On April 21, 2021, the Russian Parliament passed the first reading of two bills that would regulate and issue a central bank digital currency (CBDC). This marks a major milestone in the development of digital currencies in Russia and could have far-reaching implications for the global economy.
The two bills, which were proposed by the Bank of Russia, would create a legal framework for the issuance of a CBDC and would also provide guidance on how it would be used. The bills would also set out the rules for the circulation of the CBDC, as well as its use in payments and other transactions. The bills would also establish the Bank of Russia as the issuer of the CBDC.
The introduction of a CBDC in Russia could have significant implications for the global economy. It could provide an alternative to traditional fiat currencies, allowing for more efficient and secure payments and transactions. Additionally, it could provide a more stable form of money, as it would be backed by the Bank of Russia.
The passage of the bills is a major step forward in the development of digital currencies in Russia. It is expected that the bills will be passed into law in the near future, paving the way for the introduction of a CBDC in Russia.
The introduction of a CBDC in Russia could have far-reaching implications for the global economy. It could provide an alternative to traditional fiat currencies, allowing for more efficient and secure payments and transactions. Additionally, it could provide a more stable form of money, as it would be backed by the Bank of Russia. It is expected that other countries will follow suit in introducing their own CBDCs, which could lead to a more globalized and interconnected financial system.
Overall, the passage of the bills by the Russian Parliament marks a major milestone in the development of digital currencies in Russia and could have far-reaching implications for the global economy. It is expected that other countries will follow suit in introducing their own CBDCs, which could lead to a more globalized and interconnected financial system.
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