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Russian Parliament Votes Bill Opening Door for Digital Ruble – Finance

Russian lawmakers have approved a bill that will facilitate the introduction of the digital version of the national currency, the ruble. The Legislature amends various other laws to introduce definitions and establish procedures related to the launch of the central bank digital currency.

Russian State Duma passes bill on digital ruble on first reading

The lower house of the Russian Parliament, the State Duma, has passed a bill in the first reading that provides for legislative changes necessary for the realization of the digital ruble project. In particular, the law “On the national payment system” is to be amended.

The latter are supplemented by legal definitions related to the central bank digital currency (CBDC) issued by the Bank of Russia. The authors also suggest procedures for accessing the government-backed coin’s platform as well as opening a digital wallet, RBC Crypto noted in a report.

According to the business newspaper Vedomosti, the draft proposes terms such as “participants of the digital ruble platform” and “users of the digital ruble platform”. It assigns the role of sole operator to the Central Bank of Russia (CBR), which will guarantee its safe functioning.

The bill also amends the Law “On Currency Regulation and Control”. This special overhaul secures 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 the CBR the power to process personal data without obtaining users’ consent and without notifying the entity responsible for protecting that information. This is done by amendments to the Federal Law “On Personal Data”.

The bill was presented to the State Duma in late December by a group of deputies and senators led by Financial Markets Committee Chairman Anatoly Aksakov. Now the House has mandated the committee to “take into account the need to ensure the protection of the rights of individuals holding personal data” when finalizing the document before the second reading.

In addition to the digital ruble bill, the House also passed amendments to the Civil Code classifying the CBDC as non-cash money and regulating other aspects such as inheritance. Proposals for further revisions to the drafts will be accepted by mid-April. Bank of Russia plans to start testing the digital ruble with real users and transactions on April 1, aiming for full rollout in 2024.

Do you think Russia will accelerate digital ruble adoption amid sanctions and financial restrictions over the war in Ukraine? Share your expectations in the comments section below.

Russian Parliament Votes Bill Opening Door for Digital Ruble – Finance, Crypto Trading News

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Besides Crypto, Blockchain and fintech, international politics and business are two other sources of inspiration.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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