The Bank of Russia announced the timing of the launch of the digital ruble
Bank of Russia — Central Bank of the country — informedwhen the test launch of the digital ruble takes place. To pilot real operations with the digital ruble, the Bank of Russia needs to adopt a number of regulations as soon as possible.
“The law on the digital ruble has been adopted. Now we need to adopt the necessary regulations, and we expect to do this as soon as possible. We plan to start a pilot with real digital rubles in August,” the Central Bank said in a statement.
On Tuesday, the State Duma adopted in the second reading the law on the digital ruble. The document introduces the basic concepts necessary for the introduction of the digital ruble, including determining the legal status and the possibility of conducting transactions with it, the relationship between the operator of the digital ruble platform – the Bank of Russia, its participants (financial intermediaries) and users (citizens and companies).
Operations on the digital ruble platform will be carried out in accordance with the rules approved by the Board of Directors of the Bank of Russia. He will also determine the tariffs for operations with the third form of the national currency and the timeframe in which banks will have to provide customers with the opportunity to conduct such operations. It is planned that transfers and payments in digital rubles will be free for citizens, and the tariffs for businesses for accepting payments in digital rubles will be 0.3% of the payment.
At the legislative level, the obligations of the Bank of Russia as the operator of the digital ruble platform to users are fixed. This means that the Bank of Russia is responsible for opening digital wallets, conducting operations with digital rubles, and a number of other functions of the regulator.
It is important that the document establishes the current requirements for bank secrecy for operations and accounts of the digital ruble.
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