• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: TRON Secures US Public Listing in Deal Backed by Eric Trump
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: TRON Secures US Public Listing in Deal Backed by Eric Trump

Bank of Russia Maintains Crypto Ban Stance As It Begins To Test Country’s CBDC

Anifowoshe Ibrahim
by Anifowoshe Ibrahim
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bank of Russia has started conducting trials for its own CBDC. The announcement coincides with the central bank’s plans to launch the CBDC project’s pilot phase in early 2022.

Despite President Vladimir Putin’s request that his government and central bank work out an uniform regulatory framework for crypto assets rather than a complete prohibition, no agreement has yet been reached.

The Central Bank of Russia has stated that it has completed the first testing of its central bank digital currency (CBDC), also known as the “digital ruble.”

Bank Of Russia Insists On Crypto Ban

The Bank of Russia announced on Tuesday that the testing of its CBDC had begun, with the first digital ruble transfers between people now taking place.

Three of the twelve financial institutions participating in the Bank of Russia’s CBDC pilot program have already deployed the digital ruble on their systems. They even conducted a “full cycle of digital ruble transfers between clients using mobile banking applications,” according to two of them.

In the first phase, users must first open wallets on the CBDC platform using mobile applications, as well as convert their non-cash fiat money into the digital ruble, before transferring tokens to other consumers.

Related Reading | Russia’s Central Bank to Ban on Crypto Mining and Trading 

The second phase will involve putting digital ruble payments for goods and services to the test, as well as smart contract implementations and engagement with the Federal Treasury.

Bank of Russia

Total market cap of crypto. Source: TradingView

The Bank of Russia intends to facilitate offline CBDC payments in the future, as well as allow non-residents to interact in the digital ruble.

Olga Skorobogatova, the first deputy chairman of Russia’s central bank, commented on the launch, saying:

“The digital ruble platform is a new opportunity for citizens, businesses, and the state. We plan that for citizens transfers in digital rubles will be free and available in any region of the country, and for businesses, this will reduce costs and create opportunities for the development of innovative products and services. The state will also receive a new tool for targeted payments and administration of budget payments.”

The announcement comes amid allegations that the Bank of Russia has publicly opposed the Finance Ministry’s crypto-friendly legislation idea, which was introduced on February 8.

Elvira Nabiullina, the governor of the Bank of Russia, stated in a press conference on Friday that the authority will continue to oppose crypto adoption in Russia by any means necessary, saying:

“We will spare no effort to convince the government and go into more detail about our arguments because we see significant risks. I’m counting on common sense here.”

Russian Ministry To Legalize Bitcoin Mining

While the Russian government continues to develop a legislative framework for digital assets, another suggestion for the crypto mining business has been made by a federal agency.

According to local news source Izvestia, Russia’s Ministry of Economic Development has approved the concept of crypto mining regulation in the country, proposing to allow mining activities in locations with “sustainable surplus in electricity generation.”

The ministry proposed lower costs for setting up mining farms and data centers in selected Russian regions, as well as lower energy rates for such facilities, as part of the plan.

The government also intends to set a power use restriction for each mining, reportedly suggesting higher energy rates in exchange for larger energy spending.

Related Reading | Russian Authorities Consider Proposed Crypto Mining Project Using Associated Petroleum Gas

Featured image from Pixabay, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Follow

Full Profile

Related Posts

crypto

Crypto Gets An Upgrade? Japan To Label It As A Financial Product

2 months ago
Top 5 Crypto Presales to Keep an Eye on in January 2025

Top 5 Crypto Presales to Keep an Eye on in January 2025

5 months ago
this-new-cryptocurrency-set-to-13x

This New Cryptocurrency Set to 13x According to Analysts

5 months ago
6 Meme Coins Making Waves This Week

6 Meme Coins Making Waves This Week

5 months ago
Musk Makes Memes Great Again – As PEPE Surges, WEPE to Follow?

Musk Makes Memes Great Again – As PEPE Surges, WEPE to Follow?

5 months ago
STARS Token Surges 22% With Pending CEX Listings

Meme Coin Price Surge Predicted for Crypto All-Stars Following CEX Listing News, $STARS Token Climbs 22%

5 months ago
Please login to join discussion

Premium Sponsors

Press Releases

  • You can earn money even when you are lying down! ETH cloud...

    3 hours ago
  • Start a Bitcoin Miner with Kraken and Earn $7,715 a Day

    4 hours ago
  • Capturing ecological dividends amid Ethereum(ETH)...

    5 hours ago
  • No mining machine is needed to mine: DOGE/XRP/BTC holders...

    5 hours ago
  • XRP-DOGE market is confusing? They found a way out for...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.