Russian Government Grants Official Status to Foreign CBDCs Amid Digital Ruble Launch

The Russian government has officially acknowledged foreign digital currencies issued by other nations, a move reported by local crypto media.

These changes in legislation coincide with the establishment of a dedicated law overseeing the introduction of Russia’s own digital ruble. Russia’s federal law “On currency regulation and currency control” amended to recognize other central bank digital currencies (CBDCs), including China’s digital yuan, under the definition of foreign currency. Effective from August 1, this modification permits non-residents to conduct transactions involving these digital currencies without restrictions.

Alongside this, Russia’s digital ruble law has also come into effect, creating the legal framework for the Bank of Russia’s digital currency introduction. Despite these advancements, a recent poll reveals that a significant portion of Russian businesses, approximately two-thirds, do not perceive any benefits of the CBDC for their operations.

Clever Robot News Desk 7^th August 2023