{"id":35452,"date":"2023-07-14T02:08:42","date_gmt":"2023-07-14T06:08:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russia-seeks-china-cooperation-on-cbdc-regulation\/"},"modified":"2023-07-14T02:08:44","modified_gmt":"2023-07-14T06:08:44","slug":"russia-seeks-china-cooperation-on-cbdc-regulation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35452","title":{"rendered":"Russia Seeks China Cooperation on CBDC Regulation"},"content":{"rendered":"
\n

The Russian and Chinese Central Bank must cooperate on CBDC regulation, the Russian Prosecutor-General has claimed.<\/p>\n

The comments come just days after the State Duma voted in favor of a bill that will allow the Moscow-based bank to begin \u201creal-world\u201d testing on its digital ruble.<\/p>\n

The Russian Central Bank wants to begin its pilot in conjunction with 13 domestic commercial banks early next month.<\/p>\n

Beijing, meanwhile, is in the later stages of its own digital yuan pilot.<\/p>\n

The central People\u2019s Bank of China (PBoC) is now testing offline wallets and CBDC wallets that integrate with state-issued social security cards.<\/p>\n

Tass quoted the Russian Prosecutor-General Igor Krasnov as stating that it would be in the \u201ccommon interest\u201d of both Moscow and Beijing to create a legal system that could prevent criminals from abusing their CBDCs.<\/p>\n

Krasnov made the comments during a meeting in Beijing with his counterpart Ying Yong, the Prosecutor-General of the Chinese Supreme People\u2019s Prosecutor\u2019s Office.<\/p>\n

Krasnov said:<\/p>\n

\n

\u201cChina was one of the first nations in the world to introduce a CBDC [partly] in order to protect the economy from the criminal influence of cryptocurrencies.\u201d<\/p>\n<\/blockquote>\n

The Russian prosecution chief added:<\/p>\n

\n

\u201cI believe that the exchange of information about [our digital currencies], legal regulation, and the protection [of the CBDCs] from criminal influence would be of common interest to our prosecutorial services.\u201d<\/p>\n<\/blockquote>\n

Russia-China to Cooperate on CBDC Regulation?<\/h2>\n

Krasnov also made note of the fact that the State Duma had approved the CBDC law, with most of its provisions coming into force on August 1.<\/p>\n

A number of its clauses will come into force \u201cat a later date.\u201d<\/p>\n

The law also includes provisions that allow \u201cnon-residents\u201d of Russia to open wallets at the Central Bank\u2019s discretion.<\/p>\n

This would appear to suggest that Moscow is looking to use its digital ruble as a tool of international trade right from the outset.<\/p>\n

That would differ from Beijing\u2019s original stance on the matter.<\/p>\n

The PBoC originally claimed that the digital yuan was being developed exclusively for domestic use.<\/p>\n

But in recent months, the PBoC has changed its tune somewhat.<\/p>\n

Officials have begun talking up the \u201ccross-border\u201d credentials of the digital yuan.<\/p>\n

Mainland China-based banks have initially been piloting cross-border payments with Hong Kong and Macau, both of which have their own currencies and financial systems.<\/p>\n

Russia\u2019s Central Bank First Deputy Governor Olga Skorobogatova recently called the \u201cidea\u201d of cross-border CBDCs \u201cfantastic\u201d and said her bank had \u201cdiscussed [the matter] a lot.\u201d<\/p>\n

But Skorobogatova tempered her comments with a warning that a cross-border CBDC launch was unlikely \u201cin the near future.\u201d<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian and Chinese Central Bank must cooperate on CBDC regulation, the Russian Prosecutor-General has claimed. The comments come just days after the State Duma voted in favor of a bill that will allow the Moscow-based bank to begin \u201creal-world\u201d testing on its digital ruble. The Russian Central Bank wants to begin its pilot in […]<\/p>\n","protected":false},"author":1,"featured_media":35453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-35452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRussia Seeks China Cooperation on CBDC Regulation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Russian and Chinese Central Bank must cooperate on CBDC regulation, the Russian Prosecutor-General has claimed.The comments come just days after the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=35452\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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