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Russia plans to use digital rubles in cross-border settlements with China



Time:9/27/2022 10:33:27 PM

[Russia plans to use digital rubles in cross-border settlements with China] Golden Finance News, a senior Russian lawmaker said on Monday that after launching the digital ruble early next year, Russia plans to use the currency in mutual settlements with China. Anatoly Aksakov, Chairman of the Russian State Duma Financial Market Committee, said in an interview with local media that the topic of digital financial assets, digital rubles and cryptocurrencies is currently intensifying in society because Western countries are imposing sanctions and causing problems for bank transfers, including in international settlement.

The next step for the digital ruble will be mutual settlements with China, he added. (Reuters)

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Russia Refuses to Take Action to Help Frozen Customers Withdraw Crypto: Golden Finance reports that Russia’s Interior Ministry has rejected requests from customers of cryptocurrency exchange Wex to block removals of cryptocurrencies from wallets controlled by the now-defunct cryptocurrency exchange funds. Wex Victims Tried to Freeze $46 Million in Crypto Lost in Russian Exchange Bankruptcy. Russia’s Interior Ministry’s (MVD) Investigative Department has refused to act at the request of victims of cryptocurrency exchange Wex to take steps to confiscate $45.9 million worth of digital assets withdrawn from their wallets in September. WEX users are provided with detailed plans on how MVD funds are transferred from wallets to other crypto platforms. They also submitted data from analytics tools to prove that the coins had been stolen and notified authorities that they had contacted Binance and that a portion of 97.8ETH had been sent. The cryptocurrency exchange froze these assets for seven working days. (news.bitcoin) [2021/11/15 6:52:01]

News | Central Bank of Russia is testing stablecoins in a regulatory sandbox: Central Bank of Russia Governor Elvira Nabiullina recently said that the Central Bank of Russia has begun testing stablecoins in a regulatory sandbox for those wishing to issue digital assets backed by real assets Company design of the token. "We're working in the 'sandbox' on how it works, but we don't think they're going to be used as a means of payment and become a currency substitute."

The regulator continues to study the possibility of issuing its own digital currency. Nabiullina pointed out that before the final product is shown to the public, it is their responsibility to know exactly what it can do and how it will benefit participants. She believes that the issuance of such a digital ruble could have a significant impact on the structure of financial markets. The issue of digital currencies should be approached with great caution, while studying the negative and positive experiences of other countries.

She also said that interest in cryptocurrencies in Russia has declined compared to two years ago. (Interfax)[2019/12/26]

Russian blockchain technology experts: Russia is reviewing four digital currency bills: At the second blockchain new financial summit forum, Artem Koltsov, head of the Russian Duma digital economy and blockchain technology expert group, said that the Russian government is Study how to tax mining and take it as an important future policy. The taxation objects of future mining include the number of coins mined or the number of coins traded by miners.

He also mentioned that Russia currently has four digital currency bills under review, three of which have completed the first hearing stage. In addition, a draft law on "digital financial assets" has been issued, which defines mining, cryptocurrency, token Currencies, smart contracts, etc., he said that Russia is looking forward to the draft being passed by the president soon. [2018/6/6]

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