Ruble

The Bank of Russia is continuing to test the Digital Ruble payment system and plans to involve more banks into the program in 2023.

The issue of legalizing the mining of cryptocurrencies in Russia is not new. However, now the country's Energy Ministry is emphasizing the need to create a proper framework so that the economy can benefit from it.

Russia is facing tough restrictions that could push the country into complete economic isolation. In such a situation, it is only natural to look for alternatives that will help circumvent the restrictions and maintain international relations.

An unknown investor withdrew over 6 billion rubles ($83 million) in USDT from one's Binance wallet on January 20. The transaction coincided with the renewed rumors about the ban of cryptocurrencies in Russia and the news about the test of the digital ruble.

Twelve Russian banks are preparing for the first phase of testing the digital ruble. The CBDC will be available for payments between private individuals.

Russian authorities and regulators have been in a series of talks about releasing a central bank digital currency (CBDC) dubbed digital ruble for a long time.

The digital ruble should become the digital currency of the Russian Central Bank, and have all the necessary to perform the functions of money, stated the regulator in its latest report.

This week, Russia’s State Duma announced that the cryptocurrency bill is ready to see the world, but the coronavirus defers the date. This legislation will give some important outlines on digital currency in the country and may even prompt the issuance of a digital Ruble.

Last week on Friday, the Central Bank of the Russian Federation made a negative statement against Bitcoin (BTC) and other cryptocurrencies, stating that their fiat currency known as the ruble should be the country’s only legal tender instrument.