Global

What Is Russia’s Digital Ruble and How Will It Work?

Anadolu

"Russians can now make purchases and send money using a new form of the national currency that is held directly on a platform operated by the country's central bank. It is issued exclusively by the Bank of Russia, cannot be mined and does not operate as a decentralized currency. The digital ruble is also legal tender in Russia. The system can also support programmable transactions. For example, smart contracts could automatically trigger a payment once specified conditions are met."

Tags: Russia

Global Systems

Russia Begins Mass Digital Ruble Rollout Through Largest Banks and Retailers

Finance Feeds

"Russia began the mass rollout of its digital ruble on Sept. 1, moving the central bank digital currency beyond its earlier testing phase and into wider use across major banks, retailers and payment networks. Systemically important banks and other large credit institutions designated by the Bank of Russia as important to the payments market must now allow customers to open digital ruble wallets, make transfers and use the currency to pay for goods and services."

Tags: Central bank digital currencies (CBDC) Russia

Global

Russian Telecom Giants Prepare to Accept Digital Ruble Payments from Sept. 1

Cryptonews

"Russia’s MTS, Rostelecom and MegaFon have prepared to accept digital ruble payments from Sept. 1 as Russia begins the first stage of its central bank digital currency rollout. For customers, the process will work much like Russia’s Faster Payments System. A user with a digital ruble account can select the digital ruble at checkout, choose a participating bank and approve the transaction through the bank’s interface. The central bank issues the CBDC and operates the underlying platform."

Tags: Russia

Global

Russia’s Parliament Passes Crypto Market Law with $3,800 Annual Cap for Retail Investors

CoinDesk

"Russia’s State Duma passed legislation establishing the country’s first comprehensive framework for regulating cryptocurrencies with most of the new rules set to take effect on Sept. 1. The law does not lift Russia’s longstanding prohibition on the use of crypto for payments of goods and services within the country. It also bans banks and others from advertising and promoting crypto payments."

Tags: Russia

Global

Russia's Largest Bank Plans Crypto Wallet Launch As Moscow Clears Market Path

CoinDesk

"Russia’s largest bank, Sberbank, plans to offer a cryptocurrency wallet and digital depository by December, bringing the financial institution into a market the country spent years trying to contain."

Tags: Russia

Global

Russia Advances Sweeping Crypto Bill With Provisions for 'Circumventing Sanctions'

Decrypt

"Russia's State Duma passed a crypto regulation bill, establishing the country's first framework for digital asset regulation while maintaining restrictions on domestic cryptocurrency payments. The legislation would classify cryptocurrency as property, enabling legal protection in court proceedings including bankruptcy and divorce cases. The bill's provisions for cross-border crypto transactions could provide Russian companies a payment mechanism outside traditional banking systems that Western nations have restricted."

Tags: Russia

Global

Russia Delays CBDC Launch to Finalize Economic Model With Banks

Crypto News

"Russia is delaying the mass rollout of its digital ruble to ensure the pilot runs smoothly and banks align on a viable economic model. Russia‘s central bank, the Bank of Russia, has decided to delay the mass rollout of its central bank digital currency, known as the digital ruble, as officials work to improve the pilot and discuss the economic model with banks, Russia’s state-backed news agency TASS reports."

Tags: Russia

Global

India, Russia in ‘Active Discussion’ Over RuPay & MIR Mutual Transactions

The Print

"In a significant move, India and Russia are in negotiation over the use of their respective payment systems, RuPay and MIR, in both countries, as Moscow continues to face Western sanctions over its banking systems since the start of the war with Ukraine in February 2022."

Tags: India Russia

Global

Russia Shares CBDC Business Model as Banks Push Back

Ledger Insights

"At the end of last month the Bank of Russia shared the business model for its central bank digital currency (CBDC). All digital ruble transactions will be free through to the end of 2025, with the first batch of banks and merchants expected to go live on July 1."

Tags: Russia

Global

Retailers Push for a Delay in Rollout of Russia’s CBDC

Ledger Insights

In October the Bank of Russia revealed a time frame for the roll out of the digital ruble, which forms part of a Bill that has been submitted to the State Duma. The mass rollout date is 1 July 2025. By that time the largest banks and retailers must support the central bank digital currency (CBDC). Now the Ministry of Industry and Trade has asked for a longer timescale of up to two years, similar to that provided to smaller retailers, the Izvestia newspaper reported.

Tags: Russia

Global

Russia’s Digital Assets Challenge Western Sanctions

GIS Reports

"The Kremlin has introduced new laws establishing a regulatory framework for cryptocurrency mining (crypto mining), allowing it to validate blockchain transactions and thus to make and receive international payments in digital assets. The experimental legislation effectively reverses a 2020 Russian law which legalized cryptocurrencies yet prevented their use for payment of goods and services, including for international trade."

Tags: Russia

Global

Russia’s MIR Payment System Connected to Iran’s Shetab [Video]

PressTV

"Iran has officially connected its SHETAB banking system to Russia's MIR payment network. The move marks a pivotal step towards increased trade and financial collaboration between the two nations amid ongoing Western sanctions."

Tags: Russia

Companies Global

BIS Steps Back From Digital Payment Project Touted by Putin

Bloomberg

"The Bank for International Settlements is leaving a project for digital cross-border payments after Russia’s president Vladimir Putin identified the underlying technology as a tool to circumvent sanctions and potentially undermine the dollar. [Registration Required]"

Tags: Russia

Global

Bank of Russia Eyes ‘Extensive Introduction’ of Digital Ruble From July 2025

Global Government Fintech

"Russia’s central bank is aiming to start the ‘extensive introduction’ of a digital ruble in nine months’ time. Bank of Russia has been experimenting with a central bank digital currency (CBDC) for the past two-and-a-half years and is ramping up pilot activity towards a rollout that it envisages as progressing through three main stages."

Tags: Russia

Global

India and Russia May Soon Mutually Recognize Mir and Rupay Payment Systems

Arka

"India may soon start accepting Russia’s Mir payment cards, the Indian Deccan Herald said, Russian news agency Tass reported. According to the newspaper, Moscow and New Delhi continue to discuss an option of bilateral financial relations that would not be affected by the Western sanctions against Russia."

Tags: India Russia

Global

Russia Legalizes Bitcoin and Cryptocurrency Mining

Cointelegraph

"Russian President Vladimir Putin approved legislation to reduce its reliance on the United States dollar in international trade. The law will take effect in November 2024 and allow approved mining firms to register through a state database to mine crypto."

Tags: Russia

Global

Iran Proposes to Connect Brics Payment Systems — Foreign Ministry

TASS

"Iran proposes to connect the national payment systems of the BRICS countries, following the example of the integration of Russia's Mir and Iran's Shetab systems, according to spokesperson for the Ministry of Foreign Affairs of the Islamic Republic Nasser Kanani."

Tags: Russia

Global

Russia to Start Using CBDC for Cross Border Payments in 2025

Ledger Insights

"Russia intends to perform its first cross border payments using the digital ruble in the second half of 2025. Central bank digital currency (CBDC) transactions with China or Belarus are on the cards."

Tags: Russia

Global

Russia Launches Its Mir Payment Cards in Cuba

Reuters

"Russia's National Card Payment System (NSPK) said on Tuesday it had launched its Mir payment cards in Cuba, making the Caribbean island one of only a handful of countries to join Moscow's alternative to Visa and Mastercard."

Tags: Russia

Global

Russia to Launch CBDC Trials, Testing Digital Ruble with 13 Banks

Forbes India

"Russia's central bank, the Bank of Russia, is set to initiate a pivotal phase in its central bank digital currency (CBDC) project. It will begin testing operations with digital rubles on August 15, 2023. The upcoming pilot program will see the participation of 13 Russian banks, alongside a select group of clients, to assess the digital ruble's functionality and usability."

Tags: Russia

Global

Bank of Russia Approves Logo, Fees for Digital Ruble

Novaya Gazeta Europe

"The Bank of Russia’s Board of Directors has approved the logo for the newly unveiled digital ruble, the bank said in a statement. “It consists of two interlinked elements: the ruble sign and a circle that runs around it, which, on the one hand, evokes the form of a traditional coin, and, on the other hand, reflects the Bank of Russia logo,” the statement reads."

Tags: Russia

Global

Putin Signs Law on Introduction of Digital Ruble in Russia

Cointelegraph

"Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law on July 24, according to an official government document. With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced."

Tags: Russia

Global

India Using SWIFT Global Payment System to Settle Russia Dollar Trade

Reuters

"Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said on Wednesday, even though many Russian banks are blocked from the network due to Western sanctions. The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. SWIFT underpins financial transactions globally."

Tags: India Russia

Global

Cuban Banks Now Accepting Russia’s MIR ATM Cards

Russia Briefing News

"Several Cuban banks in Havana have now begun accepting Russia’s MIR payment cards, the equivalent of Visa or Mastercard in Russia or UnionPay in China. ATMs now display the logo of the Russian payment system and provide an option to withdraw funds from cards issued by Russian banks meaning Russian visitors to the island can access their money held in accounts in Russia. The money is provided in Cuban Pesos, with the Ruble / Peso exchange rate currently about 1 to 1.5."

Tags: Russia

Global

Application of Biometric Face Identification Technologies in Financial Institutions

Biometric Update

The legal aspects of the use of biometric technologies for face recognition of people at the current time are given. An overview of existing solutions in the field of biometric identification of clients by face by Russian banks is presented. The current solutions of such banks as Sber, Alfa-Bank and Ak Bars Bank, as well as examples of the equipment they use, are considered.

Tags: Russia

Global

Russia Plans to Use Digital Rouble in Settlements with China, Says Lawmaker

Reuters

After launching a digital rouble early next year, Russia plans to use the currency in mutual settlements with China as it seeks to reduce Washington’s global financial hegemony, a senior Russian lawmaker said on Monday.

Russia, like many countries, has been developing digital money over the last couple of years to modernise its financial system, speed up payments and head off the threat of cryptocurrencies like bitcoin gaining influence.

Tags: Russia

Global

Russia Moves From SWIFT to More Secure Mechanisms

Al Mayadeen English

The Deputy Minister of Foreign Affairs of Russia Alexander Pankin revealed that the Bank of Russia is actively developing the Financial Message Transmission System.

Russia believes that a gradual shift from the SWIFT interbank payment system to more secure channels for sending financial information protected from external pressure is necessary, according to Russia’s Deputy Foreign Minister Alexander Pankin in an interview for TASS.

Tags: Russia

Companies Global Regulation

Explainer: China UnionPay, Russia’s Potential Payments Backstop

Reuters

“Several Russian banks plan to issue payment cards that use the network of China UnionPay as well as that of home-grown payment system Mir, after Visa Inc (V.N) and MasterCard Inc (MA.N) joined other Western firms in suspending operations in Russia. read more UnionPay and Mir are among few options left for Russians to make payments abroad since Russian banks were isolated from the global financial system following Russia’s invasion of Ukraine. Russia calls its actions in Ukraine a “special operation”. read more“

Tags: Regulatory environment Russia UnionPay

Companies Global

Russia Central Bank Will Not Name Banks Linked to SWIFT Alternative

Reuters

“Russia’s central bank said on Tuesday it would no longer publish the names of banks connected to Moscow’s alternative to the SWIFT payments network, as Russia grapples with sanctions. Several Russian banks have been banned from SWIFT after Moscow began what it calls “a special military operation” in Ukraine on Feb. 24 as part of wider western penalties designed to isolate Russia from global markets over the invasion.”

Tags: Russia Swift

Global

Russia reaps reward of domestic payment system after Visa and Mastercard withdraw

Financial Times

“In 2014 Gennady Timchenko, a billionaire businessman and an ally of Russia president Vladimir Putin, sang the praises of a new UnionPay card he obtained after sanctions rendered his Visa and Mastercards useless. “It works perfectly,” he told Russian news agency Tass of the card issued by China’s UnionPay. “And it is accepted in a lot of places. In some sense, it will be more reliable than Visa. At least the Americans won’t be able to grab it.” Timchenko’s wallet refresh echoed Putin’s larger push to reshape his country’s payments system after western sanctions were imposed on Russian banks following the 2014 invasion of Crimea.”

Tags: Russia