Digital Ruble Bill Passed by Russian State Duma, Sets Rules for Central Bank Digital Currency
The Russian State Duma, the lower house of the Russian Federal Assembly, has approved the Digital Ruble law, paving the way for the Central Bank of Russia to conduct a pilot test of the proposed digital currency in August.
The law establishes clear rules regarding the issuance and status of the Russian central bank digital currency (CBDC) within the country’s financial system. The resolution, known as “4351-8 GD,” introduces key concepts such as the “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” It also designates the digital ruble as part of the national payments system, alongside cash and non-cash digital money stored in bank accounts.
Following the approval of the law, the Central Bank of Russia promptly released a draft of the digital ruble platform’s rules, detailing its interaction with participants and users, as well as the procedures for opening and closing digital ruble accounts and handling compliance procedures, disputes, and complaints related to digital ruble payments.
The central bank plans to conduct a pilot test in August after resolving regulatory issues that previously led to its suspension in April. The ultimate goal is to launch the digital ruble by 2025, enabling Russians to make payments using this new form of currency.
Clever Robot News Desk 15th July 2023
