The Digital Ruble Bill has been Submitted to the Russian Parliament!
Members of the State Duma want to add issues related to CBDC (digital ruble) to the law. Global customer sales and testing will begin in April 2023. A group of Russian lawmakers led by the Chairman of the Financial Market Committee Anatoly Aksakov has submitted a digital ruble bill, issued by the CBDC through the Russian Monetary Authority. In addition, the document proposes amendments to the law that will pave the way for its implementation.
Details on the bill, according to the crypto magazine of the RBC business media, indicate that it will be used primarily to create the necessary payment infrastructure for the digital ruble. Supporters of the system believe that it will give people and organizations in Russia easy access to international money transfers quickly and cheaply.
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In addition, members of the State Duma want to add issues related to CBDC to the law. It would be “On the National Payment System,” among other changes to the current law that are being proposed. According to the new regulations, the Bank of Russia will be solely responsible for managing the CBDC system.
They also lay down the necessary steps to create a digital ruble wallet and network access. In addition, the position of the digital ruble is regulated as the official currency of the Russian Federation. With the amendment of the Law “On Regulation and Control Currency”. Which also classifies CBDCs issued by other countries’ central banks as foreign currency. In October 2020, the Central Bank of Russia unveiled plans for a digital currency, and by December 2021, a prototype platform had been launched. Since January 2022, it has entered the pilot phase.
The regulator said in May that commercial and global customer trials will begin in April 2023.