Russian parliament gives green light to CBDC bill

The legislation will become official after the signatures of both the Federal Council and President Vladimir Putin.

Russia’s state Duma, a chamber of the Russian parliament, announced it will approve its national central bank digital currency (CBDC) project.

Passing the digital ruble bill, the legislation will define the rules regarding the nation’s new strategy for adopting its digital coin.

Named as “the operator” of the project, the Bank of Russia will oversee all future performance of the new initiative and be responsible for the “safety of the financial product and the correct accounting of information on such transactions.”

The project will consist of a “digital ruble platform,” “digital ruble platform rules,” “digital ruble platform participants,” “digital ruble platform users,” and “digital accounts,” according to the bill.

If accepted, the legislation will forgo consumers from using the CBDC in deposits and “in the event of the bankruptcy of the debtor, digital rubles will be part of the bankruptcy estate.”

The document is said to come into effect at the beginning of August “with the exception of provisions for which a different effective date is set.”

The legislation will be moved to the Federal Council — the upper chamber of the Russian parliament — with the last step being a signature from President Vladimir Putin.  

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Written by Isabella Aslam

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Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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