Russia CBDC with programmability features and additional strict protocols may possibly happen as per the State Duma Committee on Financial Markets Chairman Anatoly Aksakov.
The previous national digital currency exchange plans drew criticisms over its infrastructure risks and antitrust issues, as well as privacy issues and government surveillance concerns.
The new draft bill seeks to make the Bank of Russia the “sole operator” of the digital ruble to the exclusion of other entities.
Russia is considering a national digital asset exchange subject to the approval of the Central Bank of Russia and the Ministry of Finance, two key agencies with opposing views on digital currencies.
The bill, expected to sail through State Duma, makes it legal to sell mined digital assets on foreign platforms as well as locally starting January 2023.
As the U.S. fortifies its grip on the global financial system, Russia targets to give sanctions-hit countries an opportunity to carry out international business easily—by using CBDCs.
Following its approval to use digital assets in cross-border payments, Russia now has its eyes set on digital assets trading to address growing investors' demand and the changing economic landscape.
The head of Russia's State Duma Committee on financial markets, Anatoly Aksakov, has introduced the proposal to launch a regulated digital assets exchange for the Russian market.
The bill proposes to directly prohibit the use of digital financial assets and utilitarian digital rights as a payment method for transferring goods and services in Russia.
Anatoly Aksakov told local media that the government is considering two completely opposite approaches—a blanket ban or legalizing digital currency exchanges.