Digital ruble bill passed by State Duma, on track to be signed by Putin Russia centralbankdigitalcurrency CBDC
- Russia’s lower parliamentary house, the State Duma, passed the digital ruble bill in its third reading on Tuesday, bringing the central bank digital currency one step closer to being introduced to the public.
According to a statement from the Bank of Russia, the law introduces the basic concepts needed to integrate the digital ruble into the country’s financial system, “including defining the legal status of the digital ruble and transactions with it, [and] the relationship between the operator of the digital ruble platform - the Bank of Russia, its participants and users .”
The BoR will be responsible for opening digital wallets, conducting operations with digital rubles, and a number of other regulatory functions. The digital ruble bill was first introduced to the State Duma in December and passed its first reading in March. A pilot project for the CBDC was originally scheduled to launch that month, but those plans were postponed until after a comprehensive regulatory framework for the digital ruble was adopted.
While the digital ruble is expected to bring a variety of benefits, including greater efficiency and faster payments, some have warned that the CBDC also carries risks, especially for the country’s private banking system.
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