Several Russian laws and codes will be amended in connection with the launch of the digital ruble.
The CB of the Russian Federation noted that the necessary amendments and a roadmap for the implementation of the asset are going to be developed based on the results of testing a model of the digital ruble platform. It will start in January 2022.
Legislatively, it is planned to consolidate the rights of the central bank to conduct transactions with digital rubles and the authority to organize their monetary circulation, said Anatoly Aksakov, head of the State Duma's financial market committee. Also, the new asset should be legalized as a means of payment.
"At the very least, it will be necessary to say that it will be possible to pay with a digital ruble, unlike conventional digital currencies," said Alexei Minaev, deputy head of the digital economy development department of the Ministry of Economics.
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Among other changes to the legislation related to the launch of the asset, there is a description of protective measures for settlements using the digital ruble, requirements for software and foundation, and others.
According to Aksakov, amendments will be made to at least eight federal laws and five codes - Civil, Tax, Budget, Criminal and Administrative.
Earlier, Aksakov stated that the concept of digital currencies prescribed in the law "On digital financial assets" needs to be clarified in connection with the launch of a new form of money. He also said that if the digital ruble is launched, it is necessary to amend the Civil Code.