The State Duma, the lower chamber of the Federal Assembly of the Russian Federation, passed the digital ruble bill also known as Russia’s central bank digital currency (CBDC) in its third reading on July 11, 2023.
This move brings the digital ruble, Russia’s central bank digital currency (CBDC) project, closer to actual implementation. However, the bill still requires approval from the upper chamber of the Federal Assembly, and the Federation Council, and must be signed into law by the President of Russia. If Vladimir Putin approves the law, it would make Russia the largest country to formally adopt a CBDC.
The bill, which saw its last amendment at the end of June, establishes legal definitions of key terms such as “platform,” “participants,” and “users,” and provides general guidelines for the CBDC ecosystem.
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Talks of a state-issued digital currency in Russia have been
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