Russian Lawmakers Pass First Reading of Draft Laws to Regulate and Issue Central Bank Digital Currency
On June 3, 2020, Russian lawmakers passed the first reading of two draft laws that would regulate and issue a central bank digital currency (CBDC). The two bills, the Digital Financial Assets and the Digital Rights, were proposed by the Bank of Russia and the Ministry of Finance. The bills are part of a larger effort by the Russian government to create a digital economy and to promote the use of digital currencies.The Digital Financial Assets bill seeks to regulate the issuance, circulation, and use of digital financial assets (DFA).