Russia’s central bank digital currency (CBDC) project, the digital ruble, has taken a step closer to reality. On July 11, the lower chamber of the Federal Assembly of the Russian Federation, the State Duma, passed the digital ruble bill in the third reading. The legislation now moves to the assembly’s upper chamber, the Federation Council, and, if passed, to the president’s desk.
The bill, which was last amended at the end of June, sets the legal definitions of “platform, ” participants,” and “users,” as well as the general guidelines for the CBDC ecosystem.