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FameEX Hot Topics | Russian Official Indicates Digital Ruble Law Expected to Pass in June

2023-05-19 16:16:50

The digital ruble law project, which has already passed its first reading, is expected to be approved in June, according to Anatoly Aksakov, the chairman of the Duma's Financial Markets Committee. The Bank of Russia is eagerly awaiting the enactment of this legislation to conduct a live test of the central bank digital currency (CBDC) with real users.

The race to establish a legal framework for the digital ruble, Russia's CBDC, is nearing its conclusion. The Russian State Duma, the lower chamber of the parliament, anticipates that the digital ruble law will receive approval in June, as stated by Anatoly Aksakov, the chairman of the Duma's Financial Markets Committee.

Aksakov remarked on Tuesday:

"The bill on the digital ruble has been submitted, which I think we will pass in the spring session. It has already been passed in the first reading, which means in June it is to be passed in the second and third readings."

The passage of this law would pave the way for the launch of a pilot program involving actual transactions and customers. Originally scheduled for April, the program's commencement was postponed by the regulator pending the approval of a regulatory framework governing such activities.

The proposed draft bill outlines the Central Bank of Russia as the sole operator of the digital ruble, responsible for ensuring its functionality. The legislation also seeks to grant the Central Bank access to users' personal data without their consent, without the need to inform relevant government institutions. The State Duma has called for rectifying this and safeguarding personal data rights in the forthcoming discussions.

In addition to Russia's inclusion of the Chinese yuan as a reserve currency and its widespread use in bilateral transactions with China, the Central Bank of Russia aims to position the digital ruble as a valuable tool to mitigate the impact of sanctions imposed by Western countries since 2022. At that time, Aksakov emphasized the significance of the digital path to bypass such sanctions and facilitate bilateral settlements with China.

With the potential passage of the digital ruble law in June, Russia moves closer to officially establishing the legal framework for its central bank digital currency, opening up new possibilities for digital transactions and paving the way for the pilot program to be conducted with real users.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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