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Bill on Digital Ruble Submitted to Russian Parliament

News Feed - 2023-01-01 04:01:33

Bill on Digital Ruble Submitted to Russian Parliament


A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to facilitate its implementation. Bank of Russia to Be the Sole Operator of the Digital Ruble Platform


A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction.


According to the explanatory notes to the bill, quoted by the crypto page 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 provide Russian citizens, businesses, and the state with access to 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” to which the members of Duma want to add definitions pertaining to the CBDC. The new provisions assign to the Bank of Russia the role of 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” secures 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 Law “On Personal Data” allow Russia’s central bank to process personal information without obtaining consent and without the need to notify in advance the Russian authority responsible for protecting the rights of subjects of personal data.


The Central Bank of Russia presented the concept for its digital currency in October 2020 and finalized its prototype platform in December 2021. The pilot phase was initiated in January of this year. In May, the monetary authority said it plans to start tests with real transactions and customers in April 2023.


In June, amid mounting Western sanctions imposed over Moscow’s military invasion of Ukraine, the regulator said it’s accelerating the schedule for the project, aiming for full launch in 2024. Over a dozen Russian banks and other financial institutions are currently participating in the trials. Tags in this story amendments, Bank of Russia, bill, CBDC, Central Bank, Changes, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital ruble, draft law, issuance, launch, Law, Laws, legal acts, Legislation, operator, rules, Russia, russian, Wallets


Do you think Russia is preparing to launch its digital ruble sooner than initially planned? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. China’s Digital Yuan Little Used, Former Central Bank Official Says FINANCE | 18 hours ago Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network FINANCE | 24 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

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