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Russia’s digital ruble bill submitted to State Duma

The bill's goal is to expand the payment infrastructure by expanding the use of digital technologies, the explanatory note to the document says.

MOSCOW, December 29. /TASS/. A bill on the issuance and use of the digital ruble has been submitted to the State Duma. The text of the draft was put in the electronic database of the lower house of parliament.

"The bill's goal is to expand the payment infrastructure by expanding the use of digital technologies by citizens, businesses, and the state, increasing the availability, speed, convenience, and security of payments while reducing costs through legislative consolidation of approaches to the transfers of digital rubles," the explanatory note to the document says.

The bill was introduced by a group of deputies headed by Chairman of the State Duma committee on the financial market Anatoly Aksakov.

Previously, the Bank of Russia stated that it intends to begin testing the digital ruble with real clients in April 2023. The exchange of the digital ruble for foreign currency and the opening of wallets for non-residents could be launched in 2024.

It was reported back in August that the Bank of Russia planned to start gradually connecting all Russian banks to the digital ruble platform in 2024, according to Draft Monetary Policy Guidelines for 2023-2025. "In 2024, the Bank of Russia will start gradually connecting all credit organizations to the digital ruble platform, increase the number of available payment options and transactions using smart contracts," the document said.

The digital ruble platform’s prototype was completed in late 2021. This year twelve banks have been added to the pilot group for testing the development of the roadmap for introduction of the digital ruble.

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