The State Duma Committee approved the bill on test settlements in cryptocurrency

Recall that the updated version of No. 341257-8 of 2023 was once again submitted to the State Duma in the spring of this year. The bill states that the Central Bank will act as an authorized and regulatory body on the issue of an experimental legal regime in the field of digital innovation.

An interesting detail: the projects approved by the regulator will be removed from the federal legislation.

According to the draft law, the Bank of Russia will notify the FSB and Rosfinmonitoring of the identification of risks in the activities of the initiator of experimental legal regimes in the field of digital innovation within ten days at the latest.

Digital assets can be used as currency value, i.e. they can be used to pay for foreign trade transactions. According to parliamentarians, the law will be adopted at the plenary session on July 23, 2024 at once in the first and second reading.

If the bill is approved, and there are no doubts about it, then the Central Bank of Russia will start an experiment to create a platform for the use of cryptocurrencies in international settlements from September 1, 2024.