Digital ruble release involves legal adjustments
According to the report by Reuters, the digital ruble, the Russian central bank digital currency (CBDC), will be ready for testing by early 2022. The digital currency will be pilot tested in the year 2022, followed by further discussions before the final release of the CBDC. However, there are a number of legal adjustments to be made before the CBDC is distributed on a larger scale across the country.In order to accommodate the digital ruble, a number of laws need to be molded. The Russian Central Bank, the Ministry of Economic Development, and the State Duma Committee on the Financial Market told Izvestia that when the testing phase starts, the changes in the laws will also be reviewed and implemented for the two go hand-in-hand.
Nearly 8 federal laws and 5 codes have to be molded in order to accommodate digital ruble, including the Civil Code, Tax Code, Budgetary Code, Criminal Code, and Administrative Code.
"In particular, it is necessary to prescribe that the digital ruble can be used to pay, as well as to regulate the process of collecting property from debtors in the form of digital currency and the procedure for exchanging digital assets for fiat money," said Izvestia.The majority of banks are optimistic regarding the testing, which will begin in a few months, and also support the initiative taken by the authorities. Furthermore, the testing will take place in a number of phases, expanding the number of operations as well as banks in the pilot project. Currently, there are only 12 banks taking part in the project.
Initially, when Russia revealed plans of releasing a CBDC, the Association of Russian Banks or ARB criticized the plans of the government, warning that CBDCs are risky and would encourage fraud.
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