Russian lawmakers propose amendments to digital ruble bill

Amendments to the digital ruble bill in Russia were proposed by lawmakers during parliamentary hearings. These changes focused on debt operations, services for non-residents, and the role of the central bank. The suggested amendments aimed to modify the original bill as it progressed through the legislative process.

According to the recommendations put forward by the committee on the financial market of the State Duma, the central bank’s involvement in financing companies would be prohibited. Instead, the central bank operates solely on a digital ruble platform. The amendments also emphasize the central bank’s responsibility to protect the private data of customers employed by the federal security service.

Additionally, the proposed changes seek to facilitate easier access to the central bank digital Currency (CBDC) platform for non-residents through foreign banks. Foreign banks are allowed to join the platform, and non-residents do not face any usage limitations.

One of the current provisions of the bill allows enforcement agencies to withdraw funds from debtors without restrictions if they possess sufficient digital rubles. However, Duma’s legal department opposes this provision, citing national laws that restrict the withdrawal of funds beyond the minimum wage level of approximately $195 per month.

The digital ruble bill, bill number 270838-8, passed its first reading in March. However, ongoing discussions caused a delay in the expected enactment by April. It is now anticipated that subsequent readings of the bill will occur by the end of July.

Meanwhile, Belarus, a neighboring country, has developed a pilot program for its own CBDC. The chairman of the national bank stated that a decision regarding the issuance of a digital Belarussian ruble will be made by the end of the year.

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