New amendments to the digital ruble bill could significantly ease operations for the central bank digital currency and improve adoption.
Russian lawmakers have taken certain decisions that could change the way the digital ruble operates in the country. They proposed a few amendments to be enforced in the digital ruble bill. The main new specification of the amendments was related to the central bank of Russia’s powers in regulating the central bank’s digital currency.
According to the amendments prepared by the State Duma Committee on the Financial Market, the Bank of Russia would be only responsible for running the digital ruble and unable to participate in the financial activities of organizations.
Other responsibilities were added for the Bank of Russia, including its report to be given preference by the National Financial Council for anti-money laundering activities.
The State Duma’s legal department commented on the report to be filed by the central bank, saying, “Meanwhile, the draft law does not provide for changes to this federal law regulating the preparation and approval of this report.” The central bank will also be responsible for the security of information of Federal Security Service employees who are on the digital ruble platform.
Other provisions in the amendments include non-residents being enabled to access the platform through the Bank of Russia and foreign banks. Foreign banks participating in the platform could provide banking services to non-residents. Non-residents would also not be barred from conducting transactions using the ruble.
An advertising ban would be in place for using the phrase ‘digital ruble platform’ for non-participants of the platform, while the debtor’s fund’s absence could lead to authorities withdrawing rubles from their accounts.