New bill for Digital Ruble submitted to Russian parliament

A new bill has been submitted to the Duma, the lower house of the Russian parliament. The legislation introduces some new rules governing how the new form of national fiat will be issued. It also modifies a series of legal acts to make their implementation easier.

Proposal to make changes to laws

The bill, introduced by a group of Russian legislators, proposes a number of legislative changes specifically designed to create the conditions for the introduction of a digital currency.

According to the explanatory memorandum to the bill, the main purpose of the bill is to develop the necessary payment infrastructure for the digital ruble. According to the sponsors, this would give Russian citizens, businesses and the state access to fast, easy and cheap money transfers.

New provisions

By adding some new provisions to existing laws, the role of Bank of Russia, the country’s central bank, is determined, among other things, as the sole operator of the CBDC platform. The procedures for opening wallets for the digital ruble and for access to the platform are also fixed.

In addition, amending the Russian law on “currency regulation and currency control” will ensure the status of the digital Ruble as the currency of the Russian Federation.

Changes to the Federal Law “Personal Data” thirdly allow the Russian Central Bank to process personal information without obtaining consent and without prior notification of the Russian authority responsible for protecting the rights of individuals of personal data. to notify.

In October of 2020, a concept for its digital currency was presented by the Central Bank of Russia. At the end of 2021, they completed their prototype platform. Subsequently, a pilot was started at the beginning of this year to test everything extensively. The first real transaction is expected to be completed in mid-April 2023. Finally, however, this may be delayed a bit and the date is therefore not fixed.

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