The draft law on the establishment of CBDC regulation and issuance in Russia has been approved by legislators on first reading

According to reports from local media, the Russian State Duma approved the first reading of the draft law establishing the issuance and regulatory system of the Central Bank of Russia’s digital currency (CBDC) this week. In addition, Russia also approved the first reading of the bill amending the Russian Civil Code and defining the digital ruble as a “non cash currency”, as well as formulating rules on wallet agreements and inheritance of digital currencies, These two bills mainly fill the regulatory gap brought about by currency digitization. Currently, both bills will be reviewed and a second reading will be finalized based on feedback from lawmakers. The second reading will take place in the coming months.

Interpretation of this information:

The Russian State Duma has taken steps towards regulating the use of digital currencies within the country. The first reading of a draft law on the issuance and regulation of the Central Bank of Russia’s digital currency (CBDC) has been approved, as well as a bill amending the Russian Civil Code to define the digital ruble as a non-cash currency. These bills aim to fill gaps in regulation brought about by the increasing digitization of currencies, and also provide rules on wallet agreements and inheritance of digital currencies. The second reading of both bills will take place in the coming months, after feedback from lawmakers has been taken into consideration.