Russia changes 13 laws and codes for the digital ruble - finance
Russia changes 13 laws and codes for the digital ruble - finance
The authorities in Russia are preparing to change different laws in order to facilitate the output and function of the digital ruble. Officials in Moscow believe that this version of the national Fiat must be regulated separately from other digital forms of money such as cryptocurrencies.
Russia is preparing for the test of the digital ruble, civil servants say that CBDC needs its own regulations
The Russian legislature plans to work in January 2022 on legal changes that are required to implement the concept of the digital ruble. These efforts will be made parallel to the start of an experiment for the digital central bank currency ( cbdc said) Parliamentary Financial Market Committee, Anatoly Aksakov, the Russian daily Iswestija.
AKSAKOV pointed out that at least eight federal laws and five laws-the civil, tax, household, criminal and administrative code-must be changed to implement the digital ruble. The new provisions concern a number of areas such as the powers of the Bank of Russia to organize the circulation of the new currency, their legalization as a means of payment, the legal protection of their owners, etc.
Russia has passed a special law to regulate the “digital financial aid”, which came into force at the beginning of this year. However, Aksakov is convinced that the MPs of the State Duma, the House of Lower House of Parliament, have to differentiate between the terms digital currencies, stable coins and the digital rubles. He is also of the opinion that legal protection ensures associated rights and the crypto mining must be regulated. The deputy said:
conventional cryptocurrencies, stable coins and the state digital currency must have their own definitions that have to be reflected in legislation.
Bank of Russia ( cbr ) wants to start the central bank of the country in January with the testing of the platform for the digital ruble. According to the CBDC concept, which was published this spring, the Prototype must be ready by the end of the year.
The media report shows that the process is carried out in several stages. In the first phase, the CBR will output the digital currency. Later, the number of participants in the pilot project is increased by the currently 12 banks. Representatives of the currency authority continued:
According to the publication, the Russian Ministry of Economic Development also pointed out that the introduction of the digital ruble would require a separate legal regulation. "At least it must be said that, in contrast to conventional digital currencies, it will be possible to pay with a digital ruble," says Alexey Minaev, deputy director of the Department of Development of the Digital Economy.
In conversation with IZVestia, Minaev described the introduction of national digital currencies as a global trend. The government official also emphasized that this form of money had practically nothing to do with decentralized cryptocurrencies.
Central banks around the world examined the possible edition of CBDCs in response to the growing popularity of cryptocurrencies and the declining use of cash. Also Bank of Russia , including the European central bank and the US Federal Federal Bank . The Volksbank from China probably has the most advanced project with domestic attempts already in progress and plans the test of the digital yuan in cross-border transactions.Do you believe that Russia will successfully spend the digital ruble? Share your expectations in the comment area below.
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