The bill’s provisions for debt management, non-resident services, and the function of the central bank are all subject to revision.
During parliamentary hearings, Russian lawmakers proposed significant changes to the digital ruble bill. These proposed amendments aim to alter a number of elements of the original text, including debt operations, non-resident services, and the central bank’s function. In advance of the bill’s second reading, the State Duma’s Committee on the Financial Market, the lower house of the Russian Federal Assembly, developed a set of recommendations.
One of the most significant recommendations is to restrict the Bank of Russia, the nation’s central bank, from taking involvement in corporate funding. The only priority of the central bank would be running the digital ruble platform. This amendment aims to delineate the roles and responsibilities of the central bank, ensuring that it maintains its primary focus on the digital currency framework.
Proposed Amendments Limit Central Bank’s Financing Role
The protection of personal data is also a topic of the revisions. The central bank would be required to protect the private information of clients who are Federal Security Service workers under the proposed amendments. This measure emphasizes the value of data security and privacy, especially for those working in sensitive government jobs.
The draft legislation also aims to make it simpler for non-residents to access the central bank digital currency (CBDC) platform. With the central bank’s consent, the proposed amendments would allow foreign banks to use the platform. With this action, inclusion will be promoted and the use of the digital ruble will be extended beyond national boundaries, making it more available to non-resident companies.
Enhanced Access for Non-Residents and Removal of Usage Limitations
The proposed modifications further stress that non-residents shouldn’t encounter any restrictions when using the CBDC platform. By guaranteeing equal access to and usage rights on the digital ruble platform for both residents and non-residents, this provision seeks to level the playing field for both groups. It aims to create a favorable climate for foreign involvement in the ecosystem of Russian digital currencies.
The continual improvement and development of the digital ruble bill in Russia is reflected in these suggested changes. The objective is to establish a strong framework for the digital ruble that is in line with the nation’s financial goals and priorities as lawmakers take the feedback and recommendations made by the Committee on the Financial Market under consideration.
The bill’s current version allows the enforcement agencies to withdraw, without limitations, the debtors’ funds if they hold a sufficient amount of digital rubles.