Crypto News Recap: Russia to Roll Out CBDC in 2024

Published August 14th, 2022 - 12:30 GMT
Crypto News Recap: Russia to Roll Out CBDC in 2024
Russia launched its first digital ruble testing in February 2022. (Shutterstock)

Since there has been a lot of table talk about CBDCs, The Bank of Russia began testing CBDCs in 2022 and plans to launch an official banking rollout in 2024, the year of the presidential elections.

As bitcoin price action is gaining momentum sparked by lower-than-expected inflation data, the U.S. dollar pays the price. Ethereum, the second-largest cryptocurrency by market capitalization, broke beyond $1,900 on Thursday, the final testnet before the Merge went live.

To quench your thirst, let's dive in!

Russia to Roll out Digital Ruble Across Banks in 2024

The Bank of Russia will start connecting all banks and credit institutions to the digital ruble network in 2024, according to the institution's most recent monetary policy statement. Since Russia is anticipated to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to run for reelection, that would be a significant year for Russia.

In addition, the central bank anticipates integrating non-bank financial intermediaries, financial platforms, and exchange infrastructure by 2025, along with the offline mode for the digital ruble.

As previously reported by Cointelegraph, following the introduction of its official CBDC roadmap last year, Russia launched its first digital ruble testing in February 2022. Twelve banks were selected by the Bank of Russia to test the digital ruble, including well-known institutions like Sberbank, VTB, Tinkoff Bank, and others.

PwC Middle East Launches a Facilitation Model to Regulate Crypto in the UAE

New research from PwC Middle East, titled "market _ assets default in UAE Arabic United," offers a thorough analysis of cryptocurrencies and virtual assets in the UAE. The research also suggests a three-phase facilitation model for the government's regulators ensure commitment to compliance and transparency to support the sector's long-term growth.

The UAE's market share in cryptocurrencies is approximately $25 billion, and between July 2020 and June 2021, it climbed by 500%. The UAE is close to Lebanon, which scored 26 billion dollars, and Turkey, which has a turnover of $132 billion, in terms of volume within the region.

Ethereum Final Test Marked Successful

The Merge appears to be ahead of schedule after Ethereum core developers Tim Beiko and Terence Tsao decided to informally set the date of the Merge for September 15 during a developer call on Thursday. Beiko originally predicted a date of September 19, which indicated that the last-minute planning was proceeding without a hitch after the final Goerli testnet integration went off without a hitch this week.

The long-awaited upgrade to Ethereum, regarded as one of the most significant developments in the history of cryptocurrency, just had its final run-through.

UAE Releases New Requirements to Combat Crypto Real Estate Money Laundering

In an attempt to combat money laundering and financing of terrorism, the UAE has implemented additional reporting rules for "some real estate transactions" carried out within the nation.

In fact, further reporting to authorities is now required for payments made for real estate transactions using virtual assets, single or multiple cash payments totaling at least AED 55,000, and payments, where the funds utilized in the transaction, were acquired from a virtual asset.

According to the most recent instruction, all real estate brokers, attorneys, and agents must provide reports to the Financial Intelligence Unit on all freehold property sales and purchases that involve three different forms of payment, whether they account for all or a portion of the property's worth.

© 2000 - 2022 Al Bawaba (

You may also like