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<p class="is-style-lead">Lawmakers in Russia have put forward amendments to the digital ruble bill, including changes to debt operations, services for non-residents, and the role of the central bank, as the bill progresses through parliamentary hearings.</p>



<p>Lawmakers in Russia have proposed significant amendments to the <a href="https://crypto.news/draft-legislation-for-the-digital-ruble-forwarded-by-legislators-in-russia/" data-type="URL" data-id="https://crypto.news/draft-legislation-for-the-digital-ruble-forwarded-by-legislators-in-russia/">digital ruble project</a> as it progresses through parliamentary hearings. </p>



<p>The suggested changes aim to modify elements of the original bill, including debt operations, services for non-residents, and the role of the central bank.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Russian central bank plans to launch digital ruble by 2023 and expand the use of its MIR payment card<a href="https://t.co/B7oOfhkjim" target="_blank">https://t.co/B7oOfhkjim</a> <a href="https://t.co/ZLqk9vXVO8" target="_blank">pic.twitter.com/ZLqk9vXVO8</a></p>&mdash; RT (@RT_com) <a href="https://twitter.com/RT_com/status/1517556340603953155?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">April 22, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="central-bank-8217-s-role-data-protection-and-access">Central bank&#8217;s role, data protection, and access</h2>



<p>Interfax, a state-owned news agency, <a href="https://www.interfax.ru/business/902543" data-type="URL" data-id="https://www.interfax.ru/business/902543" target="_blank" rel="noreferrer noopener">reported</a> on the recommendations put forward by the committee on the financial market of the State Duma (Duma), which is responsible for preparing the digital ruble bill for its second reading.</p>



<p>Among the proposed amendments is a prohibition on the Bank of Russia&#8217;s participation in financing companies. </p>



<p>Instead, the <a href="https://crypto.news/russia-central-bank-amendment-digital-assets-law-tokenization-platforms/" data-type="URL" data-id="https://crypto.news/russia-central-bank-amendment-digital-assets-law-tokenization-platforms/">central bank</a> would solely operate the digital ruble platform. Additionally, the amendments would require the central bank to protect the private data of customers employed by the federal security service.</p>



<p>The new draft also seeks to facilitate easier access to the central bank digital currency (<a href="https://crypto.news/ripple-launches-cbdc-and-stablecoin-issuance-platform/" data-type="URL" data-id="https://crypto.news/ripple-launches-cbdc-and-stablecoin-issuance-platform/">CBDC</a>) platform for non-residents through foreign banks. These foreign banks would be permitted to join the platform, with non-residents facing no usage limitations.</p>



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<h2 class="wp-block-heading" id="restrictions-and-progress">Restrictions and progress</h2>



<p>Currently, the bill allows enforcement agencies to withdraw debtors&#8217; funds without restrictions if the debtors hold sufficient digital rubles. </p>



<p>However, the Duma&#8217;s legal department has expressed opposition to this provision, citing national laws that restrict the withdrawal of debtors&#8217; funds beyond the minimum wage level, which amounts to approximately $195 per month.</p>



<p>The <a href="https://sozd.duma.gov.ru/bill/270838-8" target="_blank" data-type="URL" data-id="https://sozd.duma.gov.ru/bill/270838-8" rel="noreferrer noopener">digital ruble bill</a>, known as bill number 270838-8, passed its first reading in March. Initial plans aimed to enact the bill into law by April to launch a CBDC pilot. </p>



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<iframe loading="lazy" title="Russian digital Ruble project reaches a critical stage; tests with real users to begin on April 1st" width="1020" height="574" src="https://www.youtube.com/embed/kveZmgWjOn4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>However, the ongoing discussions surrounding the bill have led to a delay in the deadline. Interfax reports that subsequent readings of the bill are expected to take place by the end of July.</p>



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



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Russian lawmakers propose amendments to digital ruble bill

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