The State Duma adopted a law on the digital ruble – Kommersant
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The State Duma approved in the second and third readings law, which allows creating the basis for the introduction of the digital ruble. The main provisions of the law will come into force on August 1, 2023.
The document, developed by a group of deputies headed by Anatoly Aksakov, Chairman of the Financial Market Committee, secures the status of the operator of the digital ruble platform for the Bank of Russia. The law also establishes the responsibility of the Central Bank for the safety of digital rubles, the opening of digital wallets and other functions of the regulator. The law also introduces the concepts of “digital ruble platform”, “digital ruble platform rules”, “digital ruble platform participant”, as well as “digital ruble platform user” and “digital account”.
A digital ruble is a unique electronic code (token). Unlike cryptocurrency, it is issued exclusively by the Bank of Russia. It is also secured by gold and foreign exchange reserves and is pegged to the value of the national currency. Digital rubles will be stored in digital wallets on a platform developed by the regulator. Because of this, they will not be tied to a specific bank or electronic wallet.
Operations on the digital ruble platform will follow the rules set by the Board of Directors of the Bank of Russia. The Central Bank will also determine the tariffs for transactions with the digital ruble and the period for which Russian banks must provide customers with the opportunity to use transactions with the new currency. For citizens, the cost of transactions with the digital ruble will be free, for businesses – 0.3% of the payment amount.
The law establishes the current requirements for bank secrecy for operations and accounts of the digital ruble. In addition, according to the law, it will not be possible to open a deposit and receive a loan in digital rubles, and no interest will be charged on balances in digital wallets.
Former head of the Bank of Russia Elvira Nabiullina spokethat transfers in digital rubles will be free for citizens. The amount to replenish the wallet in digital rubles will be 300 thousand rubles. per month. At the same time, the head of the regulator noted that the digital ruble would become a means for payments and settlements. It is not intended to be used for savings.
More about the law – in the material “Kommersant” “The digital ruble did not get into the wallet”.
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