A bill on the digital ruble has been submitted to the State Duma, the lower house of the Russian parliament. The law introduces rules governing how a new form of national fiat currency will be issued, and amends a series of legal acts to facilitate its implementation.
Bank of Russia Becomes Sole Operator of Digital Ruble Platform
A group of Russian parliamentarians, led by the Chairman of the Financial Markets Committee Anatoly Aksakov, presented a bill on the digital ruble, the central bank’s digital currency (CBDCs) issued by the Monetary Authority of Russia. This document suggests legislative changes intended to create the conditions for its introduction.
According to a description of the bill, cited by the crypto page of Russian business news portal RBC, its main objective is to develop the necessary payment infrastructure for the digital ruble. Sponsors believe this will allow Russian citizens, businesses and the state to take advantage of fast, convenient and low-cost money transfers.
The proposal aims to amend several existing laws, such as the law on “On the National Payment System,” where members of the Duma want to add definitions related to CBDC. The new provision assigns the Bank of Russia the sole operator role of his CBDC platform. We will also establish a procedure for opening a digital ruble wallet and accessing its platform.
Amendments to the Law on Monetary Regulation and Currency Control guarantee the status of the digital ruble as the currency of the Russian Federation and define CBDCs issued by central banks of other countries as foreign currencies.
Due to changes in the “Federal Law on Personal Data”, the Central Bank of Russia will process personal data without obtaining consent and without prior notification to the Russian authorities responsible for protecting the rights of the subjects of personal data. can.
The Central Bank of Russia unveiled the digital currency concept in October 2020 and completed the prototype platform in December 2021. The pilot phase started in his January of this year. In May, the Fed said it plans to begin testing with real transactions and customers in April 2023.
In June, amid mounting Western sanctions imposed over Moscow’s military invasion of Ukraine, regulators said it was To accelerate A project schedule aimed at full launch More than a dozen Russian banks and other financial institutions are currently participating in the trial.
Do you think Russia is preparing to issue a digital ruble sooner than originally planned? Let us know in the comments section below.
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