• Lawmakers in Russia have proposed amendments to the digital ruble bill, including changes to debt operations, services for non-residents, and the role of the central bank.
• The proposed changes would require the central bank to protect customer data and facilitate easier access to the platform for non-residents.
• Initial plans aimed to enact the bill into law by April, but subsequent readings of the bill are expected to take place by the end of July.
Proposed Amendments To Digital Ruble Bill
Lawmakers in Russia have put forward amendments to the digital ruble bill, including changes to debt operations, services for non-residents, and the role of the central bank as it progresses through parliamentary hearings.
Central Bank Role & Data Protection
The suggested amendments include a prohibition on the Bank of Russia’s participation in financing companies. Instead, they would only operate the digital ruble platform. Additionally, customers‘ private data must be protected by said bank according to recommendations from state news agency Interfax. Non-residents should also have easier access through foreign banks with no usage restrictions once joined onto this platform.
Debtors Funds Restrictions
Currently, enforcement agencies can withdraw debtors’ funds without restrictions if they hold sufficient digital rubles according to what is stated in this bill; however, opposition was expressed due national laws that restrict withdrawal beyond minimum wage levels (approx $195/month).
Initial Plans For CBDC Launch
The initial plan was for this bill known as number 270838-8 to be made into law by April so a Central Bank Digital Currency (CBDC) pilot could launch; however due to current discussions taking place regarding its content a delay has occurred pushing back its deadline until late July.
Belarus Developing Pilot Program For CBDC
Meanwhile Belarus a neighboring country has developed their own pilot program for their own CBDC separate from Russia’s project as mentioned earlier.
