Moscow Says Russia and China Must Cooperate on CBDC Regulation
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 “real-world” testing on its digital ruble.
The Russian Central Bank wants to begin its pilot in conjunction with 13 domestic commercial banks early next month.
Beijing, meanwhile, is in the later stages of its own digital yuan pilot.
The central People’s Bank of China (PBoC) is now testing offline wallets and CBDC wallets that integrate with state-issued social security cards.
Tass quoted the Russian Prosecutor-General Igor Krasnov as stating that it would be in the “common interest” of both Moscow and Beijing to create a legal system that could prevent criminals from abusing their CBDCs.
Krasnov made the comments during a meeting in Beijing with his counterpart Ying Yong, the Prosecutor-General of the Chinese Supreme People’s Prosecutor’s Office.
Krasnov said:
“China 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.”
The Russian prosecution chief added:
“I 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.”
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.
A number of its clauses will come into force “at a later date.”
The law also includes provisions that allow “non-residents” of Russia to open wallets at the Central Bank’s discretion.
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