Russian lawmakers have approved a bill making it easier to implement the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency.
Russian State Duma approves digital ruble bill in first reading
The lower house of the Russian parliament, the State Duma, has approved in first reading a bill introduce the legislative changes necessary for the realization of the digital ruble project. In particular, it seeks to reform the law “On the National Payment System.”
The latter will be supplemented by legal definitions related to central bank digital currency (CBDC) issued by the Bank of Russia. The authors also propose procedures for accessing the state-backed currency’s platform, as well as opening a digital wallet, RBC Crypto noted in a report.
According to the Vedomosti business daily, the draft suggests terms such as “participant of the digital ruble platform” and “user of the digital ruble platform.” It assigns the role of sole operator to the Central Bank of Russia (CBR) which will ensure its secure operation.
The bill also amends the law “On the regulation and control of foreign exchange.” This particular revision ensures the status of the digital ruble as the currency of the Russian Federation and defines the digital currencies of other central banks as foreign currencies.
The sponsors want to give CBR powers to process personal data without obtaining the consent of the user and without notifying the body responsible for the protection of such information. This will be done through changes to the federal law “On Personal Data”.
The bill was submitted to the State Duma at the end of December by a group of deputies and senators led by the chairman of the Financial Market Committee, Anatoly Aksakov. Now, the chamber has tasked the committee to “take into account the need to guarantee the protection of the rights of the holders of personal data” when finalizing the document before the second reading.
Along with the digital ruble bill, the chamber also adopted amendments to the Civil Code classifying CBDC as non-cash money and regulating other aspects such as inheritance. Proposals for new revisions to the drafts will be accepted in mid-April. The Bank of Russia plans to start testing the digital ruble with real users and transactions on April 1 and aims for a full rollout in 2024.
Do you think Russia will speed up the introduction of the digital ruble amid sanctions and financial restrictions over the war in Ukraine? Share your expectations in the comments section below.
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