Page 25 - bne monthly magazine June 2024 Russian Despair Index

bne June 2024 Companies & Markets I 25
Russia has accelerated its plans for digital currencies, which operate outside the control of international regulators. The Central Bank of Russia (CBR) has been working to create the long-discussed central bank digital currency (CBDC) – the digital ruble – which is expected to enter into circulation in 2025.
In accordance with new legislation in 2023, the CBR obtains the status of the digital ruble platform's operator. The regulator will also be responsible for the security of digital rubles in circulation, as well as for the organisation and round- the-clock operation of the platform.
The CBDC is not a blockchain-based “coin” similar to those issued by other blockchain-based projects, but an electronic currency, as the CBR controls the emissions of the tokens, which are also under the supervision of the central bank in the same way as fiat currencies are issued and regulated.
The CBR rolled out a pilot of digital ruble in August last year that included several commercial banks, as it gets ready for the formal launch of the digital money. The CBR has also
bne:Tech
issued a series of guidelines on the digital currency "The Digital Ruble: what it is and how to use it".
"We were preparing a long while for the start of real transactions,” First Deputy Governor of the Bank of Russia Olga Skorobogatova said at a press conference at the time of the start of the pilot. “This pilot will involve, in the first instance, testing of such active transactions as the opening of wallets in digital rubles for banks, clients (individuals and legal entities), transfers of digital rubles between clients and payments in trade and service businesses.”
The 15th International Economic Forum "Russia-Islamic World: KazanForum 2024" is being held from May 14-19 in Kazan, Russia.
This year's theme, "Trust and Cooperation," aims to strengthen trade, economic, scientific, technical, social, and cultural
ties between Russian regions and the countries of the Organisation of Islamic Cooperation (OIC).
The forum also seeks to promote the development of Islamic financial system institutions in Russia.
Latvia’s start-up scene: a second fiddle no more bne IntelliNews
Some key new initiatives look set to help Latvia’s start-up scene move out of the shadow of its northern neighbour Estonia, emerging-europe.com reported.
That Estonia’s start-up scene owes so much to Skype is no secret. Just ask anyone in the technology and innovation sector in neighbouring Latvia, which has for some time had to play second fiddle to the more northerly of the three Baltic states.
The investment capital Skype’s various exits created is the reason, they’ll tell you, why Estonia has had so much more success at creating unicorns, and why the country’s international reputation as a hive of tech and innovation surpasses most countries in Europe.
Not that Latvia is short of start-up success. Indeed, by just about any metric the country is a star. In the most recent edition of Emerging Europe’s Future of IT report, which looks at the tech sector across the 23 countries of the emerging Europe region, the Latvian ecosystem was ranked fourth – up four places on the previous year and behind only Estonia, Lithuania and Poland. It is well set to take an even higher position in the 2024 edition of the report, set to be published later this month.
Print-on-demand giant Printful became a unicorn in 2021 following a $130mn raise. Another custom printing start-up, Printify, is well on the way to joining it: its last big raise of $45mn valued the company at an estimated $300mn – and that was in 2021.
A Latvian, Linda Strazdiņa, is co-president of the European FinTech Association, a role in which she represents the interests of fintech companies at EU level.
Of late, there’s been a slow-burning sense in the Latvian capital Riga that things might be about to get even better for the city’s tech start-ups.
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