Russia legally recognises foreign CBDCs

From 1 August, поправки to currency regulation and currency control, which affect foreign CBDC.

The document equates foreign states’ digital-issued monetary units that are legal tender to foreign currency in any other form.

In addition, non-residents are permitted to conduct transactions with the digital ruble without restrictions, unless otherwise provided by law.

Also today, a law on the digital ruble came into force, codifying the ability to settle payments using this asset domestically.

Earlier, President Vladimir Putin signed the law introducing a national CBDC and creating the corresponding electronic platform on 24 July.

Later, the Bank of Russia set out requirements for banks regarding information security of operations with the digital ruble.

Russian citizens will be able to use the digital ruble en masse in 2025–2027.