Russia’s CBDC Testing to Begin Amidst Economic Struggles

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Russia will begin testing its ‘digital ruble,’ a central bank digital currency (CBDC) in only a few weeks. After passing through the State Duma, a law providing the CBDC legal power passed through the Federation Council, Russia’s upper legislative body. The measure still has to be signed by President Vladimir Putin before it becomes law. If signed, CBDC testing will begin on August 1. The bill also specifies legal definitions for users and how bank accounts are managed. Russia’s economy is suffering as a result of its war with Ukraine last year, and Western sanctions have reduced its value. The measure allows Russians to use their digital wallets to make payments and transfers through the central bank’s network or one of its partner institutions. The CBDC, on the other hand, may only be used for payments or transfers, not loans or deposits. The United States and the Biden administration have considered the consequences of introducing a digital currency. CBDCs, according to critics, create significant privacy threats owing to government insight into private transactions. Since the conflict, the ruble’s exchange rate to the dollar has worsened, and a CBDC is frequently marketed as a hedge against more volatile national currencies.

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BitMEX is increasing its ties with AC Milan, moving from a sleeve sponsor on the team’s playing uniforms to a premium partner and official bitcoin trading partner. The expanded agreement intends to increase BitMEX’s marketing exposure by leveraging the club’s worldwide fan base. The transaction’s value was not disclosed. BitMEX CEO and Group CFO Stephan Lutz commended the spirit of competitiveness and connectivity between the two organizations. AC Milan Chief Revenue Officer Casper Stylsvig applauded BitMEX’s new Guilds social trading function, which lets traders to form groups and trade against other groups. Since 2021, the two have collaborated on a variety of projects, including honoring AC Milan’s first Serie A victory and organizing charitable events. BitMEX is committed to putting on similar events in the future.

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