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.