Russia’s State Duma announces the launch of the digital ruble in early 2023

Anatoly Aksakov clarified that the asset will be launched after the testing, which is conducted by a group of banks under the guidance of the Central Bank

05.12.2022 - 13:00

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What’s new? Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market of the Russian Federation, has said during the RBC Crypto forum titled “Cryptocurrencies, Mining and Digital Assets” that the draft law on the digital ruble will be submitted to the State Duma this week. According to the deputy, almost everything is already prepared for the asset to be legalized. It is assumed that the digital ruble will be put into circulation in the first quarter of 2023.

RBC’s material

What else did Aksakov say? The deputy reported that the digital ruble will be launched after testing by a group of banks under the guidance of the Central Bank. In addition, Aksakov said that the use of the asset in exchange for digital national currencies of other countries is being discussed.

According to Aksakov, it is obvious that it is time to launch the crypto market in Russia. He believes that the government needs to “keep its finger on the pulse” and actively study it. Aksakov also said that the next year will be a digital year in the financial sphere.

Earlier, Finance Minister Anton Siluanov compared crypto to a slot machine and urged caution about investing in this type of asset. At the same time, he called on the Bank of Russia to legalize the circulation of cryptocurrencies by analogy with fiat. The Central Bank, in turn, supported the earlier submitted to the State Duma draft law on the regulation of mining, prepared with its participation.

In November, the head of the State Duma State Building and Legislation Committee Pavel Krasheninnikov explained why there is still no clear regulation of cryptocurrencies in the country. According to him, the authorities have not yet reached a consensus on the recognition of digital assets as an object of civil law, so there are no relevant bills.

The State Duma began preparations for the creation of a national crypto exchange. The document, taking into account the position of the market, will be submitted to the government and the Central Bank. At the same time, the parties consider the exchange more as an exchange point, rather than a platform for the distribution of cryptocurrencies as a means of payment within the Russian Federation.

For how Russia is trying to regulate digital assets, read GetBlock Magazine’s article.

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