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The State Duma of Russia has passed the digital currency bill on its first reading, granting the central bank control over market access and transaction regulation

The State Duma of Russia (the lower house of parliament) has passed the "Digital Currency and Digital Rights Bill" in the first reading, marking a key step towards the legalization of cryptocurrency assets in the country.According to the bill, the Bank of Russia will become the core regulatory body for the cryptocurrency market, responsible for issuing licenses, approving or prohibiting related transactions, and defining the legality of transactions. The bill proposes to classify cryptocurrencies as "property," but explicitly prohibits their use as a means of payment domestically, with the ruble remaining the only legal tender. However, in the context of Western sanctions, cryptocurrency assets can be used for cross-border trade settlements, including service payments, intellectual property transfers, and other scenarios.In addition, the bill allows Russian residents to legally invest in cryptocurrency assets through licensed institutions, but will implement a tiered investor system, setting testing and annual investment limits for ordinary investors (with a suggested cap of 300,000 rubles). Initially, only high-market-cap mainstream assets like Bitcoin and Ethereum will be allowed for trading, with a whitelist established by the central bank. The bill is expected to be formally passed and come into effect by July 2026 at the latest. However, some lawmakers and banking industry figures have criticized the overly strict regulations, which may affect market activity and even lead to funds remaining in the gray market. At the same time, accompanying legislation is also proposed to introduce criminal penalties, with a maximum sentence of 7 years in prison for illegal cryptocurrency trading.

first_img Xiao Feng: Digital currency is the blood of the intelligent economy, and the existing banking payment system cannot support AI micro-payments

ChainCatcher reported live that HashKey Group Chairman Xiao Feng shared a keynote speech titled "Innovation of Economic Models for Intelligent Agents—The Fusion Revolution of AI Tokens, Blockchain Tokens, and Fully Homomorphic Encryption" at this year's 2026 Hong Kong Web3 Carnival. He pointed out that the two major business characteristics of blockchain technology are trustlessness and permissionlessness, but public transparency leads to data exposure, making it difficult for compliant institutions like banks to directly go on-chain. With fully homomorphic encryption chips expected to be launched in the second half of this year, achieving performance of about 1000 transactions per second, privacy computing technology is about to reach commercial thresholds.He proposed that the fusion of AI Tokens, blockchain Tokens, zero-knowledge proofs, and fully homomorphic encryption technology is the ultimate form of the intelligent agent economy. He used hospitals as an example: medical data, after being fully homomorphically encrypted, becomes Tokens, and anyone can call the data for computation through the blockchain in a permissionless manner, but cannot access personal privacy information, thus turning hospitals into "Token factories." Individuals can also put their encrypted health check data on-chain, issuing demands to global insurance companies, which can calculate and provide personalized optimal insurance plans in an encrypted state using their actuarial models, eliminating the need for insurance brokers and intermediaries.He specifically corrected a common misunderstanding: AI Tokens are not the currency unit of the intelligent agent economy, but rather the means of production, encompassing everything from electricity, chip computing power, to large models, algorithms, and applications, depicting the production process of intelligent agents. The currency of the intelligent agent economy must be programmable, divisible, and capable of real-time settlement, because when AI Agents call APIs, they may only need a few cents each time, and the costs of existing banking payment systems cannot support such small payments. Digital currency is the "blood" of the intelligent agent economy, and a brand new financial service system designed for machines rather than humans will definitely emerge in the future.
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