Russias CBDC Legislation Finally Signed into Law

Russia’s CBDC Legislation Finally Signed into Law

Russia’s bill regarding the digital ruble has been signed into law by President Vladimir Putin and will take effect on August 1, 2023. This move marks a significant step towards crypto regulation in the country.

Key Points:
– The digital ruble legislation bill was introduced to the State Duma in December 2022 and passed its final reading on July 11, 2023.
– The new law amends several articles of the Russian Federation Civil Code, treating the digital ruble as a means of cashless payment.
– Russia’s central bank will be responsible for the digital ruble’s infrastructure and asset security.
– The digital ruble is primarily designed for payments and money transfers, not as an investment.
– Transfers and payments in digital rubles will be free for regular citizens, while corporate clients will have to pay 0.3% of the payment amount.

How the Digital Ruble Is Expected to Work:
– The use of the digital ruble is voluntary and seen as an additional opportunity for citizens and businesses.
– Trials of the CBDC will be conducted in collaboration with 13 local banks.
– The digital ruble wallet and transfers will be available in Russian banks’ mobile apps, with operations managed by the Central Bank.
– The Bank of Russia emphasizes the reliability, security, and efficiency of the digital ruble due to centralized regulation.

Hot Take:
The signing of Russia’s CBDC bill into law demonstrates the country’s commitment to digital currency regulation. With the digital ruble, Russia aims to provide a new payment method and strengthen its position in cross-border transactions. The mass adoption of the digital ruble is expected in the coming years, positioning Russia as a key player in the global digital currency landscape.