CBDC
Digital Diplomacy: Russia and China Explore Synchronisation of CBDCs for Cross-Border Transactions
A notable recent change, which could potentially alter the global financial landscape, has been suggested by a respected Russian lawmaker. He has proposed the concept that the Central Bank Digital Currencies (CBDCs) of Russia and China could be synchronised to enable international payments between the two nations. This idea was presented by Anatoly Aksakov, a delegate of the State Duma from the Kanash region in Chuvashia and the leader of the State Duma Committee on Financial Markets, at a conference centred on CBDCs.
Aksakov expressed optimism about the potential of international CBDCs in foreign economic activity, suggesting that the digital ruble could be used for international payments. He further hinted at the possibility of system compatibility between the Chinese CBDC system and Russia’s own, to facilitate conversions between the two digital currencies. This, he believes, could be used in the economic turnover of both countries.
The lawmaker also emphasised the need for a phased introduction of the new currency to the country, a strategy that China has successfully implemented with its digital yuan. Instead of setting a national rollout date, China has been expanding its CBDC pilot zone for the digital yuan, a model that Russia seems to be considering.
Denis Polyakov, the Deputy Director of the Department of the Russian Central Bank’s National Payment System, claimed that the digital ruble would provide domestic businesses with the opportunity to reduce costs, as the commission for payments would be only about 0.3%. He also added that ordinary citizens would be able to use the CBDC to make quick transfers without commission.
This development comes in the wake of a visit by Russia’s Prosecutor-General to Beijing, where he suggested that the two nations should cooperate on the matter of CBDC regulation. While Beijing has not publicly reciprocated this sentiment, it is testing the e-CNY’s cross-border capabilities as China-Russia relations continue to improve.
Aksakov, who is also the chief architect of Russia’s crypto legislation, has faced challenges in passing crypto laws due to a stalemate between the crypto-skeptic Central Bank Governor Elvira Nabiullina and pro-industry government ministries. Nabiullina, one of President Vladimir Putin’s closest allies, has previously served as Putin’s economic adviser and Russia’s Minister of Economic Development. She has advocated for a China-style crypto ban and the expedited launch of a digital ruble.
Analysts predict that the digital ruble could be fully rolled out by 2025, but Nabiullina is hoping to begin a “real-world” CBDC pilot by early August at the latest. This action could potentially signal a considerable transformation in the worldwide economic scene, as two of the globe’s most substantial economies delve into the possibilities of digital currencies for cross-border financial exchanges.
To sum up, the prospective harmonisation of the CBDCs of Russia and China could not only bolster the economic relationship between the two countries but also usher in a novel phase of digital currency application in global commerce. Nevertheless, the triumph of this initiative will hinge on the nations’ capacity to surmount regulatory obstacles and guarantee the safety and steadiness of their digital currencies.
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Global Crypto Community Convenes at Dubai’s Blockchain Economy Summit, Uniting Industry Leaders for a Groundbreaking Event on October 4-5, 2023
Dubai, UAE – The Blockchain Economy Summit, recognized as the world’s largest blockchain conference network, is set to redefine the future of finance by bringing together key players and experts from the crypto industry. The highly anticipated 8th edition of the summit will take place over two days in Dubai on October 4-5, 2023, in Le Meridien Dubai Hotel & Conference Center, attracting the world’s top crypto companies, blockchain entrepreneurs and AI innovators.
Solidifying its position as a premier event in the blockchain and cryptocurrency space, the Blockchain Economy Summit has achieved remarkable success with previous editions held in London and Istanbul earlier this year. These highly acclaimed summits have further established the event’s global reputation. Notably, OKX, the World’s second-largest crypto exchange, proudly serves as the Exclusive Title sponsor for all of Blockchain Economy’s 2023 Summits.
As Dubai rapidly emerges as a global crypto hub, the Blockchain Economy Dubai Summit will serve as the region’s premier gathering, representing the world of blockchain, cryptocurrency and AI. With participants from over 85 countries, this prestigious event offers a comprehensive program focused on the future of financial technologies, providing extensive networking opportunities for attendees.
“We are thrilled to be back in Dubai, a city at the forefront of embracing blockchain technology,” said Servi Aman, General Manager of the Blockchain Economy Summit. “Dubai’s strategic vision and commitment to innovation perfectly align with our mission to shape the future of finance. This event will spark collaboration and exploration of groundbreaking ideas, driving the crypto industry forward.”
The Blockchain Economy Dubai Summit will feature renowned speakers from various sectors of the tech industry. The first lineup of notable speakers joining the event this year includes:
- Martin Hanzl – Head of New Technologies at EY Law
- Lennix Lai – Global Chief Commercial Officer at OKX
- Fred Sun – Head of Strategy at Tencent Cloud International
- Matthew Sigel – Head of Digital Assets Research at VanEck
- Michaël van de Poppe – Crypto Investor, Technical Analyst and CEO of MN Trading
- Charles Cheng – Ph.D, Forbes China 60
- Sam Blatteis – CEO of The MENA Catalysts
- Alex Fazel – Chief Partnership Officer at SwissBorg
These influential speakers, along with many others, will share their expertise and insights, contributing to the vibrant discussions and knowledge exchange at the summit.
The summit will delve into the latest developments and trends within the blockchain, cryptocurrency and AI space, featuring industry leaders, engaging panel discussions, and opportunities for growth and investment. With top crypto companies and tech entrepreneurs converging in Dubai, the event will serve as an unparalleled platform for networking, knowledge sharing, and fostering strategic partnerships.
Dubai’s dynamic ecosystem, progressive regulatory framework, and thriving crypto community provide the ideal backdrop for the Blockchain Economy Dubai Summit. The event aims to solidify Dubai’s position as a global leader in blockchain innovation and accelerate its journey towards becoming a prominent crypto hub.
For more information about the Blockchain Economy Dubai Summit and to secure your participation, please visit the below links:
Tickets: https://beconomydubai.com/tickets
Sponsorships: https://beconomydubai.com/why-sponsor
Discounted Hotel Booking: https://beconomydubai.com/venue
Name: Blockchain Economy Dubai Summit 2023
Date: October 04-05, 2023
Venue: Le Meridien Dubai Hotel & Conference Center
Event Hashtag: #BESUMMIT
Contact address: [email protected]
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