Russian President Vladimir Putin has signed a law establishing legal standards for the introduction of the digital ruble, the third form of the national currency, in Russia. The relevant document was published on the official legal information portal.
The law brings the basic concepts necessary for the introduction of the digital ruble to the legal level, among other things, it defines the legal status of the digital ruble and operations with it, the relationship between the operator of the digital ruble platform – the Central Bank of Russia, participants (financial intermediaries) and users (citizens and companies).
Operations on the digital ruble platform will be conducted in accordance with the rules to be approved by the Board of Directors of the Central Bank of Russia. It will determine the tariffs for operations with the third form of the national currency and the conditions under which banks must provide customers with the opportunity to carry out such operations. It is planned that transfers and payments in digital rubles will be free for citizens, while the fee for accepting payments in digital rubles for businesses will be 0.3% of the amount.
The central bank’s obligations to users as the operator of the digital ruble platform are fixed at the legal level. This means that the Central Bank of Russia is responsible for opening digital wallets, conducting transactions with digital rubles and many other regulatory functions.
The digital ruble is created primarily as a new tool for purchases and transfers. Therefore, the law stipulates that it will not be possible to open a deposit or take a loan in digital rubles, and no interest will be charged on balances in digital wallets.
In order to organize and ensure the operation of the digital ruble platform, the platform operator is granted the right to process personal data. A trademark is introduced for the use of the term “digital ruble platform” and words and phrases derived from it in advertisements by persons other than the operator of the platform.
In connection with the introduction of digital currencies by foreign states, the concept of “foreign currency” is clarified – it also includes the national monetary unit of a foreign state (group of foreign states) issued in digital form.
The main provisions of the law will enter into force on August 1, 2023.
