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Russia’s State Duma – the lower house of the local parliament – passed a digital ruble bill. The law defines the rules for the country’s upcoming central bank digital currency, outlining the Bank of Russia as the “operator” of the project.
The institution will also establish a chain of users of the digital ruble platform, adjusted for their type of transactions, and set specific limits by the end of 2024.
Few more steps before it becomes official
State Duma announced The release of the CBDC and the adoption of a law “On the implementation of cashless payments using this form of national currency”. According to the bill, the project will include “Digital Ruble Platform,” “Digital Ruble Platform Rules,” “Digital Ruble Platform Participants,” “Digital Ruble Platform Users,” and “Digital Accounts (Wallets).”
The legislation (if officially accepted) would prohibit consumers from using CBDCs in deposits. “In the event of bankruptcy of the debtor, the digital ruble will be part of the bankruptcy estate,” explained the lower house of parliament.
Unsurprisingly, the central bank will play a key role in the project, overseeing the entire process and ensuring that the platform functions properly. The institution shall also be responsible for the security of the financial product and for the correct accounting of information on such transactions.
The law will now go to the Federation Council – the upper house of the Russian parliament. The final step is the signature of President Vladimir Putin.
CBDC can be used for international payments
The launch of a CBDC has been one of the central bank’s missions over the past few years. Elvira Nabiullina – Governor of the Bank of Russia – described With the digital ruble as a top priority for the institution, it raises hopes that it could be employed in international settlements.
“The digital ruble is one of the priority projects. We made a prototype quite quickly… Now we are conducting tests with banks, and next year, we will gradually conduct pilot transactions,” Nabiullina said.
One of the wealthiest Russians – Vladimir Potanin – is also in favor of the digital ruble. He Scene Bitcoin and alternative coins are risky, “untrustworthy products” that watchdogs cannot monitor. He argued that thus, a CBDC (controlled by the authorities) could be the proper financial solution to stimulate Russia’s economy.
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[ad_1]
Russia’s State Duma – the lower house of the local parliament – passed a digital ruble bill. The law defines the rules for the country’s upcoming central bank digital currency, outlining the Bank of Russia as the “operator” of the project.
The institution will also establish a chain of users of the digital ruble platform, adjusted for their type of transactions, and set specific limits by the end of 2024.
Few more steps before it becomes official
State Duma announced The release of the CBDC and the adoption of a law “On the implementation of cashless payments using this form of national currency”. According to the bill, the project will include “Digital Ruble Platform,” “Digital Ruble Platform Rules,” “Digital Ruble Platform Participants,” “Digital Ruble Platform Users,” and “Digital Accounts (Wallets).”
The legislation (if officially accepted) would prohibit consumers from using CBDCs in deposits. “In the event of bankruptcy of the debtor, the digital ruble will be part of the bankruptcy estate,” explained the lower house of parliament.
Unsurprisingly, the central bank will play a key role in the project, overseeing the entire process and ensuring that the platform functions properly. The institution shall also be responsible for the security of the financial product and for the correct accounting of information on such transactions.
The law will now go to the Federation Council – the upper house of the Russian parliament. The final step is the signature of President Vladimir Putin.
CBDC can be used for international payments
The launch of a CBDC has been one of the central bank’s missions over the past few years. Elvira Nabiullina – Governor of the Bank of Russia – described With the digital ruble as a top priority for the institution, it raises hopes that it could be employed in international settlements.
“The digital ruble is one of the priority projects. We made a prototype quite quickly… Now we are conducting tests with banks, and next year, we will gradually conduct pilot transactions,” Nabiullina said.
One of the wealthiest Russians – Vladimir Potanin – is also in favor of the digital ruble. He Scene Bitcoin and alternative coins are risky, “untrustworthy products” that watchdogs cannot monitor. He argued that thus, a CBDC (controlled by the authorities) could be the proper financial solution to stimulate Russia’s economy.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
