000-by-2025/" rel="noopener noreferrer nofollow">involved</a> 600 participants, including employees from at least 12 commercial banks, who tested digital wallets, peer-to-peer transfers, as well as automated payments and transactions.
The announcement of the CBDC’s introduction comes amid a crisis for Russia, having been excluded from the international SWIFT payment system due to its military actions in 2022. This exclusion has led Russian authorities to explore <a href="https://www.ethnews.com/experts-tipping-viral-presale-star-to-eclipse-outdated-bitcoin-cash-bch-and-ethereum-classic-etc/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) for international transactions. As reported by CriptoNoticias, the Central Bank is setting up a platform in the coming months to enable the use of cryptoassets as a payment alternative amidst the sanctions.
This new regulation <a href="https://www.ethnews.com/el-salvador-proposes-using-bitcoin-for-trade-with-russia/" rel="noopener noreferrer nofollow">aims</a> to establish an alternative payment system with special provisions, extending beyond the current legal framework, given that local payments with cryptocurrencies remain illegal in Russia.
Nabiullina assured that the use of the digital ruble will be entirely voluntary. She highlighted that the CBDC, still under development, will <a href="https://www.ethnews.com/is-bitcoin-blasting-past-90k-experts-reveal-shocking-new-target/" rel="noopener noreferrer nofollow">offer</a> clear advantages, including free transfers for citizens and often lower fees than traditional cards.
Despite these assurances, expectations for the CBDC remain tempered <a href="https://www.ethnews.com/revealed-why-the-u-s-governments-latest-bitcoin-selloff-could-crash-the-market/" rel="noopener noreferrer nofollow">due to</a> initial testing issues reported by banks. Earlier this year, real tests revealed several errors that hindered transaction completion.
Globally, CBDCs face similar challenges, with minimal adoption even in advanced countries like Jamaica, the Bahamas, and Nigeria. While countries like China use their digital currencies to <a href="https://www.ethnews.com/rollblock-becoming-the-fastest-growing-crypto-presale-as-thousands-more-sign-up-optimism-and-imx-hold-up-well-in-bitcoin-volatility/" rel="noopener noreferrer nofollow">regulate</a> international trade, the societal impact remains limited.
In this context, the Russian Central Bank’s goal to make its CBDC a familiar part of life within five to seven years is ambitious. Even <a href="https://www.ethnews.com/donald-trumps-crypto-fundraiser-gathers-momentum-at-bitcoin-conference/" rel="noopener noreferrer nofollow">Bitcoin</a>, despite its popularity, has not become a universally accepted asset.
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
The post <a href="https://www.ethnews.com/russia-leverages-bitcoin-and-digital-ruble-to-evade-sanctions/" rel="noopener noreferrer nofollow">Russia Leverages Bitcoin and Digital Ruble to Evade Sanctions</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Russia Leverages Bitcoin and Digital Ruble to Evade Sanctions

ETHNews

Andere artikelen gepubliceerd op 31 jul 2024

LUNC News: Terra Classic Not Impacted By Terra Hack, Here’s Why

Michael Saylor bets on Bitcoin’s bullish future but is $270T market cap achievable?

XRP Whale and Shark Activity Surges, Signals Bullish Trends

BlackRock Execs Ditch Solana ETF, Spotlight Remains On Bitcoin And Ethereum

Venom Continues Global Expansion with Listing on Coins.ph

COMP Price Trendline Breakout Builds 45% Upside Potential

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!