On June 3rd, 2020, the Russian Parliament passed the initial reading of laws that would regulate and issue a Central Bank Digital Currency (CBDC). This move is seen as a major step forward in the country’s efforts to adopt digital currencies.
The proposed laws would allow the Bank of Russia, the country’s central bank, to issue a CBDC. The CBDC would be available to both individuals and businesses, and would be backed by the Russian ruble. It is expected that the CBDC would be used for payments, transfers, and other financial transactions.
The proposed laws also provide for the regulation of digital currencies. This includes measures to ensure that digital currencies are not used for illegal activities, such as money laundering or terrorist financing. Additionally, the laws would require digital currency exchanges to register with the Bank of Russia and comply with certain regulations.
The move to issue a CBDC is seen as a major step forward in the country’s efforts to adopt digital currencies. It is expected that the CBDC will help to increase financial inclusion and reduce transaction costs, as well as provide an alternative to traditional banking services. Additionally, it could provide a more secure and efficient way to store and transfer funds.
The proposed laws are still subject to further readings and amendments before they are finalized. However, if they are passed, it could be a major step forward in the country’s efforts to adopt digital currencies. It remains to be seen how this move will affect the future of digital currencies in Russia.
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