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Russia is preparing to launch a digital ruble

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A number of Russian laws and codes will be amended in connection with the launch of the digital ruble. Local daily broadsheet newspaper Izvestia writes about this.

Thus, the Central Bank of the Russian Federation (CBR) noted that the necessary amendments and a roadmap for the implementation of the asset will be developed based on the results of testing a prototype of the digital ruble platform. It will begin in January 2022.

Lawmakers are planning to legislatively consolidate the rights of the central bank to conduct operations with digital rubles and the authority to organize their monetary circulation. Said Anatoly Aksakov, head of the State Duma Committee on the Financial Market of the Russian Federation. Furthermore, the new provisions will concern digital ruble legalization as a means of payment.

Launch of the asset

Ordinary cryptocurrencies, stablecoins, and the state digital currency should all have their own definitions. Which must be reflected in legislation, urged Aksakov. Alexey Ryabov, presidents’ advisor of the Center for Strategic Research (CSR), agreed with the need to detail the terminology. The expert also recommended holding extended public hearings on all draft regulations on the regulation of the digital ruble.

Other legislative changes related to the launch of the asset include a description of protective measures for settlements using the digital ruble, software and infrastructure requirements, and others. According to Aksakov, at least eight federal laws and five codes will amend (Civil; Tax; Budget; Criminal; Administrative).

According to the media report, the CBR will issue digital currency during the first stage. In the future, it will expand the list of operations. As well as increase the number of participants in the pilot project (currently 12 banks). The newspaper interviewed participating banks, and they are enthusiastic about the pilot project and the digital ruble concept as a whole.

A popular financial instrument

Earlier Aksakov stated that the concept of digital currencies prescribed in the law “On Digital Financial Assets” needs to be clarified in connection with the launch of a new form of money.

Recall that previously in October, CBR intended to slow down transfers to cryptocurrency exchanges. “We will try to offer maximal security for our citizens who invest in digital assets. Because it is a new instrument and challenging for an inexperienced investor”, Aksakov added.

In Russia, cryptocurrencies such as Bitcoin (BTC) have become a popular financial instrument. According to the Russian Association of Forex Dealers’ August poll; 77% of Russian investors believe cryptocurrencies are the “most forward-looking” investment.

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