Friday, March 29, 2024

Russia is making it easier to use digital rubles (their currency) by introducing a new law. This new law amends existing laws so that they include regulations for a digital version of the national currency, the ruble.

Revolutionizing Money in Russia

The Russian parliament, called the State Duma, voted for a plan that will allow them to create a digital version of their ruble currency. To make this work, they have to change some laws about how money is used. The law that must be changed is called “On the National Payment System”.

The Bank of Russia will give definitions related to the digital currency it is issuing. They also have a plan to help people access this coin’s platform, and they will provide ways to open a digital wallet.

A Russian newspaper called Vedomosti reported that the government has proposed two new terms – “participant of the digital ruble platform” and “user of the digital ruble platform.” The Central Bank of Russia will be responsible for making sure the system works and operates reliably.

The law has been changed to protect the digital ruble. It is now seen by the government as a type of money that is used in Russia. Other countries’ digital currencies are also recognised but they have been classed as foreign money.

The sponsors are trying to give the CBR the permission to access and use people’s information without asking for permission or letting them know. It’ll happen by changing a law called “On Personal Data”.

At the end of December, a group led by Anatoly Aksakov (the head of the Financial Market Committee) presented a bill to the State Duma. The State Duma now wants the committee to check that the document they are finalizing takes into consideration people’s right to protect their personal data as part of it before going ahead with the second reading.

The government recently voted in favor to create digital money, which is called the CBDC. They also made some changes to a law about how to use this new form of money and it can be inherited too. People are invited to share their views till mid April. Starting from April 1, Bank of Russia will let real people use the digital ruble in real transactions and the full launch will hopefully happen in 2024.

Do you think that in light of the sanctions and financial limitations caused by the war in Ukraine, Russia will start to use a digital currency called ‘ruble’ sooner? Let us know your predictions in the comments section!

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