Authorities in Russia are gearing up to amend various pieces of legislation to facilitate the issuing and function of the digital ruble. Officials in Moscow believe this version of the national fiat needs to be regulated separately from other digital forms of money such as cryptocurrencies.
Russia Prepares to Trial Digital Ruble, Officials Say CBDC Needs Its Own Regulations
Russian lawmakers are planning to begin work on legal changes necessary to implement the digital ruble concept in January 2022. These efforts will commence alongside the launch of an experiment for the central bank digital currency (CBDC), the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, told the Russian daily Izvestia.
Aksakov pointed out that at least eight federal laws and five codes — the Civil, Tax, Budgetary, Criminal, and Administrative Code — need to be amended for the digital ruble’s implementation. The new provisions will concern a number of areas such as the powers of Bank of Russia to organize the circulation of the new currency, its legalization as a means of payment, the legal protection for its holders, and so on.
Russia adopted a special law regulating “digital financial assists” which went into force at the beginning of this year. Aksakov is convinced, however, that the members of the State Duma, the lower house of parliament, have to distinguish between the concepts of digital currencies, stablecoins, and the digital ruble. He also thinks judicial protection for associated rights must be guaranteed and crypto mining regulated. The deputy stated:
Conventional cryptocurrencies, stablecoins and the state digital currency must have their own definitions which must be reflected in the legislation.