Russian Parliament passes the rubble bill. The digital ruble, a project of the Russian central bank’s CBDC, has moved one step closer to completion. The third reading of the digital ruble bill was approved on July 11 by the State Duma, the lower house of the Russian Federation’s Federal Assembly.
The Federation Council, the assembly’s upper house, will now consider the proposal before sending it, if approved, to the president’s desk.
Russia has been creating digital currency over the past several years, as have many other nations, in an effort to modernize their financial systems, speed up payments, and stave off the possibility of cryptocurrencies like bitcoin gaining popularity.
Moreover, The Russian government unveiled plans for the CBDC to use blockchain technology to offer fresh payment options and international solutions to compete with cryptocurrencies like Bitcoin, which it deemed unsafe for citizens and harmful for the economy.
Following Russia’s exclusion from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), digital asset exchanges in the area see significant inflows as investors wait to see if the government will decide to lift the cryptocurrency prohibition.
Through participants in the digital ruble platform who are authorized banks or international banks who are players in the digital ruble platform, non-residents can access the platform. In some instances, the owner of the platform for digital rubles grants access.
The number of users of the digital ruble platform, a list of transaction kinds, and their thresholds will all be decided by the Bank of Russia and the Russian Federation’s Federal Financial Monitoring Service prior to December 31, 2024.