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Digital ruble bill submitted to Russian parliament – Finance
A draft law on the digital ruble has been submitted to the State Duma, the lower house of the Russian parliament. The legislation introduces rules that determine how the new form of national fiat will be issued and amends a number of legal acts to facilitate its implementation. Bank of Russia becomes sole operator of digital ruble platform A group of Russian lawmakers led by Financial Markets Committee Chairman Anatoly Aksakov has approved a bill on the digital ruble, the central bank digital currency (CBDC), minted by the Russian monetary authority. The document proposes changes to the law that will create the conditions for its introduction. According to the explanatory notes to the draft law, which…
Digital ruble bill submitted to Russian parliament – Finance
A draft law on the digital ruble has been submitted to the State Duma, the lower house of the Russian parliament. The legislation introduces rules that determine how the new form of national fiat will be issued and amends a number of legal acts to facilitate its implementation.
Bank of Russia will become the sole operator of the digital ruble platform
A group of Russian lawmakers led by Financial Markets Committee Chairman Anatoly Aksakov has approved a bill on the digital ruble, the central bank's digital currency ( CBDC ), coined by the Russian monetary authority. The document proposes changes to the law that will create the conditions for its introduction.
According to the explanatory notes to the bill, cited by the crypto site of the Russian business news portal RBC, its main purpose is to develop the necessary payment infrastructure for the digital ruble. This, the sponsors believe, would give Russian citizens, businesses and the state access to fast, convenient and inexpensive money transfers.
The proposal aims to amend several existing laws, such as the law on “On the National Payment System”, to which the members of the Duma want to add definitions related to CBDC. The new regulations assign the Bank of Russia the role of the sole operator of the CBDC platform. They also establish the procedures for opening wallets for the digital ruble and accessing its platform.
An amendment to the law “On Currency Regulation and Currency Control” ensures the status of the digital ruble as the currency of the Russian Federation and defines CBDCs issued by the central banks of other nations as foreign currencies.
Amendments to the Federal Law “On Personal Data” allow the Central Bank of Russia to process personal data without obtaining consent and without prior notification to the Russian authority responsible for protecting the rights of individuals with personal data.
The Central Bank of Russia unveiled the concept for its digital currency in October 2020 and completed its prototype platform in December 2021. The pilot phase started in January this year. In May, the monetary authority announced that it plans to start testing with real transactions and customers in April 2023.
In June, amid increasing Western sanctions imposed over Moscow's military invasion of Ukraine, the regulator said this was the case acceleration the schedule for the project, with the goal full start in 2024. Over a dozen Russian banks and other financial institutions are currently taking part in the trials.
Do you think Russia is preparing to launch its digital ruble earlier than originally planned? Tell us in the comments section below.
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