But what is the digital ruble?

This is a new form of the national currency of Russia. In fact, the digital ruble combines the properties of cash and non-cash money:

• it can be officially issued only by the Bank of Russia;

• it exists only in digital form (as a code);

• it, like the non-cash ruble, is tied to the value of the national cash currency.

Since April 1, the Bank of Russia began issuing digital form in addition to existing cash and non-cash forms. Like all electronic money, the digital ruble will exist in virtual space. Digital rubles will be equivalent to cash and non-cash: 1 cash ruble = 1 non-cash ruble = 1 digital ruble.

Digital ruble is centralized, but has all the advantages of crypto

Currently, Russian law does not prohibit the purchase of cryptocurrency on foreign markets by individuals or legal entities. It is forbidden only to release cryptocurrency on domestic platforms and use as a means of payment domestically. But the domestic digital currency is different. Electronic money as a fact is fixed in the law «On the national payment system» (161 article of federal law). Unlike the cryptocurrency, which is not subordinate to anyone, the digital ruble can be issued exclusively by the Central Bank, and its exchange rate is backed by gold reserves.

Cryptocurrencies differ from digital money, which issues central banks of different countries:

• the cryptocurrency does not have a single issuer and guarantees of consumer (user) protection;

• the value of crypto-currency assets is subject to large fluctuations;

• in many countries cryptocurrency cannot be used to pay for goods and services;

• cryptocurrencies do not have a single center to ensure their safety.

• sustainability of the digital ruble and other guarantees are provided by the state in the person of the Bank of Russia.

The digital ruble will continue the trend towards digitalization of the financial sector. The advantages of the new form the Bank of Russia calls:

• availability - your wallet is not tied to the bank, but is available in any app or mobile banking - if the financial institution is connected to the platform;

• agility - promises 24/7 support without delays. Payments both between individuals and between companies will be made instantly;

• cheapness - maintenance and support of the platform will cost the financial sector less than other forms of ruble;

• security - operations with digital rubles will take place on one platform, protected by cryptography. The Bank of Russia will monitor transactions of digital wallets and guarantee the safety of money;

• targeting - the sender will be able to mark digital rubles so that the recipient spends them only for certain purposes. This is important in business transactions, equity construction, government contracts and in everyday life.

By introducing a new payment instrument, the state gets the following advantages:

• he can better control budget spending;

• reduces the cost of administering budget payments;

• has the potential to facilitate cross-border payments.

The development of a new payment infrastructure will benefit the financial system by creating innovative financial products and services, such as smart contracts, algorithms that track and enforce compliance.

The Bahamas now has its own digital currency. Digital currencies under the DCash project last year launched the central banks of the Caribbean countries: Grenada, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, Saint Vincent and the Grenadines. Also, the regulators of Canada, Netherlands, Norway, France, Japan, South Korea, China, Indonesia, Ecuador, Kazakhstan reported on their interest and plans to issue national digital currencies.

#Finance #Blockchain #Russia #DigitalCurrencies #DigitalRubles #dCash

banki.ru, dCash

• The main bill reinforces the concepts of «digital ruble platform», «digital account (wallet)», «digital ruble platform participant» and «digital ruble platform user»

• The press service of the Parliament stresses that the status of the digital ruble platform operator is proposed to be reserved for the Bank of Russia - it will be responsible for the preservation of digital rubles, the correct accounting of information about transactions with them, and to manage the organization and operation of the platform.

• Some changes in the Civil Code imply the introduction of provisions on digital wallet and norms that determine the content of the contract digital wallet, the order and features of its conclusion and termination. The amendments also regulate issues related to the write-off of digital rubles.

By the second reading the authors of the initiative will present a number of amendments, they should take into account the need to protect the rights of subjects of personal data when processing this data on the digital ruble platform.

If the main bill is adopted, its main rules should enter into force as early as 1 April this year.

In early March, it was announced that the Russian banks in the pilot group had completed the first stage of testing the digital ruble. In the coming weeks, pilot projects with the participation of bank clients will start.

StateDuma

#Russia #DigitalRuble #CivilCode #StateDuma #BankofRussia

Integration with the TON blockchain is particularly exciting - the meeting of brothers who were separated from their father. Both product, the VK and the TON, owe their existence to Pavel Durov, the most unusual freedom fighter of the 21st century, and both projects, by coincidence, no longer belong to their creator. 

According to Mediascope (a research company in Russia), 80% of the population over the age of 12 or 97.5 million people use the Internet and social network in Russia. The VK network reaches 100 million users per month. But not all users are well versed in technology and understand why this is necessary. For such users, an educational program was announced on the VK NFT Hub page

Also showed SPOTTY, the main character of the social network, he will be published as an NFT collection. All the money received from the sale will be spent on charity! 

Very soon VK users will be able to put NFT-art on avatar, mint and sell their works directly on VK platform, and the VK network will become the first mass provider of blockchain technologies in Russia. It seems that the mass adoption of new technologies has completely absorbed Russia!

What will bring tomorrow? 

https://vk.com/wall-215265752_2023

https://mediascope.net/news/1460058/

#vkontakte #facebook #Web3 #NFT #Mint #nftart #VK #MetaMask #WalletConnect #Solana #ton_blockchain #socialnetwork

Have you ever heard of such a blockchain? I don’t think so... I learned about it recently when I read the news that the "BRICS" countries are ready to start paying within the union through a digital bank built on the Universa Blockchain Protocol. Let me remind you that BRICS is an interstate association of five countries: Brazil, Russia, India, China, South Africa.

While some countries are trying unsuccessfully to regulate crypto, others are actively integrating it into their infrastructure. And all this happens in Russia, ardent opponent of digital assets, mining and everything that is difficult to regulate. What a turn, right!?

This is how the blockchain is described on the project page: "Universa mainnet is a global decentralized network offering extremely fast and secure enterprise-level blockchain and data storage services. Universa mainnet is a global infrastructure for governments, enterprises and corporate solutions." - sounds great, but when the blockchain started to evolve, I couldn’t find, it is a mystery. The company’s social activities began in August 2017 with Twitter and Medium, no ties with Russia... but with Russian roots. Universa tokens were distributed in December 2017. No discord, no memes competition and airdrop for retweet - nothing... but someone came and bought 4,997 891,952 tokens!

Will the technology blockchain be part of the state and digitalization in the country will take on a new level or is it all a cover and speculation on terms to exaggerate their victories!? I think that in the case of Russia only time can answer this question.

https://universablockchain.com

http://infobrics.org

#Universa #Russia #BRICS #blockchain