The CBDC bill, supporting the creation of a digital ruble pilot, amended certain parts of the Russian civil code and established the right of the central bank as the primary issuer of the CBDC.
Russia pushes ahead with using digital currencies amid economic sanctions, with Rosbank devising plans to use them as cross-border transactions with help from fintech firm B-crypto.
The changes to the CBDC draft bill include debt operation, the Russian central bank’s participation, and the access of the digital ruble to foreigners.
Bank of Russia Gov. Elvira Nabiullina told members of the State Duma that the banking regulator had approved a pilot for mined digital assets to be used in settling international transactions.
For the first time, Russia will move ahead with its central bank digital currency pilot program involving 13 banks and customers, and this time, the digital ruble will be used in real transactions.
Efforts to launch the digital ruble are already in place, with testing client-to-business (C2B) operations by selected financial institutions scheduled in the coming months.
Following a barrage of sanctions and an ongoing row with the West, Russia is reportedly seeking to diversify its payment transactions with virtual currencies while mulling regulations to prevent misuse.
The Bank of Russia says that stablecoins are risky because the underlying pool of assets doesn’t belong to the user, and there’s no guarantee of redemption.
The Ministry of Finance submitted a new draft bill in parliament that will license exchanges, make Bitcoin a legal asset, and require online exam for investors.
The Finance Ministry has opened a public feedback period until mid-March on a piece of legislation that will make Bitcoin legal in Russia.
A new document by the Russian government, supported by the central bank, has dispelled fears of a blanket ban, weeks after the bank proposed a total ban.
Deputy Governor Vladimir Chistyukhin said the bank will not bar investors from getting into digital currencies, in contrast with earlier reports that the central bank was seeking to ban digital currencies.
