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Russian and Chinese Central Banks Urged To Cooperate on CBDC Regulation

The Russian Prosecutor-General has suggested that the central banks of Russia and China should work together on regulating their respective central bank digital currencies (CBDCs). This comes after the State Duma approved a bill allowing the Russian Central Bank to begin testing its digital ruble with 13 domestic commercial banks next month.

Meanwhile, China is in the later stages of its own digital yuan pilot, with the central People's Bank of China (PBoC) testing offline wallets and CBDC wallets that integrate with state-issued social security cards.

The Russian Prosecutor-General believes that a legal system should be created to prevent criminals from abusing CBDCs and that exchanging information about the digital currencies would be of common interest to both countries.

Central Banks Russia China CBDCs
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