Elvira Nabiullina, head of the Russian central bank, has stated that the mass launch of the digital ruble will take five to seven years. This appears to contradict recent suggestions by the chairman of the State Duma Committee on the Financial Market that the launch will begin next year. No Decision Before 2025 Elvira Nabiullina, […]
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The Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure the targeted use of these funds. Russian Digital Ruble […]
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Elvira Nabiullina, Governor of the Bank of Russia, stated that the current pilot test of the Russian digital ruble was “on track,” with several operations being tested, including opening wallets, and interactions with smart contracts. Nabiullina revealed that over 25,000 transactions were registered, and confirmed the pilot expansion later this year. Russian Digital Ruble Pilot […]
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Binance, one of the world’s leading cryptocurrency exchanges, has announced it will halt Russian ruble (RUB) deposits, effective Nov. 15, 2023.
According to the announcement, despite the cessation of deposits, withdrawals of Russian rubles will continue to be available until January 31, 2024, ensuring users have ample time to manage their holdings.
Users holding a fiat balance in Russian rubles may transfer their funds to the CommEX platform without fees. More so, users are encouraged to either register for a CommEX account or log into their existing CommEX account and connect it to their corresponding Binance account. Once the connection is established, users may transfer their Russian rubles from Binance to CommEX. In addition, users may withdraw their Russian rubles via Binance’s fiat partners before the stipulated deadline, convert Russian rubles into crypto on Binance Convert, or trade Russian rubles for crypto on the Binance Spot market.
CryptoSlate had reported Binance’s sale of its entire Russian business to the crypto platform CommEX. Notably, this sale was due to compliance reasons, according to Binance’s Chief Compliance Officer, Noah Perlman, who stated that “operating in Russia is not compatible with Binance’s compliance strategy.” CommEX launched on Sept. 26.
Binance CEO Changpeng Zhao previously disclosed that CommEX would not service customers from the European Union or the United States due to a contractual condition tied to the sale of Binance’s Russian business. This decision aligns with the recent regulatory issues Binance has faced, demonstrating the exchange’s commitment to compliance and regulation.
This development follows a series of complexities surrounding Binance’s operations in Russia. As previously reported by CryptoSlate, Binance allegedly maintained ties with blacklisted Russian banks despite Western sanctions. Binance was reportedly processing transactions for at least five Russian lenders blacklisted by Western powers, a move that directly contradicted their public statements on the matter.
The post Binance to halt ruble deposits effective Nov. 15 appeared first on CryptoSlate.
Cryptocurrency exchange Binance is progressing with its exit from Russia and is preparing to terminate local currency deposits next week.
Binance will stop accepting deposits in Russian rubles starting Nov. 15, 2023, the firm officially announced on Friday. Binance also advised users to withdraw RUB from the platform, as it expects to terminate RUB withdrawals on Jan. 31, 2024.
The announcement notes that Binance users can transfer their funds to CommEX, a new crypto exchange business that acquired Binance’s Russian division in September 2023. Binance noted that RUB withdrawals on CommEX will be zero-fee.
Other withdrawal options include Binance’s fiat partners, which will allow users to convert RUB to cryptocurrency using the “Convert” tool or just exchange on the Binance Spot Market.
Withdrawal of rubles through fiat partners takes a fee of up to 1%, a spokesperson for Binance told Cointelegraph.
Binance announced its full exit from Russia through the sale of its firm to a newly launched crypto exchange business known as CommEX in late September 2023. The transaction quickly sparked controversy, as Binance and CommEX have not provided much information about the size of the deal or the founders of CommEX.
Related: Turkish lira becomes top crypto trading pair on Binance in Sept. 2023
Many crypto observers have speculated that CommEX was just a new name for Binance, giving it a means for the exchange to continue operations in Russia without having issues with Western sanctions against the country. The skeptics have found significant evidence for such claims, including CommEX hiring prominent former Russia-related executives from Binance.
Binance continued to deny the allegations of possible ties between the platform and CommEX, though. “With this sale, Binance fully exits Russia. We have no plans to get back,” a spokesperson for Binance told Cointelegraph.
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Russia is scrambling to keep its ruble from falling further in value.
The nation’s central bank announced it would stop foreign currency purchases through the end of 2023.
It has also begun to pilot program for a digital ruble in an attempt to prop up its currency.
Russia is halting its purchases of foreign currencies, and is launching a digital version of its ruble as it scrambles to prevent its currency from spiraling even further as war drags on in Ukraine.
The nation will no longer purchase currencies on the global market from August 10 through the end of the year, Russia’s central bank said in a statement on Wednesday. It will, however, continue to sell foreign currencies located in its sovereign wealth fund worth up to 2.3 billion rubles or $23 million dollars a day, which it has been using to help fund its war against Ukraine.
In a separate statement, the central bank added it had begun pilot testing a digital version of the ruble, which it has planned to do since July to prop up its weakening currency.
The digital ruble will be tested with a limited number of clients across 13 banks, though the Russian central bank aims to launch the currency for public use by 2025.
The moves are part of Russia’s efforts to prop up its weakening economy, with the ruble recently plunging to its lowest level since Russia began its invasion of Ukraine in 2022. The nation has been slammed by sanctions which have slashed Moscow’s energy revenue.
In July, the ruble blew past a key “comfort zone” for the Kremlin in the aftermath of Wagner’s short-lived rebellion, sparking concern as Russia’s purchasing power in international markets grew weaker.
Russia’s currency slipped further on Thursday, trading at 97 to the US dollar. That’s about a 30% decline from what the ruble was worth in January, making it one of the worst-performing currencies this year.
Read the original article on Business Insider
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