Russian Parliament passes the law to the introduction of the digital ruble and cashless payments

Russian Parliament passes the law to the introduction of the digital ruble and cashless payments

The State Duma, the Lower House of the Russian Parliament, has passed a new law that defines the legal framework for the introduction and use of the digital ruble for cashless payments. This step is part of the efforts to promote the digital economy in Russia and to strengthen the country's financial market.

The law defines certain terms such as "platform for digital rubles", "Rules for platform for digital rubles", "Participant for platform for digital rubles", "User for platform for digital rubles" and "wallet for digital account". It also defines the rules for the operation of the digital ruble platform, including the processes for opening, leading and closing a digital account as well as access to the platform.

Furthermore, the law regulates the details of digital ruble account contracts and digital ruble transactions. It is emphasized that digital rubles cannot be collected in the form of insoles. Non-citizens can access the digital ruble platform via authorized banks or foreign banks that are participants in the coin platform.

The Bank of Russia is determined as a manager of the digital ruble platform. The law will come into force on August 1, 2023 after it has received the approval of President Vladimir Putin.

The introduction of a digital currency is expected to promote the digital economy in Russia and increase the attractiveness of the country's financial market. However, the law also has some restrictions and risks for the users of digital assets, such as tax, identification-related and anti-money laundering requirements. It remains to be seen how these challenges are mastered by the users.

Overall, the introduction of the digital ruble marks an important step for Russia in order to keep up in the global competition of digital currencies. With the right precautions and protection precautions, the digital ruble can have a positive impact on the Russian economy and represent a big step towards a digital future.