ZA Bank launches banking solutions for stablecoin issuers in Hong Kong
06/04/2024
Reportedly, China’s major mainland equity funds have discreetly entered the spot Bitcoin ETF market, as per sources.
08/04/2024
Bank of Russia Chief Signals Gradual Approach to Digital Ruble Adoption
The Bank of Russia’s governor, Elvira Nabiullina, has indicated a cautious approach to the adoption of the digital ruble, suggesting that widespread scaling may not occur before 2025, with a transition to mass usage expected to span five to seven years.
According to The Moscow Times, Nabiullina highlighted that the scaling of Russia’s digital ruble, following the pilot project, is unlikely to commence before 2025. She emphasized that the timeline for scaling would depend on the outcomes of the ongoing pilot project, stressing that significant scaling would not occur earlier than the mentioned timeframe.
“We plan to expand the pilot project on the digital ruble, and based on its results, we will determine the timelines for serious scaling of the digital ruble. However, in our view, this will not happen before 2025,” said Elvira Nabiullina.
Nabiullina further stated that the extensive implementation of the digital ruble could take five to seven years, emphasizing that it would be a natural progression, ensuring convenience for both individuals and businesses.
The Bank of Russia views the digital ruble as a complementary addition to its existing payment methods, including the Faster Payments System, Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash. The central bank has clarified that the digital currency will coexist with physical cash and is not intended to replace it.
In contrast, China, a key reference point for Russia’s economic digitization efforts, has already initiated payments of civil servants’ salaries in digital yuan in Changshu state, aiming to encourage the adoption of the state-controlled currency.
(Crypto.com)
