A proposal for a digital ruble legislation has been presented to the lower house of the Russian parliament. The legislation contains provisions to establish regulations for the new form of national currency and amend existing legal acts to foster its introduction.
The Financial Markets Committee Chairman Anatoly Aksakov has introduced the bill, which focuses on the digital ruble by the central bank of Russia. According to the explanatory notes of the bill, the main goal is to create a platform for digital payments easily accessible to citizens, businesses, and the state.
The bill proposes amendments to various laws, such as the national payment system law, to include definitions of the CBDC. The proposed changes also include the procedures for opening digital ruble wallets and accessing the platform. Additionally, a modification to the currency regulation and control law is included to acknowledge the digital ruble as the currency of choice.
The concept of the digital ruble was presented in October 2020, with the finalization of its prototype platform in December 2021. The pilot phase began in January this year, and the regulator is now aiming to launch it fully by 2024, which is earlier than originally planned. Currently, more than 12 Russian banks and financial institutions are participating in the trials.
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