Russian Government Proposes Revised Law for Digital Ruble

Summary:
The Russian government has introduced a revised law to establish the digital ruble, with modifications aimed at debt operations, non-resident services, and the role of the central bank. The State Duma has produced proposals for the second reading of the digital ruble bill, suggesting that the central bank should solely oversee the platform. Read full article below.

As the initiative progresses, the Russian government has proposed a revised law to create the digital ruble. These changes are an attempt to modify the original law so that it applies differently to debt operations, non-resident services, and the role of the central bank.

On May 22, state-owned news agency Interfax reported that the State Duma, the lower chamber of the Russian Federal Assembly, had produced a package of proposals for the second reading of the digital ruble bill.

Deadline Extended

The Bank of Russia, the country’s central bank, has been suggested to be solely responsible for overseeing the digital ruble platform, with no involvement in supporting businesses. As part of the reforms, the central bank would be responsible for safeguarding the private information of Federal Security Service employees.

The amended law also proposes allowing non-residents to get access to the CBDC platform via participating foreign banks. It also makes it quite clear that consumers based in other countries shouldn’t be subject to any kind of censorship.

The current version of the legislation allows enforcement agencies to freely remove digital rubles from debtors’ accounts if they have a sufficient amount.

The legal department of the State Duma has already spoken out against this idea, citing federal legislation that bars debtors’ financial withdrawals over the minimal income level, which is equal to around $195 per month.

House Bill 270838-8 had its first reading in March. The intended deadline for passing CBDC pilot legislation was April. However, the deadline has been extended because of the ongoing discussion over the bill. According to Interfax, more readings of the bill should begin by the end of July.