1. PixelPlaygroundHome
  2. Metaverse Insights

Russia Takes First Step in Establishing CBDC and Regulating Digital Currencies

• Metaverse Insights • 169 views

Russia Takes First Step in Establishing CBDC and Regulating Digital Currencies

According to reports from local media, the Russian State Duma approved the first reading of the draft law establishing the issuance and regulatory system of the Central Bank of Russia’s digital currency (CBDC) this week. In addition, Russia also approved the first reading of the bill amending the Russian Civil Code and defining the digital ruble as a “non cash currency”, as well as formulating rules on wallet agreements and inheritance of digital currencies, These two bills mainly fill the regulatory gap brought about by currency digitization. Currently, both bills will be reviewed and a second reading will be finalized based on feedback from lawmakers. The second reading will take place in the coming months.

The draft law on the establishment of CBDC regulation and issuance in Russia has been approved by legislators on first reading

Analysis based on this information:


The Russian State Duma approved the first reading of two bills relating to the establishment of a Central Bank of Russia digital currency (CBDC) and the regulation of digital currencies. In the first bill, the creation of a regulatory system for the CBDC issuance and processing is proposed. Meanwhile, the second bill amends the Russian Civil Code by defining the digital ruble as a “non cash currency” and formulating rules around wallet agreements and inheritance of digital currencies. These measures aim to address the regulatory gap brought about by the advent of currency digitization.

The introduction of a digital version of the national currency can transform the country’s payment system, providing faster, cheaper and more secure transactions. The digital ruble would operate in the same manner as a traditional currency, but exclusively in digital format, with its value based on the real ruble. With the implementation of the regulation, the central bank can prevent illicit activities such as money laundering and terrorist financing, which could occur due to the lack of regulation in the digital currency market.

The first reading of the two bills has taken place, and the regulatory authorities will now review the feedback obtained from lawmakers before the second reading is finalized in the next few months. It is essential that the bill undergoes several readings to ensure that all legal aspects are covered thoroughly. The drafting of the bills is fundamental to the creation of an appropriate environment to introduce digital currencies into society.

In conclusion, Russia’s move to establish a Central Bank of Russia digital currency and regulate digital currencies via a legal framework is a great step taken by the government. Proper legislation and regulation will be critical to creating a safe and secure environment for the conduct of digital transactions in the country. With the second reading expected to take place in the coming months, we can expect other nations to follow suit and take necessary steps to regulate digital currencies in their respective jurisdictions.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/6035/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/19/2023 03:40
Next 03/19/2023 03:59

Recommended articles