Putin signs law on introduction of digital ruble in Russia
Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law on July 24, according to an official government document.
With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced.
Article number three — which includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance — is expected to take effect from August 2024.
The new legislation officially empowers the Russian central bank to launch the first CBDC pilot with real consumers in August. Previously, the government expected to roll out trials in April in collaboration with 13 local banks, including heavyweights like Sberbank.
According to the newly signed law, Russia’s central bank will be the principal operator of the digital ruble infrastructure and will hold responsibility for all the stored assets. The digital ruble is designed to serve as a payment and money transfer method, and does not provide for investment purposes.
The digital ruble is expected to act as the third form of money alongside cash and non-cash rubles. Russian citizens will not be forced to use the CBDC, and the use of the digital ruble will be a voluntary choice left up to individuals to decide, Bank of Russia governor Elvira Nabiullina reportedly declared on July 24. She stated:
“No one is going to force anyone into the digital ruble […] But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”
According to Bank of Russia deputy governor Olga Skorobogatova, the government doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
Related: Russian CBDC by 2025? What’s happening with the digital ruble
The news comes soon after Russia’s State Duma — the country’s lower house of parliament — passed the digital ruble bill in the third and final reading on July 11. The Federation Council subsequently approved the bill on July 19. According to official records, the digital ruble bill was initially registered in December 2022.
While quickly progressing with CBDC legislation, Russian lawmakers have continued to postpone the introduction of cryptocurrency regulation, following a series of delays in the past.
In May, State Duma official Anatoly Aksakov promised to pass four bills related to crypto mining, taxation and international settlement crypto. However, the bills do not seem to have progressed much since.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift
Senior government figures are meeting today to “see if there’s a way through” a ban on Israeli fans attending a football match in Birmingham.
There has been political outcry after the city’s Safety Advisory Group (SAG) said it would not allow Maccabi Tel Aviv fans to attend the team’s away game against Aston Villa next month.
Politics latest: MPs condemn decision to ban Israeli fans from Birmingham match
The announcement, supported by West Midlands Police, was based partly on what happened in Amsterdam last year, when Maccabi Tel Aviv supporters attending a game against Ajax were caught up in attacks in the Dutch capital city.
Maccabi Tel Aviv fans being guarded by police in Amsterdam last November. Pic: Reuters
However, Prime Minister Sir Keir Starmer called it “the wrong decision”, while Tory leader Kemi Badenoch said it was a “national disgrace”.
Speaking to Sky News on Friday morning, science and technology minister Ian Murray revealed Lisa Nandy, the culture secretary, is meeting with the Home Office in a bid to reverse the decision.
“It’s just completely and utterly unacceptable, and the prime minister has said we will do everything we possibly can to resolve this issue,” Mr Murray said.
“It’s an operational issue for the police, and government doesn’t get involved in operational issues for the police,” he said.
“But I know the Culture Secretary of State (Ms Nandy) will be meeting with the Home Office and other stakeholders today to try and see if there’s a way through this.”
West Midlands Police said it had classified the Aston Villa v Maccabi Tel Aviv fixture as high risk based on “current intelligence and previous incidents”.
The force said this included violent clashes and hate crime offences that occurred during the 2024 UEFA Europa League match between Ajax and Maccabi Tel Aviv in Amsterdam, when more than 60 people were arrested.
Simon Foster, West Midlands Police and Crime Commissioner, has called for an “immediate review” of the decision.
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Sky’s sports correspondent Rob Harris gives his analysis to the Commissioner’s call for review into the Israeli fan ban
However, Andrew Fox, honorary president of Aston Villa Jewish Villans supporters’ club, said the decision to ban only fans of the Israeli side is “a political message rather than a safety message”.
The decision has provoked a political row with some independent MPs welcoming the ban but senior figures in Labour, the Tories, Reform UK and the Lib Dems condemning it.
Sir Keir criticised the ban on X last night, writing: “This is the wrong decision. We will not tolerate antisemitism on our streets.
“The role of the police is to ensure all football fans can enjoy the game, without fear of violence or intimidation.”
PM ‘lacks backbone’
However, Ms Badenoch said he “lacks the backbone to stand up for Britain”, and branded the decision a “national disgrace” last night and suggested the PM reverse it.
Richard Holden, the shadow transport minister, claimed “nobody believes this is an operational issue”.
He told Sky News: “There’s clearly political pressure being put on. It’s quite clear that there needs to be political leadership from the prime minister to ensure that this can’t go ahead.”
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‘The entire thing stinks’
Read more from Sky News:
Starmer orders mandatory antisemitism training for NHS staff
MI5 boss says China plot disrupted in past week
Major milestone in Post Office IT scandal
Birmingham’s Safety Advisory Group is made up of officials from the local authority, emergency responders – including the police – and event organisers.
Ayoub Khan, the independent MP for Birmingham Perry Barr, who had called for the match to be cancelled, welcomed the decision.
He said in a statement that “with so much hostility around the match… it was right to take drastic measures”.
Later on BBC Newsnight, he said there were “vile chants of racism and hatred” at the Maccabi Tel Aviv match in Amsterdam last year and the prime minister should “stay out of operational matters”.
How have football clubs reacted?
UEFA, which runs the Europa League, urged UK authorities to make sure Maccabi Tel Aviv fans could attend the match.
Aston Villa said the decision followed safety concerns raised by officers.
They said in a statement: “Following a meeting this afternoon, the SAG has formally written to the club and UEFA to advise no away fans will be permitted to attend Villa Park for this fixture.
“West Midlands Police have advised the SAG that they have public safety concerns outside the stadium bowl and the ability to deal with any potential protests on the night.
“The club are in continuous dialogue with Maccabi Tel Aviv and the local authorities throughout this ongoing process, with the safety of supporters attending the match and the safety of local residents at the forefront of any decision.”
Villa Park. File pic: PA
Jack Angelides, chief executive of Maccabi Tel Aviv, said he did not want to take security issues lightly but said the team has travelled to places such as Turkey where he said the sentiment is “not so kind towards Israeli teams” but the police “were out in force” and there were no incidents.
He told BBC Radio 4’s Today programme: “So I do find it somewhat difficult to understand why this has come to pass in the sense that our fans cannot be secure in attending this match.
“And also begs the question a little bit to be honest – well, there is a delegation coming of management, of players, and all the supporting staff, are we saying that they will be secure also or that there are issues with them?”
He said he understood the reasons given for the ban and tries to avoid interfering in how other countries should behave.
“But I do think this is an extremely important moment because of what it signifies,” he added.
“I don’t use this term lightly but people ask ‘what does antisemitism look like?’ And it’s often manifested as part of a process, a process in other words small events – leading up to something that’s more sinister.”
French regulator ACPR is auditing Binance and other exchanges as Paris seeks a greater role in enforcing MiCA rules across Europe.
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