Russian lawmakers approve first reading of draft laws establishing CBDC regulation, issuance

According to local media reports, the Russian State Duma approved draft laws establishing a system to issue and regulate central bank digital currencies (CBDC) in a first reading on March 16.

Additionally, the Parliament approved the first reading of a bill that makes changes to the Russian Civil Code and defines the digital ruble as “non-cash money.” It also establishes rules around wallet agreements and the inheritance of digital currency.

The two bills mainly cover gaps in regulation stemming from the digitalization of a currency.

Both bills will now go through a review process and be finalized for a second reading based on feedback from lawmakers. The second reading will take place in the coming months.

Personal data protection

The current version of the bill establishing the CBDC system includes a proposal to change legislation and authorize the Russian central bank — the issuer of the digital ruble — authority to process the personal data of users without consent.

However, lawmakers disagree with the notion and believe that it would undermine citizens’ right to personal data privacy and protection.

The Parliament said it has instructed the financial markets committee to finalize the draft laws for a second reading and ensure that personal data will be protected appropriately in the new digital ruble system.

Digital ruble imminent

The draft laws establish the central bank as the sole issuer of the digital ruble and grant the regulator additional powers to ensure appropriate supervision.

Under the draft laws, the digital ruble issued by the Russian central bank will be deemed an official representation of the country’s currency and will similarly consider all foreign digital currencies issued by a central bank to be official state currencies.

The legislation establishes a foundational framework for the digital ruble, which includes setting up a platform that will issue the CBDC and developing wallets for storing it. The draft laws also define procedures to access the platform and rules for participants.

Posted In: Russia, CBDCs, Regulation

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The cryptocurrency market has seen significant gains recently, with Bitcoin rising over 30%. Alt-coins and the DeFi space have also experienced substantial gains, with Conflux ($CFX), Mask Network ($MASK), Stacks ($STX), MAGIC ($MAGIC), and Fantom ($FTM) leading the way.

This week’s top alt-coin gainers are:

  1. Conflux ($CFX) +197.%
  2. Mask Network ($MASK) +129%
  3. Stacks ($STX) +112%
  4. Magic ($MAGIC) +78%
  5. Fantom (FTM +63%

Conflux Network (CFX) has gained 15.6% in the past 24 hours, 197.94% in the past week, and 174.88% in the past month. It has a market capitalization of $1.1 billion and a 24-hour trading volume of $1.1 billion. Its current price is $0.42004, down 57% from its all-time high.

Conflux was launched in 2018 by blockchain researcher Andrew Yao with the goal of addressing persistent challenges in the blockchain space, such as scalability, interoperability, decentralization, and security. To achieve this, it operates as a layer-1, permissionless blockchain and utilizes a Proof-of-Work consensus mechanism. Additionally, Conflux employs a smart-contract language similar to Ethereum.

(@CFX trading. Source: CryptoSlate)

Mask Network (MASK) has gained 37.88% in the past 24 hours, 129% in the past week, and 58.65% in the past month. It has a market capitalization of $487 million and a 24-hour trading volume of $483 million. Its current price is $6.39442, which is down 1% from its all-time high.

Mask Network offers a platform that allows individuals to transmit cryptocurrency, engage with decentralized applications, and share encrypted material on various social media platforms. The protocol allows for secure communication, including sending encrypted messages and cryptocurrency transfers through platforms such as Twitter.

($MASK trading. Source: CryptoSlate)

Stacks (STX) has gained 14.72% in the past 24 hours, 112.96% in the past week, and 284.62% in the past month. It has a market capitalization of $1.7 billion and a 24-hour trading volume of $589,335,046. Its current price is $1.24438, which is down 61% from its all-time high.

Stack is preparing to release Stacks 2.1 in the coming days, a major update to the Stacks Blockchain 2.0  released on Jan. 14, 2021. Stacks is built on top of the Bitcoin blockchain, leveraging its security and robustness while extending its functionality. Stacks introduces a unique consensus mechanism called Proof of Transfer (PoX), which connects the Stacks blockchain to Bitcoin.

The Stacks 2.1 upgrade aims to enhance the Stacks ecosystem by offering better stacking, integration, and use cases with Bitcoin, making it more attractive for developers and users alike.

The activation of Stacks 2.1 will happen at Bitcoin block height 781,551. As of press time, Bitcoin is on block 781,373.

($STX trading. Source: CryptoSlate)

MAGIC (MAGIC) has gained 15.29% in the past 24 hours, 78.17% in the past week, and -17.56% in the past month. It has a market capitalization of $385,112,321 and a 24-hour trading volume of $363,267,826. Its current price is $1.81449, which is down 21% from its all-time high.

MAGIC belongs to a distinct, emerging category of metaverse tokens that serve as currency on the decentralized Trove marketplace for buying and selling NFTs. Additionally, this token facilitates the linkage between existing and future metaverses. Currently, various projects are operational on this platform, with a few new ones in the developmental stages. Examples of running projects include LIFE, Smolverse, among others.

($MAGIC 7 day rise. Source: CryptoSlate)

Fantom (FTM) has gained 12.02% in the past 24 hours, 63.34% in the past week, and 81.04% in the past month. It has a market capitalization of $3,931,530,732 and a 24-hour trading volume of $576,048,956. Its current price is $1.13, which is down 44% from its all-time high.

Fantom is a smart-contract platform that boasts high performance, scalability, and security, as described by the Fantom Foundation. The platform consists of several unique components. Firstly, there is the Fantom Opera blockchain, which serves as the foundation. This open-source directed acyclic graph network is compatible with the Ethereum Virtual Machine, enabling it to execute existing smart contracts and create new ones that interact with Ethereum contracts.

(Source: CryptoSlate)

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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