Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency.
Russian State Duma Passes Digital Ruble Draft Law on First Reading
The lower house of Russian parliament, the State Duma, has adopted in the first reading a bill introducing legislative changes necessary for the realization of the digital ruble project. Most notably, it seeks to amend the law “On the National Payment System.”
The latter will be supplemented with legal definitions related to the central bank digital currency (CBDC) issued by the Bank of Russia. The authors also propose procedures for accessing the state-backed coin’s platform as well as for opening a digital wallet, RBC Crypto noted in a report.
According to the business daily Vedomosti, the draft suggests terms like “participant of the digital ruble platform” and “user of the digital ruble platform.” It assigns the role of sole operator to the Central Bank of Russia (CBR) which will guarantee its safe functioning.
The bill also amends the law “On Currency…