Bank of Russia Successfully Conducts Digital Rubble Trial; Ethereum Up 4%, Bitcoin Up 1%

Bank of Russia has launched their CBDC pilot program with 12 participating banks of which 3 banks participated and 2 have successfully concluded their CBDC trial.

Outlook Money Team

Updated on: 16 February 2022 9:19 am

Ethereum

The Bank of Russia has officially launched its digital rubble program and has also successfully concluded the first phase of trial for its digital rubble Central Bank Digital Currency (CBDC).

The global cryptocurrency market gained. At 8.25 am, Coinmarketcap data showed that the global crypto market cap was up by 2.02 per cent at $1.99 trillion. The global crypto trading volume was also up by 4.18 per cent at $75.19 billion.

Bitcoin, the world’s oldest cryptocurrency, saw its prices rise by 1.07 per cent to $44,014.78.

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Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, saw its price increase by 4.05 per cent to $3,151.43.

Among other major coins, Cardano (ADA) was up by 1.53 per cent at $1.10, Algorand (ALGO), which is known as the Ethereum killer, was up by 3.92 per cent at $0.9614; its market cap was at $6,361,213,370. Binance Coin (BNB) was also up by 4.56 per cent at $431.22, while Solana (SOL) was up by 1.58 per cent at $102.84 and Polkadot (DOT) by 2.95 per cent at $19.84.

Today’s top gainer was onLEXpa (onLEXpa), which was up by 1,857.08 per cent at $0.003913. The top loser was SORA Synthetic USD (XSTUSD), which is down by 99.88 per cent at $0.001258.

Learn more about Project Hamilton, a collaboration between the @BostonFed and @mitDCI to explore ways that Central Bank Digital Currency (CBDC) research could be performed in the US. https://t.co/S4xf0fSK1a
— MIT Media Lab (@medialab) February 4, 2022

Meme Coins And DeFi

Dogecoin (DOGE) was up by 0.82 per cent at $0.1503. Its volume to market cap ratio stands at 0.03121. Rival Shiba Inu (SHIB) was also up by 0.21 per cent at $0.00003074.

Dogelon Mars (ELON) was trading with a gain of 2.91 per cent at $0.0000009957. Floki Inu (FLOKI) was also up by 6.18 per cent at $0.00004278, while Samoyed Coin (SAMO) gained 3.07 per cent at $0.02422.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 0.64 per cent at $23,849.29. While Terra (LUNA) was up by 1.24 per cent at $56.01, Avalanche (AVAX) climbed 11.88 per cent at $94.33. Uniswap (UNI) gained 2.27 per cent to $11.23, and Aave (AAVE) too rose 3.09 per cent to $170.90.

Latest Updates

The first phase of trial for Bank of Russia’s digital rubble CBDC was to be conducted by 12 participating banks. However, due to non-completion IT system infrastructure upgrade, only three banks participated. Out of these three banks, two have successfully conducted the CBDC digital rubble trial.

The Russian CBDC model is based on the two-tier retail model, meaning the central bank will issue CBDC and it will be distributed among users by commercial banks. Bank of Russia said in a press release, “Now three banks from the pilot group have already connected to the platform. Two of them successfully completed a full cycle of digital rubble transfers between clients using banking mobile applications. Clients not only opened digital wallets on the digital rubble platform through a mobile application but also exchanged non-cash rubbles from their accounts for digital ones and then transferred digital rubbles between themselves.”

Meanwhile, the Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology have successfully achieved a high transaction per second number of 1.7 million using their open-source CBDC software. The name of the project is ‘Project Hamilton’, and it was conducted a few weeks back. "There are still many remaining challenges in determining whether or how to adopt a central bank payment system for the United States," said Neha Narula, director of the Digital Currency Initiative at MIT, in a press release.