Russia Allows Bailiffs To Seize Virtual Rubles From Individuals And Firms

A recent news report revealed that the Russian government had approved its bailiffs the right to seize virtual rubles from individuals and companies as the country prepares to launch its real-world central bank digital currency pilot.

According to the report, the Director of the Federal Bailiff Service in Russia, Director Dmitry Aristov, announced at the Second Russia-Africa Summit during a law enforcement meeting.

In his statement, the director said as authorized by the federal government, the Federal Bailiff Service can now collect fines from both citizens and legal firms in the form of digital rubles assets.

In addition, he added that, in certain situations, the agency is also empowered to freeze digital assets wallets belonging to people who have been officially convicted of a crime or another or those who owe their creditors and failed to repay their debts.

Furthermore, the director of the Russian bailiff service stated that citizens can now repay their debts via their digital assets wallets directly. He added that his cooperation, in conjunction with the Central Bank, had carefully drafted how the confiscation policy would be enforced on the Russian citizen.

He claimed that his agency, for a long time now, had been a functional contributor in developing the set of rules recently introduced to regulate the digital ruble. It is worth noting that the legislation Aristov spoke of was directly approved by the Russian President, Vladimir Putin, in early July. It is expected to be passed into the country’s constitution on August 1.

African Leadership Shy Away From Russia Summit

The bailiff director continued that he and the leadership board of 5he Russian Central Bank had held several discussions on the new development. During their meetings, Aristov revealed that the duo called extensively on steps related to the enforcement and oversight of the virtual ruble. Furthermore, the director stated with confidence that no severe issue could arise for the outlined procedures.

The Russia-Africa Summit was recently concluded this week at Russia’s capital city, St. Petersburg. According to the report, about 49 representatives from different African nations attended the conference, out of which only 17 were reported to be heads of state.

One of the notable attendees of the summit was the President of South Africa, Cyril Ramaphosa, whom the report stated had a lengthy talk with the Russian president during the conference. The duo reportedly talked about a recently formed association in which they are both essential members.

Being members of the BRICS, both South Africa and Russia and other member nations are still discussing the possibility of co-deploying a stablecoin. The primary goal of the stablecoin is to allow countries that are part of BRICS to execute their international trades without depending on the United States dollar.

Furthermore, the report revealed that many African leaders seemed to be staying away from the big summit in Russia, as only 17 heads of State were in attendance, contrary to the 43 leaders who were present when the event was last held in 2019. The report suggested that a vast Western pressure is at work.

Recent Updates About BRICS

Meanwhile, the members of the newly formed global association, BRICS, would continue their ongoing meetings in Johannesburg next month, according to the report. More so, Russian President Vladimir Putin would not be in attendance, as stated in the report.

For context, BRICS is an economic alliance formed by some nations worldwide, including India, Russia, Brazil, South Africa, and China. They primarily aimed to break away from the dominance of the USD in the international trade economy by creating their stablecoin.

Furthermore, three more countries have reportedly joined the moving force of BRICS. According to the report, more coup tries are drawn to the association because of its progressive ideals as the group seeks to solve vital development problems having security and peace as its core.

However, the report did not expressly state the new members, but with their addition, BRICS membership now stands at eight. Prior to the announcement of the new membership, another report revealed that about 44 countries across the globe have shown interest in joining BRICS.

Notable countries among the applicants included Cuba, Saudi Arabia, Argentina, the United Arab Emirates, Gabon, the Democratic Republic of Congo, Kazakhstan, Comoros, etc. Reports showed that BRICS leaders plan to meet next month to talk about the welcoming of new nations.

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