Russia To Change Law To Accommodate Digital Ruble

Officials in Russia are getting ready to amend several chunks of Russian laws to enable the issuance and function of the digital ruble.

Authorities in Moscow believe this version of the country’s fiat needs to be regulated separately from the other digital forms of money such as cryptocurrencies.

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The lawmakers in Russia are planning to start the work on the legal changes necessary to impute the concept of the digital ruble by January 2022. 

These actions will start with the launch of a test run for the Central Bank digital currency, the parliamentary Financial Market Committee’s chairman, Anatoly Aksakov, told the Russian daily Izvestia.

The chairman indicated that at least eight federal laws and five codes which include the Civil, Tax, Budgetary, Criminal and Administrative code need to be adjusted for the digital ruble to be implemented.

The new conditions will concern several areas such as the powers of the bank of Russia to organise the circulation of the new currency, its legalization as a means of payment, the legal protection for its holders and so on.

Russia embraced a unique law regulating “digital financial assists” which was enforced at the beginning of this year. However, Aksakov is certain that the members of the house of Duma which is the lower house of parliament, have to first differentiate between the concept of digital currencies, stablecoins, and digital rubles. 

Digital Inclusion In Russia

In addition, he thinks judicial protection for associated rights must be ensured and crypto mining must be regulated.

The country’s central bank, the Bank of Russia, plans to begin the test run of the platform for the digital ruble in January. According to the CBDC concept published recently, the model has to be ready by the end of the year. 

The Russian Ministry of Development has also reported that the introduction of the digital ruble would employ different legislation. “At the very least, it will be necessary to say that it will be possible to pay with a digital ruble unlike conventional digital currencies,” said Alexey Minaev, deputy director of the Digital Economy Development Department.

Central banks around the world seem to be researching and trying to make the issuing of their CBDC possible to curb the necessity of cryptocurrency