Russia to begin work on digital ruble platform
Russia’s decision to release its own digital currency will depend on the trial of the digital ruble platform set to launch next year.
A prototype of the platform will be ready for early 2022, according to Elvira Nabiullina, governor of Russia’s central bank.
Legal changes are necessary for the implementation of the digital ruble and that will coincide with the launch of an experiment for the Central Bank Digital Currency (CBDC), according to Anatoly Aksakov, head of the State Duma Committee on the Financial Market.
Legislation including the Civil Code, Tax Code, Budgetary Code, Criminal Code, and Administrative Code, must be amended for the establishment of the digital ruble.
Alexey Minaev, deputy director of the development department of the digital economy of the Ministry of Economy, said: “At the very least, it must be said that it will be possible to pay with a digital ruble, unlike conventional digital currencies.”
The Central Bank of Russia, which announced that 12 banks would be involved in the pilot trial and a roadmap will be developed following the results of the trial.
“Based on the results of this piloting, a roadmap for the introduction of the digital ruble will be developed, as well as the necessary amendments to the legislation,” the Central Bank said.
Aksakov, a known Bitcoin critic, insisted that the concepts of digital currencies, stablecoins, and the digital ruble must be distinguishable by law.
“Conventional cryptocurrencies, stablecoins, and the state digital currency must have their own definitions which must be reflected in the legislation,” Aksakov said.