The Russian authorities are preparing to amend various legislations to promote the issuance and operation of the digital ruble. Moscow officials believe that this version of national legal tender needs to be regulated separately from other digital currencies (such as cryptocurrencies).

Russia is preparing to try out the digital ruble, officials say CBDC needs its own regulations

Russian legislators plan to start implementing the legal changes necessary for the digital ruble concept in January 2022. These efforts will begin with the launch of the central bank’s digital currency experiment (Central Business District), Anatoly Aksakov, chairman of the Parliament’s Financial Market Committee, told the Russian Daily.

Aksakov pointed out that the implementation of the digital ruble requires the revision of at least eight federal laws and five codes-the “Civil Code”, “Tax Law”, “Budget Law”, “Criminal Law” and “Administrative Code.” The new regulations will cover many areas, such as the power of Russian banks to organize the circulation of new currencies, the legalization of them as a means of payment, and the legal protection of their holders.

Russia passed a special law regulating “digital financial assistance”, which entered into force at the beginning of this year. However, Aksakov is convinced that members of the State Duma, the lower house of parliament, must distinguish between the concepts of digital currency, stablecoin, and digital ruble. He also believes that judicial protection of related rights must be guaranteed and cryptocurrency mining must be regulated. The adjutant said:

Traditional cryptocurrencies, stablecoins and national digital currencies must have their own definitions, and these definitions must be reflected in legislation.

Bank of Russia (Community rehabilitation), the country’s central bank intends to start testing the digital ruble platform in January. According to the CBDC concept released this spring, prototype Must be ready before the end of the year.

Media reports indicate that the trial will be conducted in several stages. In the first phase, CBR will issue digital currency. Later, the number of participants in the pilot project will increase from the current 12 banks. The representative of the monetary authority further commented:

Based on the results of the pilot, a roadmap for the introduction of the digital ruble will be formulated and the necessary amendments to the legislation will be made.

According to the publication, the Russian Ministry of Economic Development also pointed out that the introduction of the digital ruble requires separate legislative supervision. Alexey Minaev, deputy director of the Ministry of Digital Economy Development, said: “At least, it is necessary to say that unlike traditional digital currencies, payments can be made in digital rubles.”

In an interview with Izvestia, Minaev described the introduction of national digital currencies as a global trend. The government official also emphasized that this form of currency actually has nothing to do with decentralized cryptocurrency.

Central banks around the world have been exploring the possibility of issuing CBDCs in response to the increasing popularity of cryptocurrencies and the decrease in the use of cash.Apart from Bank of Russia, These include European Central Bank with United States Federal Reserve. this People’s Bank of China It can be said to be the most advanced project, Domestic test Already in progress and plans to test the digital renminbi Cross-border trade.

Do you think Russia will successfully issue digital rubles? Share your expectations in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons