The State Duma of the Russian Federation has passed in the second and third readings закон, laying the groundwork for the integration of the central bank’s digital currency (CBDC).
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The Federation Council voted for the introduction of the digital ruble, according to «Коммерсант».
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The document introduces the concepts of the ‘digital ruble platform’, ‘rules of the digital ruble platform’, ‘participant of the digital ruble platform’, ‘user of the digital ruble platform’ and ‘digital account’. The main provisions will take effect on 1 August 2023.
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The law assigns the Bank of Russia the status of operator of the CBDC platform. The central bank now bears responsibility for the safekeeping of assets and opening the corresponding wallets.
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The Bank’s Board of Directors will also develop rules for operations with the digital ruble, determine transaction fees and set the timelines for implementing the technology for clients in banks.
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According to preliminary data, for citizens the use of the new form of currency will be free, while for businesses a commission of 0.3% of the transfer amount will be charged.
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The CBDC will be subject to the Banking secrecy law. In addition, with the digital ruble one cannot open a deposit or obtain a loan.
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In late June updated text of the bill on the digital ruble was sent to agencies and market participants for final agreement before the second reading.
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Earlier the State Duma adopted the document on conducting transactions with the digital ruble. In particular, it regulates the process of entering into and terminating a contract for the use of CBDC, and introduces rules for the inheritance of electronic money.
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The central bank does not anticipate a dramatic outflow of liquidity from banks into the digital ruble. In particular, thanks to the wallet top-up limit of 300,000 rubles per month.
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Earlier, in July, First Deputy Governor Olga Skorobogatova announced approximate timelines for the launch of the technology. Citizens will be able to use the national digital currency from 2025 to 2027.