The State Duma approved the law on the introduction of the digital ruble

The State Duma of the Russian Federation adopted in the second and third readings a law laying the foundation for the integration of the digital currency of the central bank (CBDC).

The document introduces the concepts of “digital ruble platform”, “digital ruble platform rules”, “digital ruble platform participant”, “digital ruble platform user” and “digital account”. The main provisions will come into force on August 1, 2023.

The law secures the status of the CBDC platform operator for the Bank of Russia. Now the Central Bank is responsible for the safety of assets and the opening of appropriate wallets.

The board of directors of the central bank will also develop rules for transactions with the digital ruble, determine transaction fees, and set deadlines for the introduction of technology for customers in banks.

According to preliminary data, the use of the new form of currency will be free for citizens, and a commission of 0.3% of the transfer amount will be set for businesses.

The CBDC will be subject to bank secrecy law. In addition, you cannot open a deposit or get a loan in digital rubles.

At the end of June, the updated text of the bill on the digital ruble was submitted to the departments and market participants for final approval before the second reading.

Earlier, the State Duma of the Russian Federation adopted a document on transactions with the digital ruble. In particular, it regulates the procedure for concluding and terminating an agreement on the use of CBDC, and also introduces rules for the inheritance of electronic money.

The Central Bank does not expect an “explosive flow” of liquidity from banks into the digital ruble. In particular, thanks to the stipulated limit for replenishing the wallet by 300,000 rubles per month.

Recall that in July, Deputy Chairman of the Central Bank Olga Skorobogatova announced the approximate timing of the launch of the technology. Citizens will be able to use the national digital currency in 2025-2027.

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