On April 21, 2021, the Russian Parliament passed the first reading of draft laws that would regulate and issue a central bank digital currency (CBDC). This move is part of the country’s efforts to modernize its financial system and promote the use of digital assets.
The draft laws, which were proposed by the Bank of Russia, the country’s central bank, would create a framework for the issuance and circulation of the CBDC. The proposed legislation would also allow the Bank of Russia to issue digital tokens that would be backed by the ruble, the country’s national currency.
The move is part of a larger effort by the Russian government to modernize its financial system and promote the use of digital assets. The Bank of Russia has been exploring the possibility of launching a CBDC since 2019. The central bank has already conducted several experiments with digital tokens and is now looking to move forward with a full-fledged CBDC.
The proposed legislation would also provide legal clarity on the use of digital tokens in Russia. It would allow individuals and businesses to use digital tokens for payments and other financial transactions. The legislation would also provide a framework for the regulation of digital tokens, including rules regarding their issuance, circulation, and taxation.
The passage of the first reading of the draft laws is an important step towards the launch of a CBDC in Russia. It is expected that the legislation will be finalized and passed into law in the coming months. If passed, it could pave the way for the launch of a CBDC in Russia as early as 2022.
The launch of a CBDC in Russia could have far-reaching implications for the country’s economy. It could provide greater access to financial services for citizens and businesses, as well as increased efficiency and security in financial transactions. It could also help to reduce costs associated with traditional banking services, such as transaction fees.
Overall, the passage of the first reading of draft laws for regulating and issuing a CBDC in Russia is an important step towards modernizing the country’s financial system. If passed into law, it could open up new opportunities for individuals and businesses in Russia, while also providing greater security and efficiency in financial transactions.
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