Russia Recognizes Digital Currencies of Other Nations
The Russian government has
legally recognized digital currencies issued by other nations, local crypto media reported. The respective legislative changes have been made alongside the adoption of a dedicated law regulating the introduction
of Russia’s own digital ruble.
The recognition of
other central bank digital currencies (CBDCs), such as China’s digital yuan, for example, has been done
through amendments to Russia’s federal law “On currency regulation and currency control” which entered into force on
Aug. 1, the report details.
The update adds to the definition of foreign currency the text
“issued in digital form by the national central bank of a foreign state.”
Russia’s digital ruble law also came into force on Tuesday. The legislation, which creates the legal basis for the introduction of Bank of Russia’s digital currency,
was passed by both houses of parliament and signed by President Vladimir Putin in July.
