Key Ideas

• The group of bills pertaining to the digital ruble were approved in their first reading by members of the Russian State Duma.
• To provide definitions and establish procedures regarding the introduction of central bank digital currencies, the law amends numerous other statutes.
• The responsibility for keeping track of the money and ensuring its security in Russians’ accounts will fall to the Central Bank of the RF.

The introduction of the digital ruble, a third version of the country’s currency in addition to cash and non-cash, will take place in Russia. On the first reading, the State Duma lawmakers approved a bundle of pertinent laws.

A draft bill that would make it simpler to create the digital equivalent of the ruble was approved by the lawmakers. The Act updates many other statutes to provide definitions and procedures for the establishment of the central bank’s digital currency.

The Russian Civil Code will now mention the concept of the digital ruble. It is a form of national currency used in Russia that combines the features of cash and non-cash rubles. The electronic ruble can be used to make payments and settle disputes.

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The latter will be supplemented with legalese relating to the central bank digital currency (CBDC) of the Bank of Russia.

The Russian Federation Central Bank will then be in charge of keeping track of funds and ensuring their security in Russian accounts.

Additionally, the regulator will produce this money, which will gradually enter circulation. As a result, along with the cash and non-cash money in circulation in credit institutions, the digital ruble will be counted as part of the overall money supply. A “third type of money” will develop out of it.

The House also changed the Civil Code to recognize the CBDC as non-cash money and to address other matters like inheritance along with the digital ruble law.

By mid-April, suggestions for additional draft modifications will be welcomed. With a full rollout anticipated for 2024, the Bank of Russia plans to start testing the digital ruble with actual users and transactions on April 1.