The Russian Central Bank today announced the trials of National CBDC or Digital Rouble from 2022. The announcement was made by the head of the central bank Elvira Nabiullina, This comes as the second major news from Russia today after the State Duma approved crypto as a form of payment under a contractual basis.
RUSSIA'S https://t.co/3Hke8sXa7c GOVERNOR NABIULLINA SAYS WE WILL START TESTING DIGITAL ROUBLE IN 2022
— *Walter Bloomberg (@DeItaone) May 24, 2021
The Russian government had earlier announced its plans to begin the testing phase in 2022 and today’s announcement confirms the start of the testing phase. Russia has been working on crypto regulations for quite some time now and compared to many western counterparts, it was among the early countries to regulate cryptocurrencies based on existing property laws back in 2019. The government finally passed the official regulations last year and they came into effect in January this year.
Trending Stories
In terms of developing national sovereign digital currencies, China is currently leading everyone else with its digital yuan being under widespread trial phase awaiting a launch very soon. Apart from China, the US, UK, Germany, Switzerland, and South Korea are also actively working on the development of their sovereign CBDCs.
China’s Progress in CBDC Development Has Forced Others to Accelerate
China started working towards its national digital currency back in 2014 itself, a time when most of the other countries saw cryptocurrencies as either fad or were not aware of it. However, the growing influence of crypto assets in the financial sector has made governments form regulations around digital assets as well as focus on the launch of a state-backed digital asset that would act as a stable coin.
China’s progress in the field has made many European countries as well as the US accelerate their work towards CBDC. The US has deemed it as a potential threat to their financial sovereignty. While most of the countries are still in the development phase China’s digital yuan was completed back in 2019 itself and it is being widely tested in the form of government subsidies and airdrops in different provinces.
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%