Revised Digital Ruble Bill Introduced in Russian Parliament

• Lawmakers proposed Bank of Russia is responsible for managing the digital ruble platform.
• The revised bill also suggests facilitating access to the CBDC platform for non-residents.

Significant revisions to the bill establishing the digital ruble have been submitted to the Russian parliament as the project moves forward. These amendments seek to alter the original legislation with respect to debt operations, services for non-residents, and the function of the central bank.

The lower house of the Federal Assembly of Russia, the State Duma, drafted a package of ideas for the second reading of the digital ruble law on May 22, which was reported on by the state-owned news agency Interfax.

Lawmakers have proposed making the Bank of Russia, the country’s central bank, strictly responsible for managing the digital ruble platform. While prohibiting it from taking part in funding enterprises. The changes would also require the central bank to protect the personal information of clients. Especially those who work for the Federal Security Service.

Due Date Pushed Back

The revised bill also suggests facilitating access to the CBDC platform for non-residents via international banks that are granted membership. It also makes clear that users who are not located in the country shouldn’t face any restrictions.

If debtors have enough digital rubles. Enforcement authorities may take them out of their accounts without any restrictions under the present version of the law.

However, the State Duma’s legal department has already spoken out against this proposal, citing the fact that federal law prohibits debtors’ financial withdrawals over the minimum income level, which is equivalent to around $195 per month.

In March, House Bill 270838-8 went through its first reading. The original goal was to get a CBDC pilot program into legislation by April. However, owing to the continuing debate around the law, the due date has been pushed out. By the end of July, the law should have moved on to future readings, said Interfax.