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A Digital Ruble Bill has been submitted to the Russian Parliament Lower house

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Joyashree Dey Follow

INDIA

Jan, 03 2023

Jan, 03 2023

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The Duma, the Russian parliament's lower house, has received a new draught on the digital ruble. New rules and restrictions regarding the type of national fiat that will be issued are included in the draught bill.


A variety of legal actions and modifications are also included in the initial bill that will be required to ensure its execution. The bill on the digital ruble, which is Russia's central bank's digital currency (CBDC) and is handled by the nation's monetary authority, has been introduced by a group of Russian MPs led by the Financial Market Committee's Chair Anatoly Aksakoy. This is being done, according to a report by Bitcoin.com, to make it easier to make the changes needed to guarantee the circumstances needed for the introduction of the digital ruble.


According to the media, the main goal of the measure is to set up all of the essential payment infrastructure for Russia's digital currency. Fast, practical, and affordable money transfers to residents and corporate operations are anticipated as a result. The measure also seeks to amend a number of other existing national payment system regulations and laws.


The Duma's lawmakers will also create and include the necessary definitions for the CBDC. The new clause will also require the Bank of Russia to handle its position as the platform's only operator. It also outlines how to use the network and how to open wallets for the virtual ruble.


Changes will be made to Russia's "Currency Regulation and Currency Control" statute to ensure the digital ruble's status as a currency. Additionally, it will classify CBDCs issued by foreign central banks as foreign currencies.


Changes to the federal statute on "Personal Data" will allow the nation's central bank to use personal information even when no one has given their permission. It won't even give notice in advance because it will be required to preserve the rights of those who provide personal information. 

 


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Joyashree Dey

CBW - External Analyst

INDIA

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