Russian Official: Digital Ruble Law Expected in June

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Russian Official: Digital Ruble Law Likely to Pass in June, Live Testing with Real Users Planned

The approval of the digital ruble cryptocurrency law in Russia is nearing its conclusion. The Russian State Duma, the lower chamber of the parliament, anticipates that the law governing the digital ruble, the country’s central bank digital currency (CBDC), could be approved in June. This information was shared by Anatoly Aksakov, the chairman of the Duma’s Financial Markets Committee.

On Tuesday, Aksakov stated:

The bill for the digital ruble has been presented and is expected to be approved during the spring session. It has already passed the first reading, indicating that it is scheduled to go through the second and third readings in June.

Once the law is approved, it will enable the initiation of a pilot program for the digital ruble involving real transactions and customers. Initially planned for April, the launch was postponed by the regulator to await the approval of a framework that regulates such activities.

Introduction of Proposed Draft Bill and Anticipated Outcomes

In January, the initial version of the digital ruble bill was presented, and it underwent discussions and voting during its first reading in March. The outcome designated the Central Bank of Russia as the exclusive operator of the currency and assigned it the responsibility of ensuring the currency’s functionality.

The proposed law aims to grant the Central Bank of Russia access to users’ personal data without their consent, without the need to inform relevant government institutions. In response to this, the State Duma has urged for amendments to protect individuals’ rights regarding the privacy of their personal data.

Russia has taken steps to include the Chinese yuan as a reserve currency and frequently uses it for bilateral transactions with China. Additionally, the Central Bank of Russia intends to position the digital ruble as a valuable tool to counter sanctions imposed by Western countries since 2022. Anatoly Aksakov emphasized the significance of digital solutions in bypassing these sanctions and enabling smoother bilateral settlements with China.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

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