Russia’s State Duma Passes Digital Ruble Bill
Russia’s State Duma has passed a bill that establishes rules for the nation’s central bank digital currency, the digital ruble. The legislation designates the Bank of Russia as the operator of the project and outlines the establishment of a digital ruble platform. By the end of 2024, the bank will determine the users and types of transactions allowed on the platform and set specific thresholds.
Main Breakdowns:
- Russia’s State Duma has passed a bill on the digital ruble.
- The legislation defines the Bank of Russia as the operator of the project.
- The bill outlines the establishment of a digital ruble platform.
- By the end of 2024, the bank will determine the users and types of transactions allowed on the platform.
- The legislation will now move to the Federation Council and require President Vladimir Putin’s signature.
CBDC Could be Used for International Payments
The launch of a central bank digital currency (CBDC) has been a priority for the Bank of Russia. Governor Elvira Nabiullina described the digital ruble as a top project, with tests already underway and pilot transactions planned for next year. Russian billionaire Vladimir Potanin also supports the digital ruble, seeing it as a more reliable alternative to cryptocurrencies like Bitcoin. He believes that CBDCs controlled by authorities could stimulate Russia’s economy.
Hot Take:
The passing of the digital ruble bill in Russia’s State Duma is a significant step towards the country’s implementation of a central bank digital currency. With the Bank of Russia taking the lead in overseeing the project, the digital ruble has the potential to be used for international settlements. This move aligns with the global trend of central banks exploring CBDCs as a means to modernize their monetary systems and enhance financial stability.
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