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On July 11, the Russian State Duma, the lower house of the Russian Federal Assembly, successfully discussed and approved the Digital Ruble law during its second and third discussions. The law grants the Central Bank of Russia exclusive authority as the regulator of the proposed digital currency and paves the way for a pilot test scheduled for August.

Adoption of Digital Ruble Bill by State Duma

The Russian State Duma, a crucial legislative body in the Russian Federal Assembly, engaged in deliberations and gave its approval to the digital ruble law. The law sets out clear regulations for the issuance of a central bank digital currency (CBDC) in Russia and defines its status within the national financial system.

The resolution, known as “4351-8 GD,” was passed on July 11. It introduces key terms such as “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” Furthermore, the law designates the digital ruble as an integral part of the national payments system, specifying its payment function.

The digital ruble will become the third officially recognized form of currency in Russia, alongside cash and non-cash digital money held in bank accounts.

Anatoly Aksakov, the chairman of the Financial Markets Committee of the Russian State Duma, along with other lawmakers, presented the digital ruble bill in January. Although Aksakov initially anticipated its passage in June, the discussion process experienced delays.

Development of Digital Ruble Platform Rules by the Central Bank of Russia

Following the law’s approval, the Central Bank of Russia (CBR) promptly released a draft of the digital ruble platform rules on its website. This comprehensive 44-page document outlines the “basic rules governing the interaction between the Bank of Russia, as the platform operator, its participants, and users, along with the requirements they must adhere to.”

These rules elucidate the utilization of the CBDC, procedures for opening and closing digital ruble accounts, and the compliance protocols to be followed by the platform. Additionally, the document covers the handling of disputes and complaints related to digital ruble payments.

The CBR stated:

“The platform will operate 24/7, including weekends and holidays, and all transactions will be conducted online.”

The central bank has invited feedback on this draft until June 19 and plans to proceed with a pilot test of the system in August. The project was briefly suspended in April due to regulatory concerns. Previously, Olga Skorobogatova, the CBR’s First Deputy Chairman, had expressed that the digital ruble project was likely to launch by 2025, enabling Russians to make payments using this new form of currency.

Share your thoughts on the future of the Russian digital ruble in the comments section below.

Frequently Asked Questions (FAQs) about Digital Ruble

What is the Digital Ruble law passed by the Russian State Duma?

The Digital Ruble law is a legislation approved by the Russian State Duma, which establishes regulations and guidelines for the issuance and use of a central bank digital currency (CBDC) called the Digital Ruble in Russia.

What does the Digital Ruble law allow the Central Bank of Russia to do?

The Digital Ruble law grants the Central Bank of Russia the sole authority to regulate and oversee the proposed digital currency. It enables the bank to organize a pilot test of the Digital Ruble system, scheduled to take place in August.

How does the Digital Ruble fit into Russia’s financial system?

The Digital Ruble is set to become the third form of accepted currency in Russia, alongside cash and non-cash digital money held in bank accounts. It will be integrated into the national payments system, serving as an element of the country’s financial infrastructure.

What are the key components of the Digital Ruble law?

The Digital Ruble law introduces important concepts such as the “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” It outlines the payment function of the digital ruble and establishes clear rules and requirements for its issuance, usage, and interaction within the digital ruble platform.

What are the next steps after the passage of the Digital Ruble law?

Following the approval of the law, the Central Bank of Russia published a draft of the digital ruble platform’s rules. This document provides details on how the CBDC will be used, the procedures for opening and closing digital ruble accounts, compliance procedures, and dispute resolution related to digital ruble payments. Feedback is being sought, and a pilot test of the system is planned for August.

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1 comment

John123 July 14, 2023 - 8:28 am

russian digital ruble sounds cool, cant wait to see how it works! its gonna be a game changer for russia’s financial system, hope it goes smooth!

Reply

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