• Lawmakers proposed Bank of Russia to manage the digital ruble platform.
• The revised bill also suggests facilitating access to the CBDC platform for non-residents.
• Due date for the law has been pushed back from April to July.
Revised Digital Ruble Bill Introduced in Russian Parliament
The lower house of the Federal Assembly of Russia, the State Duma, recently submitted a package of revisions to the legislation establishing the digital ruble. These amendments are intended to alter aspects such as debt operations, services for non-residents, and functions of the central bank.
Responsibility for Managing Platform Assigned To Bank Of Russia
Lawmakers have proposed making the Bank of Russia responsible for managing all aspects of the digital ruble platform, while prohibiting it from taking part in funding enterprises. The changes would also require that personal information of clients is protected – particularly those who work for the Federal Security Service.
Facilitating Access For Non-Residents
The revised bill suggests facilitating access to the CBDC platform for non-residents via international banks that are granted membership. It also makes clear that users who aren’t located in country shouldn’t face any restrictions when using digital rubles as currency.
Debtors Financial Withdrawals Restricted By Law
Enforcement authorities may take debtors‘ financial withdrawals out their accounts without restrictions under present version of law – however this proposal has already been spoken out against by State Duma’s legal department due to federal law prohibiting withdrawal over minimum income level (which is equivalent to around $195 per month).
Due Date Pushed Back
In March, House Bill 270838-8 went through its first reading with goal being to get a CBDC pilot program into legislation by April – however due date has now been pushed out until end of July due to ongoing debate around law.