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ECB Survey Finds 10% Of Eurozone Households Own Crypto Assets

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ECB Survey Finds 10% Of Eurozone Households Own Crypto Assets

One in every 10 households in six eurozone countries has acquired cryptocurrencies, the European Central Bank (ECB) has found with a new survey. While the richest are most likely to own crypto assets, poor families are not far behind, the poll indicates.

Dutch Households Lead in Terms of Crypto Ownership, ECB Survey Shows

Every tenth eurozone household has purchased bitcoin or other cryptocurrencies, according to the latest Consumer Expectations Survey conducted by the European Central Bank (ECB). Europe’s financial authorities are now trying to establish if the crypto market downturn could affect household budgets, Reuters reported.

The results from the latest edition of the monthly poll were announced Tuesday. The study reveals that an average of 10% of the households in six participating eurozone countries hold crypto assets. Among them, the Netherlands had the largest proportion of crypto owners at 14% while France ranked last with just 6%.

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Some 37% of the respondents said they were holding up to 999 euros worth of cryptocurrency (approx. $1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance had invested more than that, the report unveils.

Across these nations – Belgium, France, Germany, Italy, the Netherlands, and Spain – the richest 20% of the polled were most likely to own cryptocurrencies. At the same time, a greater proportion of lower-income households hold digital assets than the segment between the two groups.

The authors of the survey have also noted that young adult males and highly educated people were more inclined to invest in crypto. “With regard to financial literacy, respondents who scored either at the top level or the bottom level in terms of financial literacy scores were highly likely to hold crypto assets,” the ECB pointed out.

The eurozone’s central bank didn’t miss the opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in the 27-member bloc. The data has been published as part of ECB’s Financial Stability Review as European legislators are working to finalize the Markets in Crypto Assets (MiCA) legislation.

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Central Bank, Consumers, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, data, ECB, EU, European Union, Eurozone, Expectations, households, Legislation, Poll, Regulation, study, Survey

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What do you think about the findings in the ECB’s Consumer Expectations Survey? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Iran Aims To Roll Out Pilot Version Of Crypto Rial Within 2 Months

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Iran Aims To Roll Out Pilot Version Of Crypto Rial Within 2 Months

The government in Tehran is taking steps in preparation of the launch of Iran’s new digital currency, referred to as the crypto rial. The monetary authority of the Islamic Republic hopes to initiate the pilot phase of the project within the next two months.

Crypto Rial to Be Different From Cryptocurrencies, Central Bank Says

Iranian authorities are taking the necessary measures to launch a pilot of the crypto rial as of the month of Shahrivar, according to the Persian calendar, which starts on Aug. 23, Governor of the Central Bank of Iran (CBI) Ali Salehabadi told reporters on Friday.

Quoted by the English-language Iran Front Page news portal, the top executive emphasized that Iran’s digital currency will be different from the decentralized global cryptocurrencies. It is solely designed to “replace the banknotes that the people currently possess,” he noted.

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Salehabadi further unveiled that the pilot project will initially cover just one of the country’s regions. The crypto rial, which has been under development for some time, will be eventually introduced to other areas of the Islamic Republic, at a later, unspecified stage.

The CBI announced in April it’s preparing for the upcoming launch of the central bank digital currency (CBDC), after informing Iranian banks and other credit institutions about the regulations that will accompany its introduction. They detail how it will be minted and distributed.

The monetary authority will be the sole issuer of the crypto rial and will determine its maximum supply. According to earlier reports, the coin is based on a distributed ledger system that will be maintained by authorized financial institutions and capable of supporting smart contracts.

The new Iranian currency will be issued under the provisions governing the emission of banknotes and coins and will be available exclusively for transactions inside the country. The CBI will be responsible for monitoring the financial and economic impact of the digital cash and making sure it doesn’t negatively affect its monetary policies.

The central bank also insisted that the state-issued coin will play a role in establishing the presence of cryptocurrency in the country, where payments with bitcoin and the like are not allowed. The announcement of its pilot phase comes as dozens of central banks around the world are considering or already developing their own CBDCs.

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Do you think Iran will be able to launch the pilot of the crypto rial in the next two months? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bank Of Russia Accelerates Schedule For Digital Ruble Project

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Bank Of Russia Accelerates Schedule For Digital Ruble Project

The Central Bank of Russia continues to step up efforts to test and issue the digital ruble, with a roadmap for the full implementation of the new form of the national fiat now expected by the end of 2023. Trials with real transactions and users are scheduled to begin next April, earlier than originally planned.

Bank of Russia to Present Digital Ruble Roadmap Next Year

The Central Bank of the Russian Federation (CBR) will develop a roadmap for the introduction of the digital ruble by the end of 2023, First Deputy Chairman Olga Skorobogatova said in an interview with the Tass news agency, revealing an earlier deadline than previously set.

The high-ranking official also noted that the regulator intends to start testing operations with the Russian central bank digital currency (CBDC) with real clients as early as April 2023, indicating these plans have been adjusted, too. Skorobogatova emphasized that next year will be very important for the project and elaborated:

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Testing of real operations will give us the opportunity to understand what needs to be tweaked and brought to mind, what to refine, what to change. We want to develop a roadmap for the introduction of the digital ruble at the end of next year.

The deputy governor pointed out that 12 banks are currently taking part in the pilot. Another three banks want to join the trials and the monetary authority has received applications from several non-financial organizations as well.

Olga Skorobogatova remarked it’s too early to talk about results from the current stage as the participants are moving at different speeds. “But more than half of the banks in the pilot group are progressing at a very good pace, we meet the stated deadlines,” she said.

The importance of the CBDC project has increased amid mounting Western sanctions over Russia’s military invasion of Ukraine. The executive added that the central bank will have to work out cross-border interactions between the digital ruble and other countries’ digital currencies in order to make the Russian financial system more independent.

“In my opinion, all self-respecting states will have a national digital currency within three years. And we will need to build cross-border cooperation in that direction as well,” Skorobogatova commented. “We definitely need to be ready as soon as possible. Plus, this, among other things, solves the problem with SWIFT, because with such integration, SWIFT will no longer be needed,” she explained.

The Bank of Russia presented the concept of the digital ruble in a report published in October 2020. The CBDC’s prototype platform was finalized in December 2021 and the pilot phase was initiated in January of this year. As part of the trials, the CBR and Russian commercial banks plan to test various types of payments with the digital ruble, including settlements for real estate deals, the daily Izvestia recently unveiled.

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Do you expect other central banks to speed up the development of their own digital currencies? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russian Ruble Taps 7-Year High Against The US Dollar — Economist Says ‘Don’t Ignore The Exchange Rate’

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Russian Ruble Taps 7-Year High Against The US Dollar — Economist Says ‘Don’t Ignore The Exchange Rate’

Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”

Russia’s Ruble Climbs Higher — Report Says ‘Putin Is Having the Last Laugh’

The financial sanctions against Russia are seemingly not affecting the transcontinental country as much as Western media has portrayed during the past few months. On Monday, the Russian ruble tapped a price high against the U.S. dollar and it was the highest rise since 2015. There have been many reports from economists and analysts that have said Russia’s financial books are cooked and most of the ruble’s strength is simply smoke and mirrors. One Youtuber claims that while the ruble looks strong, most of the strength is bolstered by manipulation.

USD/RUB chart on June 21, 2022. One candle wick indicates the ruble spiked well above the 55.47 per dollar all-time high at the 155 range.

Youtuber Jake Broe told his 146,000 subscribers that the “Russian economy is currently tanking, inflation is high, unemployment is going up, wages are going down, the GDP of the Russian economy is collapsing.” However, Broe’s arguments could also be said about the United States as the American economy seems to be heading toward a recession, inflation is the highest in 40 years, jobless claims in the U.S. have risen as productivity is down, and the U.S. economy’s GDP shrank significantly in Q1 2022.

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Broe says that the Russian government and central bank are manipulating things, which has made the ruble look strong. Yet, arguably, U.S. politicians and the Federal Reserve could also be accused of manipulation and spreading unreliable information. Other reports that do not leverage Broe’s biased talking points indicate that sanctions against Russia have failed miserably. A report published by armstrongeconomics.com says the Russian oil boycott is not working and “Putin is having the last laugh as he is now selling more oil at a higher price point.”

Armstrongeconomics.com author Martin Armstrong added:

In April, Russian oil exports rose by 620,000 b/d to 8.1 million b/d. India (+730,000 b/d) and Turkey (+180,000 b/d) helped to offset the international embargo, while the EU remained the largest importer despite a sharp reduction in shipments. The IEA reported that Russian oil exports rose over 50% YoY during the first four months of the year — The boycott has completely backfired on the West and has helped strengthen the Russian economy.

Report Shows India Buys Oil From Russia, Refines It, Then Sells It to Europe for Profit — European Union Commission President Predicts Oil Sanctions Could Backfire

Additionally, Russia has been keeping its financial dealings obscure as the country announced monthly figures on government spending would no longer be disclosed. Russia’s Finance Ministry told the press the country needed to “minimize the risk of the imposition of additional sanctions.” Bitcoin.com News reported two weeks ago that numerous countries are not adhering to the West’s sanctions and have been purchasing oil from the Russian Federation. For instance, India is reportedly obtaining oil from Russia and after the oil is refined, the country has been selling it to Europe for a profit.

New Delhi: India is importing crude oil from Russia & re-exporting it at much higher prices to US, France, Italy & UK. – CREA report shows.

— South Asia Index (@SouthAsiaIndex) June 14, 2022

China has been purchasing oil from Russia as well, and a number of oil refineries are forced to purchase oil from the transcontinental country. For instance, Italy’s largest refinery ISAB has been forced to source crude oil from Russia because banks stopped providing the company with credit. China is the largest single buyer of Russian oil and has been since 2021, and data shows the country obtains 1.6 million barrels per day from Russia on average. Meanwhile, oil is becoming scarcer in Europe as warnings say Britain could face massive grid blackouts. The financial newspaper the Economist insists Europe is suffering through “a severe energy-price shock”

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The inconvenient truth those citing Russia’s GDP size fail to grasp:

If we subtract Russian energy from the mix of global energy supplies, global oil & gas prices will quickly spike to levels that collapse the entire global economy, & USD-centric debt markets & financial system. pic.twitter.com/dZiEaZXh3H

— Luke Gromen (@LukeGromen) February 21, 2022

Moreover, two weeks ago, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial that says people should not dismiss the ruble exchange rate. Lichfield’s article says Western governments claimed that eventually, Russia’s economy would ultimately fail but he thinks things need to be reassessed. “The Russian financial system may have withstood the initial shock — but a fall in gross domestic product (GDP) and crippling input shortages, they claimed, would force Moscow to eventually de-escalate as the war entered a grinding phase — But it’s time to reassess this stance,” Lichfield wrote.

Russia’s economy will fail as a result of their “war”. They will not be in a bargaining position soon…. Just kick out their diplomats. https://t.co/Yx2Bn4ACaa

— J Burgess – I am what I am. (@Gooddem4ever) April 5, 2022

Government officials predicted that the energy sanctions could backfire and may not necessarily work. During an interview in May, the European Union Commission president Ursula Von Der Leyen described how the energy sanctions could backfire. Von Der Leyen said that if countries “immediately” sanctioned Russian oil imports, Vladimir Putin “would be able to take the oil that he does not sell to the European Union to the world market, where the prices will increase, and [he will] sell it for more.”

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Bank of Russia, Central Bank, Charles Lichfield, China, conflict, Crude Oil, cut rate, economics, EU, Gas, India, interest rate, Martin Armstrong, OIL, Peace Talks, rouble, ruble, ruble crash, ruble falls, ruble plunges, Ruble Rises, Ruble strength, Russia, russia bank run, Russia Ruble, russian bank run, russian sanctions, Sanctions, Ukraine, Ursula Von Der Leyen, Vladimir Putin, War, Western Allies, Youtuber Jake Broe

What do you think about the Russian ruble’s market performance and the theories on why it is doing so well? Do you think the Russian ruble is being propped up by the country’s officials or do you think the fiat currency is strong? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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