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Russia, China to share information on digital currency regulation - Prosecutor General

The document will enter into force on August 1, 2023

BEIJING, July 12. /TASS/. Russia and China need to establish exchange of information on legal regulation and protection of the two countries’ digital currencies, Russian Prosecutor General Igor Krasnov said on Wednesday.

"China was one of the first country in the world to start introducing digital currency of the central bank, including for protecting the economy from the criminal influence of cryptocurrencies. Literally yesterday the State Duma passed the law introducing the digital ruble. I suggest that exchange of information about their [digital currencies’] legal regulation and protection from the criminal influence is also mutually interesting for our prosecution bodies," he said.

Earlier this week the State Duma, the lower house of the Russian parliament, adopted in the second and third readings a law that creates the basis for the introduction of the digital ruble and the implementation of non-cash payments using the digital ruble. The law sets requirements for functioning of the digital ruble platform, the procedure for opening, maintaining and closing a digital account and access to the digital ruble platform. Under the law the Bank of Russia will be the operator of the digital ruble platform.

Non-residents will get access to the digital ruble platform via participants in the digital ruble platform that will be authorized banks, or foreign banks that will be participants in the digital ruble platform. In some cases, the access will be granted by the operator of the digital ruble platform. Until December 31, 2024, the range of users of the digital ruble platform, the list of types of transactions and their thresholds will be agreed by the Bank of Russia with the Federal Financial Monitoring Service of the Russian Federation.

The document will enter into force on August 1, 2023, with the exception of provisions for which a different date for their entry into force is established.

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