A Digital Ruble Bill has been submitted to the Russian Parliament

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The State Duma, the lower chamber of the Russian government, has received a draft bill on the digital ruble.

The sole operator of the digital-ruble platform will be Bank of Russia.

Draft legislation on the digital ruble, the central bank digital currency (CBDC) issued by Russia’s monetary authority, has been submitted by a group of legislators in Russia, led by the chairman of the financial market committee Anatoly Aksakov.

The proposal seeks to change a number of current laws, including the legislation “On the National Payment System,” to which the Duma members want to add definitions relating to the CBDC.

The Bank of Russia is designated as the platform’s sole operator under the new laws.

The digital ruble is officially recognized as a currency of the Russian Federation thanks to a modification to the law “On Currency Regulation and Currency Control,” which also classifies CBDCs issued by central banks of other countries as foreign currencies.

Changes to the Federal Law “On Personal Data” now permit the Russian Central Bank to process personal data without requesting consent and without informing the Russian body in charge of upholding the rights of data subjects in advance.

In October 2020, the Central Bank of Russia announced the idea for its digital money, and in December 2021, it finished developing its prototype platform.

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