The State Duma of Russia has approved the draft law for the establishment of a legal framework for the issuance and regulation of the Russian CBDC in the first reading

ChainCatcher news, the State Duma of Russia has approved the first reading of a draft law to establish a regulatory framework for the issuance of the Central Bank of Russia's digital currency (CBDC). Additionally, it has approved the first reading of a bill to amend the Russian Civil Code to define the digital ruble as "non-cash currency," and has established rules regarding wallet protocols and the inheritance of digital currencies. These two bills primarily address the regulatory gaps brought about by the digitization of currency.

Both bills will now undergo review and will be finalized for a second reading based on feedback from lawmakers, which will take place in the coming months. According to the relevant draft laws, the Central Bank of Russia is established as the sole issuer of the digital ruble and is granted additional powers to ensure proper regulation. The digital ruble issued by the Central Bank of Russia will be regarded as the official representation of the country's currency, and all foreign digital currencies issued by the central bank will also be considered official national currency. This legislation establishes a foundational framework for the digital ruble, which includes the creation of a platform for issuing CBDC and the development of wallets for storing it, as well as defining the procedures for accessing the platform and the rules for participants. (source link)