- A bill on the issuance and the use of digital rubles has been submitted by a group of deputies headed by Anatoly Aksakov to the State Duma.
- The Bill aims at expanding the use of digital rubles among businessmen and the state.
- The Bank of Russia will be the operator of the digital ruble.
Reportedly, a group of deputies headed by Anatoly Aksakov, the Chairman of the Financial Market Committee submitted a bill on the issuance and the use of the digital ruble, the Central Bank Digital Currency (CBDC) issued by Russia’s monetary authority, to the State Duma.
Notably, the Russian Federation has codified the digital rubles as the official currency of the Federation and has taken initiative to include the asset into the financial system of the nation.
Aksakov assured that the bill’s purpose is to provide fast, convenient, and budget-friendly money transfers.
Specifically, the explanatory note on the document stated:
The bill’s goal is to expand the payment infrastructure by expanding the use of digital technologies by citizens, businesses, and the state, increasing the availability, speed, convenience, and security of payments while reducing costs through legislative consolidation of approaches to the transfers of digital rubles.
Along with presenting the principal bill on introducing the digital ruble, the proposals to qualify the digital rubles as non-cash funds, have also been submitted. The bill supports the Civil Code and includes the detailing of their plan to establish new digital wallets for digital rubles and to access the platforms.
According to the amendments, the Bank of Russia is designated as the operator of a digital ruble platform, making it responsible for keeping the digital rubles safe. In addition, the bank is also responsible for regulating the transactions of digital rubles.
Significantly, the bill put forward a variety of amendments to the law on banking procedures including banking secrecy on the digital ruble transaction as well as specific restrictions on conducting transactions using digital rubles.
Furthermore, the bill proposes to include CBDC-related terminology in the legislation, which will be ‘On the National Payment System”, among the other changes to the current laws.