On June 3, 2020, Russian lawmakers passed the first reading of two draft laws that would regulate and issue a central bank digital currency (CBDC). The two bills, the Digital Financial Assets and the Digital Rights, were proposed by the Bank of Russia and the Ministry of Finance. The bills are part of a larger effort by the Russian government to create a digital economy and to promote the use of digital currencies.
The Digital Financial Assets bill seeks to regulate the issuance, circulation, and use of digital financial assets (DFA). It defines DFA as “digital representations of value that are stored on an electronic device or in a distributed ledger technology system and can be used to purchase goods or services or to transfer funds.” The bill also outlines the process for issuing and circulating DFA, as well as the requirements for companies to register with the Bank of Russia in order to issue DFA.
The Digital Rights bill seeks to regulate the issuance and use of digital rights (DR). DR are defined as “digital representations of rights to certain assets, including financial assets, that are stored on an electronic device or in a distributed ledger technology system.” The bill outlines the process for issuing and circulating DR, as well as the requirements for companies to register with the Bank of Russia in order to issue DR.
The two bills are part of a larger effort by the Russian government to create a digital economy. The government has been working on developing a CBDC since 2018, when it announced its intention to issue a digital ruble. The CBDC is expected to be used for payments and transfers between individuals, businesses, and government entities. It is also expected to be used for international payments, as well as for trading on digital asset exchanges.
The two bills have yet to pass their second reading before they can become law. However, if they do pass, they will provide a legal framework for the issuance and circulation of CBDCs in Russia. This could have a significant impact on the global economy, as it could open up new opportunities for international payments and investments. It could also provide a boost to Russia’s economy, as it would make it easier for businesses and individuals to access digital currencies.
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- Source: Plato Data Intelligence: PlatoAiStream