Russia, China need to arrange info sharing on protecting their digital currencies - top Russian prosecutor

BEIJING. July 12 (Interfax) - Russia and China should arrange an exchange of information on the legal regulation and protection of their digital currencies, Russian Prosecutor General Igor Krasnov said.

"China has been among the first in the world to introduce its central bank's digital currency, including in order to safeguard its economy from the criminal influence of cryptocurrencies. Just yesterday, the Russian State Duma adopted legislation on introducing a digital ruble. I suppose that an exchange of information on their [digital currencies'] legal regulation and protection from criminal influence is also a matter of common interest for our prosecutorial services," Krasnov said at a working meeting with Prosecutor General of the Chinese Supreme People's Procuratorate Ying Yong in Beijing.

The digital ruble will be issued by the Bank of Russia and will become an additional form of national currency in circulation along with cash and non-cash rubles. The legislation does not provide for the possibility of using digital rubles in making bank deposits.

Non-residents will be able to conduct transactions with digital rubles without restrictions, unless otherwise stipulated by Russian law. Digital ruble accounts for non-residents will be opened by the platform operator, and access to this platform will be provided by its participants (Russian authorized banks or foreign banks) or by the operator itself in instances stipulated specifically by law.

The legislation will take effect on August 1, except for a number of provisions that will come into force later.