Have a look down there on what I found on the Bank of Russia website 🇷🇺👇
Last summer, during a trip to Russia, I wanted to investigate whether the Bank of Russia was exploring blockchain technologies in response to Western sanctions.
What I discovered ? An official report highlighting the country’s deep dive into these innovations and mentionning Ripple's technology !! 💻
📜 The report outlines how Ripple has developed a mechanism where transferred amounts are converted into XRP tokens, sent through a DLT network, and then reconverted into the recipient's local currency. This ensures fast and efficient international transactions. (have a look page 16)
📊Illustration from the Report:
The document includes a detailed diagram showcasing how Ripple operates, emphasizing the currency conversion process via XRP and its seamless integration into local infrastructures. (Page 19)
💡Smart Contracts and Codius:
Ripple’s network also served as the foundation for Codius, a smart contract platform enabling automated transactions between countries. This represents a major innovation for businesses and financial institutions. (Page 17)
📈Strategic Implications for Russia:
As Vladimir Putin recently spoke about Bitcoin, Ripple and DLT solutions could play a pivotal role in advancing Russia’s digital payment systems, especially in navigating challenges posed by sanctions.
🇷🇺 But Russia and BRICS are also fighting against the $ dominance. Will they risk to implement a system that involved an american company whose stablecoin is backed by the $ ?
Please find, in the comment section, the official report.
Let me know your tough in the comments ! Share♻️ and like♥️!