State Duma Adopts Digital Ruble Bill: The Good and Bad News
Good news, folks! The Russian State Duma just approved the digital ruble law, giving clear guidelines on the issuance and status of a Russian central bank digital currency (CBDC). But hang on, there’s a twist. While it’s great that they’re embracing digital currency, the discussion process took longer than expected.
Here are the key points you need to know:
– The resolution introduces the concepts of “digital ruble” and “digital ruble platform.”
– The digital ruble will be part of Russia’s national payments system, alongside cash and non-cash digital money.
– The Central Bank of Russia (CBR) wasted no time and published the draft rules for the digital ruble platform. This 44-page document covers everything from account procedures to dispute resolution.
– The CBR wants your feedback on the draft rules until June 19.
– They’re planning a pilot test of the system in August, after it was temporarily suspended in April due to regulatory issues.
Hot Take: The Russian government is finally catching up with the digital currency trend. It’s great to see them taking steps towards modernizing their financial system. However, the delay in passing the bill shows that they still have some work to do in terms of streamlining the decision-making process. Let’s hope they can pick up the pace and launch the digital ruble sooner rather than later.
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