The State Duma, the lower house of the Russian Federal Assembly, discussed and passed the Digital Ruble law in its second and third discussion on July 11. The law will allow the Central Bank of Russia, as the sole regulator of the proposed digital currency, to organize a pilot test slated for August.
State Duma Adopts Digital Ruble Bill
The Russian State Duma, the lower house of the Russian Federal Assembly, discussed and approved the digital ruble law, establishing clear rules about issuing a Russian central bank digital currency (CBDC) and its status in the country’s financial system.
The resolution passed on July 11 and identified as “4351-8 GD” introduces the concepts of “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” Also, the law specifies the payment function of the digital ruble, establishing it as an element of the national payments system.
The Russian CBDC will become the third form of accepted money in Russia, behind cash and non-cash digital money stored in bank accounts.
Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, and other Russian lawmakers introduced the digital ruble bill in January. Aksakov expected to pass the bill in June, but the discussion process was delayed.
Central Bank of Russia Develops Digital Ruble Platform Rules
Following the approval of the law, the Central Bank of Russia (CBR) quickly published a draft of the digital ruble platform’s rules on its website, a 44-page document that lists the “basic rules by which the Bank of Russia, as the operator of the platform, will interact with its participants and users, and the requirements for them.”
These rules describe how the CBDC can be used, the procedures for opening and closing digital ruble accounts, and how its platform will carry out compliance procedures. Also, the document describes how disputes and complaints related to digital ruble payments will be dealt with.
The CBR stated:
The platform will work around the clock, including weekends and holidays. Operations on it will be carried out online.
The central bank will receive feedback on this draft until June 19 and is expected to proceed with a pilot test of the system in August after suspending it in April due to regulatory issues. Before, CBR First Deputy Chairman Olga Skorobogatova had stated that the digital ruble project was likely to be launched as soon as 2025, allowing Russians to make payments with this new form of money.
What do you think about the future of the Russian digital ruble? Tell us in the comments section below.
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