​Russia’s Federation Council approves the law on the introduction of the digital ruble

What’s new? On July 19, the Russian Federation Council voted in favor of the draft law on the introduction of the digital ruble and the creation of a platform for its functioning. According to the document, the asset will become another form of the national currency, on par with cash and non-cash money. The basic norms of the law will come into effect on August 1, 2023.

Interfax news

Details of the draft law. The digital ruble is a means for making payments and transfers, it does not provide for the accrual of interest on deposits, as well as the provision of loans, or the opening of joint accounts. At the same time, digital rubles can be bequeathed to other persons and accepted as an inheritance.

The law classifies the asset as an object of civil rights and defines the rules for settlements in digital rubles. All operations will be carried out by the Bank of Russia within a specialized platform in accordance with the legislation of the Russian Federation on the national payment system.

According to the published data, the regulator will have the right to refuse the banks participating in the platform to conduct operations if the regulator detects signs of a lack of customer consent. In addition, the Bank of Russia will be able to conclude agreements with operators of information systems of foreign states.

The document extends until December 31, 2024, the regulator’s right to determine (in coordination with Rosfinmonitoring) the range of users of the digital ruble platform, as well as the list of operations on the platform and their threshold amounts.

In addition, according to the law, the asset can be programmed for targeted spending through smart contracts, which will allow for more efficient spending of state budget funds allocated for certain projects.

In June, the Central Bank announced its intention to allow individuals and legal entities from other countries to open digital ruble wallets. The regulator will launch a service on its own platform, through which non-residents will be able to use the asset.