Russian Parliament Members Propose Significant Amendments to Digital Ruble Bill
Russia has been using cryptocurrencies to settle international payments. The country has introduced several crypto-friendly reforms to circumvent the financial sanctions issued by the Western block on account of the Ukraine war.
The country has also been active in issuing the digital ruble as part of its BRICS initiative. To this end, Russian legislatures are working on adding some new amendments to the digital ruble bill.
These amendments seek to update provisions regarding non-resident services, the authority of the Central Bank, and debt management.
The parliamentary hearings happening in Russia are concentrated on the digital ruble. Legislatures are thinking about adding significant changes to the bill that could introduce some changes to the document concerning debt operations and the governance of the Central Bank.
At the same time, the call for change is also seeking issues concerning the matter of debt operations. Interfax is a news agency hailing from Russia that has been following and covering the story in question.
The Financial Market of the State of Duma acts as the lower house in the Russian Federal Assembly. Interfax has issued some important updates on the package that was composed by the lower house on May 22.
The State Duma Financial Market is also reportedly preparing for a second reading and presentation of the digital ruble bill soon. There are some concerns about the role of the Russian Central Bank regarding the management of the Russian ruble.
On the other side, Russian neighbor Belarus also seems to be working rapidly on a local CBDC. It is expected that they are going to launch their CBDC before the end of 2023 as per the National Bank chairperson of the nation.
It entails that the legislatures in Russia can bring limitations to the authority and role of the Central Bank of the country from commercial financial management. It means that there will be greater market autonomy for the businesses that are using digital rubles for company finances.
At the same time, the new amendments will also mandate the Central Bank to comply with consumer data privacy laws for all the stakeholders that are using connected with the Federal Security Services.
Russia to Address Concerns Linked with Digital Ruble
There are many countries in the world, where politicians and the local business community has raised concerns about financial autonomy regarding CBDCs. However, the government of Russia seems to be working on regulations to address the concerns of their citizens regarding possible threats connected with the issuance of the digital ruble.
Russian legislatures have brought new legal guidelines for non-resident users of digital rubles who are accessing it through foreign banks.
Under these new amendments, non-resident users of digital rubles have been granted more leeway in their access to the CBDC. The current form of the bill allows the masses to withdraw from enforcement agencies without any limitations as long as they maintain a preordained account balance.
However, State Duma has raised some concerns about this law. The current national withdrawal limit is set at $195 per month in rubles. The bill has also made some provisions regarding the public launch of the CBDC. The initial launch date was intended for April but a latest article by Interfax has confirmed that the deadline has been moved forward to July.