Draft Bill on Digital Ruble Russian Parliament with the House of Commons, the lower house of the 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 to become sole operator of digital ruble platform
A group of Russian parliamentarians led by Financial Markets Committee Chairman Anatoly Aksakov introduced a bill on the digital ruble is a Central Bank Digital Currency (CBDC) 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 Russian business news portal RBC’s crypto page, 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 “Act on National Payment Systems,” where a congressman wants to add his definition of 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 Currency 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 currency.
Amendments to the Federal Law on Personal Data require the Central Bank of Russia to notify in advance the Russian authorities responsible for protecting the rights of subjects of personal data without obtaining consent. Personal information can now be processed without need.
The Central Bank of Russia unveiled the concept of a digital currency in October 2020 and completed a prototype platform in December 2021. The pilot phase started in his January of this year. In May, the financial authority 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 the project is aiming for a full-scale launch in 2024. . More than 10 Russian banks and other financial institutions are currently participating in the trial.
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