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.
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.
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Under the plan, people who enter the UK unauthorised will be sent to Rwanda to have their asylum claims processed there.
Since the passage of the latest legislation, tensions have grown between the UK and Ireland after people entered the Republic to escape facing deportation.
But the government in Westminster says it will not take people back until a reciprocal agreement is put in place to allow returns to France for people who cross the Channel.
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First Rwanda relocation raids carried out
No one has been deported to Rwanda yet, though this week a failed asylum seeker voluntarily chose to go to Kigali once their application to stay in the UK failed, under a different scheme.
The government has said removal flights are set to take off in nine to 11 weeks, with the first people to be deported detained on Wednesday after officers raided their homes.
John Swinney has announced his bid to take over from Humza Yousaf as SNP leader and Scotland’s first minister.
The Perthshire North MSP has spent a year on the backbenches after he stepped down as deputy first minister when Nicola Sturgeon resigned in 2023.
Announcing his intention to run for first minister during a visit to Grassmarket Community Project in Edinburgh on Thursday, he said: “I want to build on the work of the SNP government to create a modern, diverse, dynamic Scotland that will ensure opportunities for all of our citizens.
“I want to unite the SNP and unite Scotland for independence.”
Mr Swinney accepted that the SNP is “not as cohesive as it needs to be” to achieve its goal of Indyref2.
He said: “That has to change. I could have stood back and hoped others would sort things out, but I care too much about the future of Scotland and the Scottish National Party to walk on by.”
Highlighting how he joined the SNP as a teenager and has served as a senior minister for 16 years, he added: “I believe I have the experience, the skills, and I command the trust and the confidence of people across this country to bring the SNP back together again and get us focused on what we do best – uniting Scotland, delivering for the people and working to create the best future for our country.”
More on Humza Yousaf
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‘I want to unite the SNP and Scotland’
The search is currently on to find a new leader for the SNP and Scotland following Mr Yousaf’s resignation on Monday.
Within hours of his resignation, several senior figures within the SNP voiced their support for Mr Swinney, including the party’s Westminster leader Stephen Flynn, education secretary Jenny Gilruth, and MPs Pete Wishart, Ian Blackford and Alyn Smith.
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Former finance secretary Kate Forbes is expected to give a statement later on Thursday. She is being tipped as a potential frontrunner to join the leadership race.
Mr Swinney said: “We have many talented people leading the work of the Scottish government. I want Kate Forbes to play a significant part in that team.
“She is an intelligent, creative, thoughtful person who has much to contribute to our national life. And if elected, I will make sure that Kate is able to make that contribution.
“And that will be part of a united team that draws together our whole party, which given my deep, deep devotion to the SNP, I think I am best placed to put together.”
Mr Swinney has been an MSP since the Scottish parliament’s inception in 1999, serving North Tayside, and previously representing the same constituency at Westminster in 1997.
The politician, who was also finance secretary under Alex Salmond’s government, is said by his supporters to have the experience needed to lead the country following Mr Yousaf’s departure.
Under Ms Sturgeon, he occupied several ministerial offices, including education secretary, COVID-19 recovery secretary and again in finance – taking over from Ms Forbes during her maternity leave.
During his time as Ms Sturgeon’s deputy, he cemented his reputation as a dogged defender of his boss, as well as an SNP stalwart.
However, he faced two close no-confidence votes in Holyrood, first over the handling of school exams during the pandemic, and his initial refusal to publish legal advice during the inquiry into the botched handling of harassment complaints against Mr Salmond.
The former SNP leader – who resigned from that post in 2004 following poor European parliament election results – ruled himself out of the 2023 leadership race to replace Ms Sturgeon, citing that he had to put his young family first.
But he said today: “One of the benefits of stepping back from frontline politics a year ago is that I’ve had the time and the opportunity to see our political situation from a different perspective than before.”
Mr Swinney said the SNP had achieved a “huge amount” for the people of Scotland, highlighting his pride in the Scottish child payment, free university tuition and the “massive expansion” of childcare.
He said SNP policies “lift children from poverty, give them a better start in life and enable them to go to university”.
He added: “Only the SNP stand with the majority of people who want their government to be in the moderate centre-left of Scottish politics.
“That is where I stand. And if elected by my party and by parliament, my goals as first minister will come straight from that centre-left tradition.
“The pursuit of economic growth and social justice. Economic growth not for its own sake, but to support the services and the society we all want to see.
“I will pursue priorities that will make Scotland the best our country can be as a modern, innovative, dynamic nation.”
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Humza Yousaf announcing his resignation
Mr Swinney said further action must be taken to raise more children out of poverty.
He also said the climate emergency is a “real and present threat to our society” and an approach to net zero must be designed that takes “people and businesses with us”.
Raising the topic of independence, he said: “I’ve believed all of my adult life that Scotland’s future is best served as an independent country. But I recognise that more people need to be convinced of that point before independence can be achieved.
“I want to focus my efforts on reaching out in Scotland with respect and courtesy to address the obstacles in the way of winning the case for independence – to persuade people that Scotland’s future is best served with the powers of independence.”
Speaking to Sky News on Wednesday, Mr Yousaf said any suggestion of him being forced out of office to make way for Mr Swinney was “complete and utter rubbish”.
And Mr Swinney said today: “I am no caretaker. I am no interim leader.”
He added that he intends to lead the SNP beyond the next general election and the 2026 Scottish parliament election, stating: “So, my message is crisp and simple – I’m stepping forward to bring the SNP together to deliver economic growth and social justice, to deliver the very best future for everyone in a modern, dynamic, diverse Scotland.
“I want to unite the SNP and unite Scotland for independence. I invite everyone in the SNP and in our country who wants to join me in that journey to do so now.”
Nominations for SNP leader close at noon on Monday 6 May.
Prospective candidates will have to gain the support of 100 members from 20 different SNP branches to qualify for the contest.
Any potential ballot will then open at 12pm on Monday 13 May and will close at noon on Monday 27 May.
The law enforcement agency managed to track the funds linked to the E-Nugget scam app to different crypto exchanges and, with their help, seized over $10.5 million in crypto assets.