Russian parliament passes digital ruble bill

The legislation will now go to the upper house of the Russian Federal Assembly and, if passed, to the office of the president. News Join us on social networks

The Russian Central Bank's (CBDC) digital currency project, the digital ruble, has come closer to reality. On July 11, the lower house of the Federal Assembly of the Russian Federation, the State Duma, passed the digital ruble bill in the third reading. Legislation now travels to the upper house of assembly, the Federation Council and, if passed, to the president's office.

The bill, which was last amended in late June, sets out the legal definitions of "platform", "participants" and "users", as well as general guidelines for the CBDC ecosystem.

Under the current framework, the Russian central bank, the Bank of Russia (BoR), will become the main operator of the ruble's digital infrastructure. It also bears responsibility for all stored assets.

The primary purpose of the CBDC, according to the BoR, is to serve as a method of payment and transfer. Therefore, its users will not be able to open savings accounts. As the BoR points out, payments and transfers would be free for retail customers and would cost 0.3% of the payment amount for corporate customers.

Related: Belarus will decide whether to issue a CBDC by the end of the year: President of the National Bank

The bill was introduced in the State Duma in December 2022 and passed its first reading in March 2023. In February, a subsidiary of the main gas company owned by the Russian government, Gazprombank, warned against the potential risks for the banks in this case. from the rapid transition t...