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Here’s what you need to know about the Russian Digital Ruble!

Digital Ruble

Digital Ruble

On December 31, 2022, a draft legislative proposal was submitted concerning the digital ruble of the State Duma, the latter being the House of Representatives of the Russian Parliament.

In addition to amending a number of other legislative acts to facilitate their implementation, the law also establishes regulations that determine how to create this new type of national digital currency.

The project makes recommendations for law reviews aimed at providing the basis for the implementation of this type of currency.

According to the notes accompanying the draft, the main objective of this proposal is to create the required payment infrastructure for the digital ruble.

Proponents of this legislative proposal claim that it will enable individuals, companies and the Russian Government to conduct fast, easy and inexpensive financial transactions.

Also under the proposed rules, the Bank of Russia will be responsible for the management of the CBDC system.

They also develop steps to create a digital wallet for the rouble and access to the network.

The document codifies the digital ruble as the official currency of the Russian Federation and classifies central bank cryptocurrencies issued by other countries’ central banks as non-domestic foreign currencies.

Digital Ruble:

Besides traditional cash and other forms of money, digital ruble will be offered as an option for legal bidding for purchases and payments in Russia.

The Bank of Russia will be responsible for its issuance, and will be kept as a digital symbol in the electronic portfolios on the central bank platform.

According to Mr. Alexei Moisev Deputy Minister of Finance, the digital currency will be ready for use by April 2023.

This will enable the State to increase the Government’s control over targeted expenditure of funds from its budget, make targeted payments, as well as improve the recovery of unspent funds.

At the same time, digital ruble will make transferring money from people to legal companies easier, which will increase the amount of taxes collected.

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Digital Ruble

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