Digital ruble to receive a dedicated regulatory framework

A number of Russian laws and codes will be amended in connection with the launch of the digital ruble. The news comes from Izvestia.

The Bank of Russia noted that the necessary amendments and a road map for implementing the asset will be developed based on testing of the platform prototype of the digital ruble. It will begin in January 2022.

Legally it is planned to enshrine the central bank’s powers to conduct operations with digital rubles and its authority to organise their monetary circulation, said Anatoly Aksakov, head of the State Duma Committee on the Financial Markets. The new asset should also be legalized as a means of payment.

\”At the very least, it will have to be stated that the digital ruble can be used for payments, unlike ordinary digital currencies,\” said Aleksei Minaev, deputy head of the Digital Economy Development Department at the Ministry of Economic Development.

Among other changes to the legislation related to the asset’s launch are descriptions of protective measures in settlements with the digital ruble, requirements for software and infrastructure, and other items.

According to Aksakov, the amendments will be introduced in at least eight federal laws and five codes — Civil, Tax, Budget, Criminal, and Administrative.

Earlier, Aksakov said that the concept of digital currencies, laid out in the law \”On Digital Financial Assets,\” needs to be clarified in connection with the launch of a new form of money. He also said that if the digital ruble is launched, amendments to the Civil Code would be necessary.

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