Russia Takes Steps towards Digital Currency Regulation

03/19/2023 03:45 • Metaverse & Beyond • 81 views

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 has taken strides towards regulating digital currencies with the approval of two bills that aim to establish an issuance and regulatory system for the Central Bank of Russia’s digital currency (CBDC), and define the digital ruble as a “non cash currency”. The move aims to address the regulatory gap brought about by the increasing digitization of currencies.

The first bill approved by the State Duma focuses on the CBDC, which is a digital version of the Russian ruble. This bill establishes a regulatory system for the CBDC, effectively granting the Central Bank of Russia (CBR) the power to issue and regulate the digital currency. The bill also sets out rules regulating wallet agreements and inheritance of digital currencies. The Russian government sees the introduction of the CBDC as an opportunity to enhance the country’s financial system and increase the efficiency of financial transactions.

The second bill approved by the State Duma amends the Russian Civil Code to include the digital ruble as a “non cash currency”. This bill primarily aims to provide a legal framework for the use of digital currencies. It also sets out rules governing wallet agreements and inheritance of digital currencies.

The successful first reading of both bills marks a significant step towards regulating digital currencies in Russia, which has thus far been largely unregulated. The bills aim to provide a legal framework for the use of digital currencies, which is expected to increase the efficiency and security of financial transactions.

However, the bills are still subject to review and a second reading will be held in the coming months based on feedback from lawmakers. Despite the challenges that the introduction of digital currencies presents, the Russian government seems determined to push forward with their implementation. The introduction of the CBDC and the amendment of the Russian Civil Code are expected to pave the way for future regulation of digital currencies in Russia.

In conclusion, the Russian State Duma’s approval of these two bills is a significant step towards regulation of digital currencies in Russia. The bills establish a legal framework for the use of digital currencies by defining the CBDC as a non-cash currency and regulating its issuance and the use of wallets. The bills are expected to pave the way for future regulation of digital currencies in Russia, enhancing the efficiency and security of financial transactions.

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