Digital ruble recognised as inheritance asset in second reading

On 20 June, the Russian State Duma in the second reading passed a bill on conducting transactions with the digital ruble. This was reported by Parliamentary Newspaper.

Amendments are being introduced into the Civil Code. They regulate the procedure for entering into and terminating contracts for the use of digital rubles, and establish rules for the inheritance of electronic money.

The contents of a digital wallet can be divided between spouses, and bequeathed to children and grandchildren. The government, in agreement with the Central Bank of Russia, will set the procedure for drawing up testamentary dispositions concerning virtual currency.

“We recognise the digital ruble as an object, the subject of a contract. We are saying that it can be the object of joint ownership, family ownership, or inheritance,” said Pavel Krasheninnikov, head of the State Duma Committee on State Construction and Legislation.

The bill forms part of a package of normative acts devoted to the digital ruble.

Earlier, the planned 1 April pilot launch CBDC did not take place due to the absence of a regulatory base — the instrument’s related bill passed only the first reading.

Earlier it was reported that the Central Bank of Russia would test the digital ruble in 11 cities.