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Russia to speed up trial of digital ruble due to western sanctions – News

Russia’s Central Bank (CBR) has decided to speed up the trial of the digital ruble to avoid sanctions imposed by Western countries after the attack on Ukraine. The CBR had previously planned to launch the digital ruble in 2024 but is now preparing to introduce it by April next year.

The trial of the digital ruble will begin with the use of smart contracts with real clients. EFE quoted Interfax Told CBR Vice President Olga Skorobogátova has announced to accelerate the trial of the digital ruble. The trial will also include testing of smart contracts. Smart contracts are computer programs written in code that allows automatic compliance of terms agreed between parties without intermediaries. CBR recently reported that it has started testing prototypes of the digital ruble created in collaboration with banks. Testing includes opening of digital wallets for the bank’s customers and transfer for the users.

Recently Russia’s Industry and Trade Minister Denis Manturov said that Russia will soon accept cryptocurrencies as a legal means of payment. Decision Can do. However, CBR says that it will not allow investment in cryptocurrencies. Earlier CBR had proposed a complete ban on mining and trading of cryptocurrencies. Russians make about $5 billion in cryptocurrency-related transactions per year. Manturov said that the regulations related to the use of cryptocurrencies will be made by the central bank and after that they will be approved by the government.

Last year, CBR feared a weakening of the financial system due to increased crypto transactions. Its officials said that there was no scope for the use of cryptocurrencies in the financial market of Russia. Many other countries are also preparing to legislate on cryptocurrencies. An executive order was recently issued for this segment in the US. It also asked the Federal Reserve to consider the possibility of launching a central bank digital currency. In the past few months, there has been an increase in the cases of fraud related to cryptocurrencies in the US. For this reason, there has been an emphasis on tightening the scrutiny of this segment from the regulators.

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