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Russia’s State Duma Approves National CBDC Project

Russia’s State Duma – the lower chamber of the local parliament – passed the digital ruble bill. The legislation defines rules surrounding the nation’s upcoming central bank digital currency, outlining the Bank of Russia as “the operator” of the project. The State Duma announced the adoption of a law on the release of a CBDC and on “the implementation of cashless payments using this form of national currency.” According to the bill, the project will consist of a “digital ruble platform,” “digital ruble platform rules,” “digital ruble platform participants,” “digital ruble platform users,” and “digital accounts.” The legislation will prohibit consumers from using the CBDC in deposits.

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