The Kommersant reported that seven placements of digital financial assets (DFAs) totaling roughly 1 billion rubles ($13 million) were done in Russia last month. While this market is currently relatively tiny. Big initiatives may be anticipated by the end of the year, according to experts cited by the business daily.
Russia has been actively discussing the expansion of the BRICS economic bloc with other member nations, according to a Russian official. Meanwhile, the group comprises Brazil, Russia, India, China, and South Africa. Discussions are ongoing, and a thorough analysis and delicate internal work by the five countries are required to
This year has seen a lot of headlines regarding the rising economic dominance of the BRICS bloc of countries. According to a recent Bloomberg report, the BRICS countries are expected to grow their economies faster than the G7 nations. The collective country will grow economically to shift the global power
Russia announced the development of special institutions in order to mine cryptocurrencies and transfer them internationally through certain legislation. As per the recent updates of BRICS nations, the payments over international settlements are taken into revaluation for legitimizing the crypto transactions. Being a low-cost energy consumer, Russia has provoked financial
The currency or method of payment used in international settlements is being reevaluated by a number of countries. On the one hand, several of them are working to lessen the role of the dollar in international trade. Moreover, several countries are beginning to legitimize cryptocurrency transactions. One nation making progress
Economic superpowers are stepping up their efforts to break free from US dollar hegemony, raising the possibility of the emergence of a new global order. Jim O’Neill, a former chief economist at Goldman Sachs, urged the BRICS bloc to grow and challenge the dollar’s hegemony this week. He stated that
Russian cryptocurrency miners who want to escape prosecution by the state will be required to file tax returns. This would include detailing their earnings and providing authorities with information about their digital assets, including wallet addresses. That’s what the Moscow government is considering doing, at least in terms of a
Yandex, the most popular search engine in Russia, now offers its users data on more than 140 of the most widely used cryptocurrencies in addition to information on the currencies of dozens of other nations. The newest update to the business’s currency converter now includes cryptocurrency rates, the company said.
As of April 1, 2023, the first consumer pilot of Russia’s central bank digital currency (CBDC) will be introduced by the Bank of Russia. According to Russia’s first deputy governor Olga Skorobogatova, digital ruble transactions involving 13 regional banks and many retailers will be introduced by the Russian central bank.
Interfax reported that Moscow-based state-owned financial services provider Sberbank is developing a decentralized finance (DeFi) application. According to Konstantin Klimenko, head of products for the blockchain lab at Sberbank, the platform is now under closed beta testing. Based on Ethereum, the platform will be compatible with the Web3 wallet MetaMask.
