The Russian State Duma has approved the first reading of the draft law establishing the Russian CBDC issuance and supervision system

According to Cryptoslate citing local Russian media reports, the Russian State Duma has approved the first reading of the draft law establishing the Russian Central Bank Digital Currency (CBDC) issuance and supervision system, and has also approved the revision of the Russian Civil Code and defined the digital ruble as The first reading of the "Cashless Currency" bill, as well as the establishment of rules on wallet protocols and digital currency inheritance, these two bills mainly fill the regulatory gap brought about by the digitization of money. Both bills will now be reviewed and will be finalized for a second reading, which will take place in the coming months, based on feedback from lawmakers. According to the relevant draft law, the Central Bank of Russia is established as the sole issuer of the digital ruble, and additional powers are granted to regulators to ensure proper supervision. The digital ruble issued by the Central Bank of Russia will be regarded as the official representative of the country’s currency, and the same All foreign digital currencies issued by the central bank will be regarded as official national currencies. The legislation establishes a basic framework for the digital ruble, which includes the establishment of a platform that will issue the CBDC and the development of wallets for storing it. It also defines the access platform procedures and rules for participants.