Russian legislators provide changes to the digital ruble CBDC bill

Simar Marwaha
Simar Marwaha
Published on May 23, 2023 03:28 PM

The revised drafts also advises enabling non-resident access to the CBDC platform via foreign banks that have been given authorization to utilise it. It also claims that non-residents shouldn't encounter any limitations when using the site.

Russian legislators changes to digital ruble CBDC bill
Source: Shutterstock

Russian lawmakers made important changes to the bill as the digital rouble initiative moved through Parliamentary hearings. They want to alter the original text in terms of debt operations, non-resident services, and the Central Bank's function. 

The bundle of recommendations developed by the Committee on Financial Markets of the Gosduma (lower house of the Russian Parliament) in advance of the "digital rouble" bill's second reading was covered by state-owned news agency Interfax on May 22.

Russian legislators offer changes to the digital ruble CBDC bill

As the digital rouble project went through Parliamentary hearings, the Russian legislators made significant amendments to the bill. In terms of debt operations, non-resident services, and the role of the Central Bank, they wish to change the original wording. On May 22, the state-run news outlet Interfax reported on the package of suggestions created by the Gosduma's Committee on Financial Markets in preparation for the "digital rouble" bill's second reading.

The proposed legislation would prohibit the central bank from taking involvement in company funding, leaving it with the exclusive responsibility of running the digital rouble platform. The revisions would also require the Central Bank to protect the personal information of those clients who also happened to be FSB employees.

The updated draft also suggests facilitating non-resident access to the central bank digital currency (CBDC) platform through foreign banks that have been granted permission to use it. Additionally, it states that non-residents should not face any restrictions when utilizing the site.

In its current form, the measure permits enforcement authorities to limitlessly seize cash belonging to debtors who possess a sufficient number of digital roubles. The legal team at Gosduma has already objected to this idea, however, as it is against the law to take money from debtors over the minimum salary in the nation, which is now set at about $195 per month.

The first reading of bill 270838-8 was completed in March. To start the CBDC experiment was initially planned to become legislation by April. However, this deadline has been extended due to the continuous discussion surrounding the measure. By the end of July, the law should move on to the subsequent readings, according to Interfax.

In the meanwhile, Belarus, a neighboring country, is putting up a trial program for its own CBDC. According to the head of the national bank, the nation will decide whether to issue a digital version of the Belarusian ruble before the end of the year.

Let us see how this action affects future crypto regulation.




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