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Russia’s State Duma \u2013 the lower chamber of the local parliament \u2013 \u200b\u200bpassed the digital ruble bill. The legislation defines rules surrounding the nation’s upcoming central bank digital currency, outlining the Bank of Russia as “the operator” of the project.<\/span><\/p>\n The institution will also establish a range of users of the digital ruble platform, adjust their type of transactions, <\/span>and set specific thresholds by the end of 2024.<\/span><\/p>\n State Duma <\/span>declared<\/span><\/a> the adoption of a law on the release of a CBDC and on “the implementation of cashless payments using this form of national currency.” According to the bill, the project will consist of a \u201cdigital ruble platform,\u201d \u201cdigital ruble platform rules,\u201d \u201cdigital ruble platform participants,\u201d \u201cdigital ruble platform users,\u201d and \u201cdigital accounts (wallets).\u201d <\/span><\/p>\n The legislation (if officially accepted) would prohibit consumers from using the CBDC in deposits. \u201cIn the event of the bankruptcy of the debtor, digital rubles will be part of the bankruptcy estate,\u201d the parliament’s lower chamber explained. <\/span><\/p>\n Unsurprisingly, the central bank will play a major role in the project, overseeing the entire process and ensuring the platform works properly. The institution will also be responsible for the safety of the financial product and the correct accounting of information on such transactions.<\/span><\/p>\n The legislation will now move to the upper chamber of the Russian parliament \u2013 \u200b\u200bthe Federation Council. The last step is a signature from President Vladimir Putin. <\/span><\/p>\n The launch of a CBDC has been one of the central bank’s missions in the past few years. Elvira Nabiullina \u2013 Governor of the Bank of Russia \u2013 explained<\/a> <\/span>the digital ruble as a top priority for the institution, raising hopes that it could be employed in international settlements.<\/span><\/p>\n \u201cThe digital ruble is among the priority projects. We have fairly quickly created a prototype \u2026 now we are holding tests with banks, and next year, we will gradually have pilot transactions,\u201d Nabiullina stated.<\/span><\/p>\n<\/blockquote>\n One of the wealthiest Russians \u2013 Vladimir Potanin \u2013 is also in favor of the digital ruble. He <\/span>views<\/span><\/a> Bitcoin and the alternative coins as risky, \u201cunreliable products\u201d that the watchdogs cannot monitor. As such, CBDCs (controlled by the authorities) could be the appropriate financial solution to stimulate Russia’s economy, he argued.<\/span><\/p>\nA Few More Steps Before Becoming Official<\/span><\/h2>\n
CBDC Could Be Used For International Payments<\/span><\/h2>\n
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