Yesterday the State Duma approved a Bill legalizing the use of cryptocurrencies for cross border payments after the second and third readings. The final step requires the approval of the Federation Council and the President’s signature. Central bank Governor Elvira Nabiullina said she expects the first crypto payments to happen later this year. Additionally, the ‘mass implementation’ of a digital ruble central bank digital currency (CBDC) will happen around July 2025.
While Vladimir Putin has pressed for the CBDC, the timeframe isn’t a major departure from previous plans. In April Governor Nabiullina said scaling up would start during 2025 at the earliest. The July prediction also has caveats.
The cryptocurrency experimental legal regime (ELR) requires the central bank to coordinate with other departments to develop a program. Rather than everyone just using crypto, the experimental program will outline procedures and restrict the participants and the experimental period.
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