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Russia , one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative. Also Read: G7 vs. The “Triumvirate”: The 3 Nations Aiming For Dethroning US Dollar Post-Sanctions Prosperity in Russia Source: The NewYork Times A new report by the World Bank has been released, adding more medals to Russian glory and economic prosperity. According to the latest World Bank estimations, Russia is now one of the most high-income nations, with its GDP being stable at $14,250 annually. It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russia n economy is projectin...

BRICS members Russia and Iran could officially ditch the US dollar for all trade and commerce transactions among each other. Russia and Iran are in the process of finalizing a new national payment integration system that will allow both countries to settle trade in local currencies and officially do away with the US dollar. Once the national payment system is integrated, the two countries will pay the Russia n ruble and Iran ian rial on a mutual understanding for trade deals. Also Read: More Countries Are Looking To Join BRICS Alliance The development aligns with the BRICS idea of de-dollarization where local currencies thrive and not the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. JUST IN: Iran and Russia finalize integration of national payment systems, officially ditching the US Dollar for trade. pic.twitter.com/0XA8TSpkKf — BRICS News (@BRICSinfo) July 6, 2024 BRICS: National Payment System On The ...

Russia’s largest bank, Sber, is set to play a vital role in CBDC testing. Sberbank operates several tech solutions including Okko streaming, Citymobil taxi, SberSound, and SberMarket. Russia’s digital currency ecosystem structure resembles China’s approach. In a significant development for the future of Russia’s Central Bank Digital Currency (CBDC), Sberbank, the country’s largest bank and a major tech player, has confirmed its participation in the digital ruble pilot program. The pilot program, which was to involve 13 Russian banks was rolled out after Putin signed the digital rubles bill into law in July. The bank’s influential CEO, Herman Gref, expressed the firm’s commitment to joining the “second wave” of banks that will commence digital ruble testing in 2024. This announcement marks a significant step forward in Russia’s efforts to launch its own digital currency. Sberbank’s transformati...

The collapse of Silvergate, Signature, and Silicon Valley Banks left the crypto industry reeling with countless Twitter Spaces framing the event as a deliberate “Operation Chokepoint 2.0.” For Binance, the world’s biggest crypto exchange, it turned out to be a particularly tight situation, despite CEO Changpeng Zhao’s (CZ) cryptic assurance that “Binance do [sic] not have asset losses at Silvergate.” Binance has spent much of its lifespan as a sort of pirate radio operation, never touching dry land — or at least a scrupulous jurisdiction. This, understandably, has taken something of a toll on its ability to exchange between fiat and crypto. The Securities and Exchange Commission’s (SEC) case against Binance examined the corporate entities that CZ had used to manage its money in those now-failed banks, particularly Key Vision, Merit Peak, and Sigma Vision . Indeed, the SEC’s case clearly depended on revelations of those chains of ownership that only the banks’ failures would re...

Russian crypto exchange Bitbanker and researcher Cupli Surveys recently conducted a survey to find out a few interesting crypto trends. Local media house Kommersant reported the findings in a recent article. The parties spoke to 1.5k people over 18 years old “from all regions of Russia.” Per the findings, 78% of Russia n crypto traders consider Bitcoin the most reliable digital currency. Around 35% of them expressed their confidence in Ethereum and 36% of them thought T ETH er was dependable. Kommersant noted, “The choice of bitcoin is obvious, market participants believe, it is the oldest and largest currency in terms of capitalization.”  Also Read: Bitcoin, Ethereum, XRP, Cardano: Which Crypto Ranks No.1 in 2022? After the Terra UST episode, participants’ trust w.r.t. stablecoins has been affected. In fact, the back-to-back de-pegging of several other stablecoins after that episode managed to worsen things further. In fact, governments from arou...

The Russian government doesn’t want to enable Bitcoin for regular Russian people but exclusively for foreign trade entities. The Russian central bank is ready to consider allowing crypto currency use within the country but only as part of a legal experiment, governor Elvira Nabiullina said. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during a press conference of Bank of Russia on Dec. 16. The Bank of Russia’s only objection has always been that crypto cannot be used as a payment instrument, Nabiullina emphasized. She added that the central bank is also concerned about investor protection because the crypto market is highly volatile. While Russia formally does not prohibit its people from investing in crypto, the Bank of Russia believes that the mass adoption of crypto would inevitably lead to its use as a payment method, according to Bank of ...

Russia’s largest lender is moving into DeFi and Web3 by integrating its blockchain platform with the Ethereum blockchain. Russia’s largest bank Sber — formerly known as Sberbank — continues developing its blockchain platform by integrating it with the Ethereum blockchain. On Nov. 30, Sber officially announced new opportunities for its proprietary blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This would allow developers to move smart contracts and entire projects between Sber’s blockchain and public blockchain networks, the bank said. Sber’s latest additions also bring an integration with major software cryptocurrency wallet MetaMask, which is used to interact with the Ethereum blockchain . The integration allows users to make operations with tokens and smart contracts placed on Sber’s blockchain platform , the announcement notes. “Sber Blockchain Lab works closely with external developers and partner companies, and I am gl...