Draft law on the digital ruble submitted in the Russian parliament - Finance
Draft law on the digital ruble submitted in the Russian parliament - Finance
A draft law on the digital ruble was submitted to the State Duma, the lower house of the Russian Parliament. The legislation introduces rules that determine how the new form of the national Fiat is issued and changes a number of legal files to facilitate their implementation.
Bank of Russia becomes the sole operator of the digital ruble platform
A group of Russian legislators under the direction of the chairman of the Financial Market Committee Anatoly Aksakov has a draft law on the digital ruble, the digital currency of the central bank ( CBDC ), shaped by the Russian currency authority. The document suggests changes in the law to create the prerequisites for its introduction.
According to the explanations of the draft law, which are cited from the crypto side of the Russian economic news portal RBC, his main purpose is to develop the necessary payment infrastructure for the digital ruble. According to the sponsors, this would believe that Russian citizens, companies and the state would provide access to fast, convenient and inexpensive money transfers.
The proposal aims to change several existing laws, such as the law on "about the national payment system", to which the members of the DUMA want to add definitions with regard to the CBDC. The new provisions of Russia assign the role of the sole operator of the CBDC platform. They also set the procedures for opening wallets for the digital rubles and access to its platform.
A change in the "On Currency Regulation and Currency Control" law ensures the status of the digital ruble as a currency of the Russian Federation and defines CBDCs issued by the central banks of other nations as foreign currencies.
Changes to the Federal Act "About personal data" allow the Russian Central Bank to process personal data without obtaining consent and without prior notification of the Russian authority responsible for the protection of people with personal data.
The Central Bank of Russia presented the concept for its digital currency in October 2020 and completed its prototype platform in December 2021. The pilot phase was started in January of this year. In May the currency authority announced that it is planning to start tests with real transactions and customers in April 2023.
in June, in the midst of increasing western sanctions, which were imposed on Moscow military invasion in Ukraine, the regulatory authority said that this was the case acceleration The schedule for the project, with the target Full start in 2024. About a dozen Russian banks and other financial institutions are currently taking part in the experiments.
Do you think Russia is preparing to launch his digital rubles earlier than originally planned? Tell us in the comment area below.
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