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The wait is over! The Bank of Russia’s centralized, programmable digital token officially received the State Duma’s blessing on Tuesday.
Safe and convenient concepts such as “digital ruble platform”, “digital ruble platform participant”, as well as “digital ruble platform user” and “digital account (wallet)”, now have concrete definitions provided by pages and pages of legal mumbo-jumbo.
The approved legislation designates the Bank of Russia as the sole operator of the digital ruble platform. The Central Bank will be responsible for all aspects of “Russia’s” CBDC, including functionality, safety, and “the correct accounting” of transactions.
Interfax provided some more details about what was included in the final version of the bill:
The adopted law clarifies the ban on crediting digital ruble accounts, as well as on the accrual of interest on the balance of digital rubles. It is also prohibited to open joint digital ruble accounts (for several users).
The document also establishes the Central Bank’s right to block a platform participant (bank) from conducting a transaction if the regulator suspects it is being carried out without the client’s consent. In this case, the Central Bank will inform the bank or the client about the possibility of sending a second order using the same details and for the same amount. Upon receipt of a repeated order, the Central Bank will be obliged to honor it.
In addition, according to the law, the Bank of Russia will be able to enter into agreements with other CBDC operators [i.e., other central banks]—not only of a foreign state, but also of a group of foreign states.
By the way: Interfax’s report also featured an interesting comment from first deputy chairman of the Bank of Russia, Olga Skorobogatova, who is very excited about the possibility of creating not just “national” CBDCs, but CBDCs for “a whole space”. And just think: some gullible worrywarts claim CBDCs could undermine what little remains of national sovereignty.
The main provisions of the law will come into force on August 1, 2023.
The legislation also paves the way for a multi-phase project designed to integrate the digital ruble into Russia’s economy.
Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (
I am quite shocked on this, Putin must be one of the WEF gangsters, I just hope the Russians tell him where to go!
Yes.And this is the least that, almost completely undetected by the media outside Russia, is happening in Russia.
The war will end, maybe there will be a truce, or it will continue indefinitely. And what will happen after the armistice, or will just continue to happen during the ongoing war, is what the authorities are doing and planning.
For example, a second example and a third example.
(And the Top example.)
But, of course, this is negligible and unimportant against the background of the battle for the future of civilization that is taking place in Ukraine.
Rather than enslaving the Russian people, this looks like they will still have physical cash. Russians could also buy into to privacy crypto’s.
This is nothing like what the Fed has planned for us, though in the hands of any government a monopoly on “money” is a very dangerous thing.
A digital ruble should help to bring Russia down sooner rather than later.