According to reports, BRICS founder Russia is introducing a bill to apply money laundering controls to Digital Ruble currency transactions. A group of lawmakers in Russia introduced the proposal to establish different responsibilities for platform participants and the Central Bank of Russia. The proposal is spearheaded by Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Market.
A group of lawmakers introduced Bill No. 576830-8, titled “On combating money laundering and the financing of terrorism to transactions with the digital ruble.” The bill introduces a multi-level system for applying anti-money laundering (AML) controls to digital ruble movements. According to Interfax, the Central Bank of Russia would receive the main functions of combatting money laundering and terrorism financing upon bill approval.
Furthermore, the proposal establishes that the Central Bank of Russia would have to report transactions designated as subject to mandatory control to Rosfinmonitoring, the national service for financial monitoring.
Also Read: BRICS: Saudi Arabia Announces $40 Billion Artificial Intelligence Plan.
As the BRICS continues to grow in 2024, many nations within the bloc have considered digital currencies. Russia has been at the forefront of the CBDC movement, looking to digitize its Ruble soon. The bloc has also unveiled its plans to develop a blockchain-based payment system and a native currency,
Since Russia legalized cryptocurrency, Aksakov has been adamant about the country establishing control over the digital currency world. This proposed bill would be the next step in Russia doing so and the next step for the country to pave the way for BRICS to explore CBDCs further.
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