Block announced that in Q4 2023, Cash App generated $66 million in Bitcoin gross profit up 90% year-over-year.
Russia is testing a central bank digital currency (CBDC), piloting a program that could be used for both national and international trade.
As per a report by Reuters, Russia’s plans are to establish and use a digital ruble for mutual settlements with China. The digital ruble is currently being tested to settle with international banks, with the pilot predicted to be finished by next year. As per Reuters, the Central Bank is conducting tests with the digital ruble with banks that have put sanctions against Moscow. As a result of the global sanctions put against Russia over its actions against Ukraine, the central bank is looking to an alternative way to carry out transactions across the globe.
In the last week, the United States Treasury Department has sanctioned a further 22 Russian-based companies and entities. This is on top of an already lengthy list of Russian entities that the US will not conduct trade or business with. With this in mind, Anatoly Aksakov, head of the financial committee in Russia’s lower house of parliament commented: