Aksakov: Digital ruble rollout will require changes to laws

If the digital ruble is launched, amendments to laws and the Civil Code will be required. This was stated by Anatoly Aksakov, head of the State Duma committee on the financial market, according to «Izvestia».

According to him, legislation will need to introduce the concept of the digital ruble as a new form of money. In the Law on the Central Bank, the regulator’s functions should be augmented; amendments should also be introduced to the laws on banks, on the national payment system, on digital financial assets, and in the Civil Code, Aksakov added.

He said that the preparation of amendments would not begin before the second half of 2021.

Before enacting changes to the laws, the digital ruble should be tested in a pilot mode, the official says.

The Bank of Russia plans to discuss with the government proposals for the necessary changes to legislation this year. The regulator will summarise the discussion the digital ruble report with market participants, and then develop a concept and test a prototype of the currency.

For more on the digital ruble concept, read ForkLog’s exclusive.

Public availability and traceability: how the Bank of Russia sees the digital ruble

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