Last updated on August 8, 2023
The Russian government has officially recognized digital currencies issued by other nations, alongside the adoption of a law regulating Russia’s own digital ruble. Amendments to the law on currency regulation and control were made to grant the same status to foreign central bank digital currencies (CBDCs) as the digital ruble. The updated legislation allows non-residents to freely carry out transactions with these digital currencies.
This move comes as Russia seeks to navigate financial restrictions imposed by sanctions over its invasion of Ukraine. The recognition of foreign CBDCs provides an alternative option for international settlements and circumvents the limitations imposed by traditional financial systems.
The digital ruble law, which establishes the legal framework for the introduction of Russia’s digital currency, has also come into force. The Central Bank of Russia plans to test transactions with real users as early as this month, as part of the CBDC pilot program. However, a recent poll among small and medium-sized enterprises in Russia reveals that nearly two-thirds of companies do not see any advantages of using CBDCs for their businesses.
Despite the cautious sentiment among businesses, the Russian government is exploring the integration of the digital ruble platform with the payment systems of other nations to facilitate cross-border transactions. This indicates potential future collaborations and partnerships in the realm of digital currencies.
In conclusion, the recognition of foreign CBDCs by Russia’s government, alongside the introduction of the digital ruble, signifies the country’s commitment to embracing digital currencies as a means of international settlement. However, the level of adoption and usage of these digital currencies by Russian companies remains uncertain.
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