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Russia has officially recognized the legality of other countries’ digital currencies

Russian authorities have legally recognized digital currencies of other states as equal in status to the digital ruble. On August 1, amendments to the law on currency regulation and control came into force.

The part of the document that defines foreign currency now adds that it now includes the national monetary unit of a foreign state “issued in digital form by the national central bank of a foreign state.”

Non-residents are allowed to transact in digital currency without any restrictions, according to the amendments that came into effect.

The law on introducing the digital ruble into the banking system was passed recently. The Central Bank of the Russian Federation, which is assigned the status of the CBDC platform operator, now has the right to refuse any commercial bank to conduct a transaction. Several large banks have recently announced that they are willing to test real-world transactions with CBDC. 

Meanwhile, more than 65% of Russian companies said they see no benefits of the digital ruble for their business. This is evidenced by data from the Aktion Accounting service.