Anatoly Aksakov, Chairman of the Russian State Duma Financial Markets Committee, has predicted that international trade will migrate to CBDC for settlements during the next five years. Aksakov stressed that not many countries have made progress using these digital currencies, but he believes this will be addressed soon. Russian State Duma Official Bets on National […]
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Russian Duma Financial Market Chairman States Digital Financial Assets Might Replace Fiat for International Payments
Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov stated that digital financial assets, issued by institutions regulated by the central bank, could replace fiat channels for international settlements. Aksakov also acknowledged that while not being controlled for this use case, digital assets were already being used to settle international payments. […]
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Russian State Duma Passes Digital Ruble Law
The State Duma, the lower house of the Russian Federal Assembly, discussed and passed the Digital Ruble law in its second and third discussion on July 11. The law will allow the Central Bank of Russia, as the sole regulator of the proposed digital currency, to organize a pilot test slated for August.
State Duma Adopts Digital Ruble Bill
The Russian State Duma, the lower house of the Russian Federal Assembly, discussed and approved the digital ruble law, establishing clear rules about issuing a Russian central bank digital currency (CBDC) and its status in the country’s financial system.
The resolution passed on July 11 and identified as “4351-8 GD” introduces the concepts of “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” Also, the law specifies the payment function of the digital ruble, establishing it as an element of the national payments system.
The Russian CBDC will become the third form of accepted money in Russia, behind cash and non-cash digital money stored in bank accounts.
Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, and other Russian lawmakers introduced the digital ruble bill in January. Aksakov expected to pass the bill in June, but the discussion process was delayed.
Central Bank of Russia Develops Digital Ruble Platform Rules
Following the approval of the law, the Central Bank of Russia (CBR) quickly published a draft of the digital ruble platform’s rules on its website, a 44-page document that lists the “basic rules by which the Bank of Russia, as the operator of the platform, will interact with its participants and users, and the requirements for them.”
These rules describe how the CBDC can be used, the procedures for opening and closing digital ruble accounts, and how its platform will carry out compliance procedures. Also, the document describes how disputes and complaints related to digital ruble payments will be dealt with.
The CBR stated:
The platform will work around the clock, including weekends and holidays. Operations on it will be carried out online.
The central bank will receive feedback on this draft until June 19 and is expected to proceed with a pilot test of the system in August after suspending it in April due to regulatory issues. Before, CBR First Deputy Chairman Olga Skorobogatova had stated that the digital ruble project was likely to be launched as soon as 2025, allowing Russians to make payments with this new form of money.
What do you think about the future of the Russian digital ruble? Tell us in the comments section below.
State Duma Chairman of Financial Markets Committee: Russia to Exert ‘Serious’ Control Over Crypto After Legalization
Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use the assets for international settlements.
State Duma Official: Russia to Have ‘Serious’ Control Over Crypto After Legalization
Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, has given an update about the legalization of crypto in Russia and the role of the Russian government regarding its control. According to local media, Aksakov hinted at establishing tight regulations regarding crypto transactions and service providers.
He stated:
Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse.
Aksakov also declared that cryptocurrency users in Russia were expecting this legalization to allow for crypto to be used easily, including leveraging it to settle international transactions and avoid problems at the banking level. Aksakov explained:
They are ready to work in the legal space, because foreign banks are sometimes wary of interacting with Russian banks and making settlements with Russia.
The State Duma official has supported the identification of cryptocurrency holders in Russia previously to “establish taxation and certain rights for cryptocurrency owners,” as well as offer protection in these markets.
Using Crypto to Sidestep International Sanctions
Aksakov remarked on the importance of using crypto as an instrument to expedite international trade.
The Central Bank of Russia (CBR) informed recently that it intends to run pilot tests of cross-border settlements using digital and central bank digital currencies (CBDCs). Deputy chairman of the CBR, Alexey Guznov, stressed that these settlements would not be available inside the country but were directed to expedite international transactions.
In this sense, Aksakov had declared before that “exchanges will be used for cross-border settlements, including bypassing sanctions restrictions, so new restrictions may be introduced against them” when announcing that the country had dropped the idea of a national cryptocurrency exchange.
Aksakov also reported that he expected a bill regulating crypto to be passed by next October. Previously, Aksakov expected to pass four crypto-related laws during the State Duma’s spring session, which ends on July 30.
What do you think about the statements of Anatoly Aksakov regarding the “serious” control that the Russian government plans to exert on the crypto market after its legalization? Tell us in the comment section below.
Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’
Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S. dollar a toxic currency.
Russian State Duma Chairman Criticizes U.S. Debt Management
Vyacheslav Volodin, chairman of the Russian State Duma, has blasted the U.S. government’s management of its national debt. On Friday, the head of the lower house of the Russian Federal Assembly criticized the situation of the spiraling debt of the U.S. and how the U.S. government has lifted the debt ceiling more than 100 times in the past.
On his Telegram channel, Volodin stated:
All financial pyramids, as history shows, sooner or later end in failure. But the current situation is different. The U.S. national debt is a global financial pyramid created by Washington to deceive other nations and people.
Furthermore, Volodin explained that the ability of the U.S. government to service its debt was weakening. This made the dollar a risky coin to hold, Volodin remarked, making it a “toxic” currency, explaining that several countries were shifting to other currencies for this cause.
U.S. Debt in Perspective
According to official numbers, for the year 2023, the U.S. debt was .4 trillion, having increased almost trillion during the last five years. A significant yearly increase was produced in 2020 when it rose 19% due to the impact of the different Covid-19 assistance programs.
The increase in this national debt also determines a rise in the interest paid on it. On this, Volodin stated:
Just think about it, in 2023 the sum of interest payments on the U.S. national debt could reach 1.5 trillion USD, and it is almost a third of all US budget revenues.
The Chairman of the State Duma also recommended that the different states of the U.S. federation should seek alternatives to the dollar to reduce the risks for their citizens.
Twenty-three states are discussing laws to approve using gold and silver for payments. In April, Arkansas signed a law to make gold and silver bullion and coins legal tender, releasing transactions made with these metals from any tax duties. In the same way, Texas is currently advancing a bill that would issue a gold-backed digital currency as legal tender.
What do you think about the statements of Vyacheslav Volodin, chairman of the Russian State Duma, on the U.S. national debt and the U.S. dollar? Tell us in the comment section below.
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