Russia will change the law on the digital ruble, while the central bank considers a prototype for 2022

On Tuesday, Russia’s central bank governor, Elvira Nabiullina, stated that the country will prepare a prototype of its digital ruble platform in early 2022 and will launch a trial next year before making a decision on whether to release it. The final decision.According to Reuters, its own digital currency report.

At the same time, it is reported that Russian legislators will begin to make necessary legal adjustments to implement the digital ruble plan to adapt to digital currencies.according to NewsAnatoly Aksakov, chairman of the State Duma’s Financial Market Committee, said that once the Central Bank Digital Currency (CBDC) experiment is implemented, these legal changes will begin immediately.

At least eight federal laws and five codes, including the civil code, tax code, budget code, criminal code, and administrative code, need to be revised before the digital ruble can take effect. The report pointed out that the new rules will cover several topics, such as the power of the Central Bank of Russia (CBR) to establish new currency circulation and its acceptance as a means of payment.

According to the report, the test will be carried out in several stages. In the first phase, CBR will provide digital currency. The scale of the pilot project network will be expanded, starting with 12 banks.

According to previous reports, CBR established a group of financial companies to inspect its CBDC. However, according to recent reports, the coverage of the banking system will be further expanded.

Participating banks include major Russian banks, such as state-backed Sberbank and VTB, and powerful private banks, such as Tinkoff Bank. Banks of Moscow, Transneftbank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB-Bank, TKB and Soyuz Bank have all signed the digital ruble pilot program.

Bank of Russia Announced its CBDC strategy at the end of 2020In January, the Russian Banking Association criticized the project, saying that any model proposed by the Bank of Russia is possible Involving certain cybersecurity and fraud risks.

In response to the increasing use of Bitcoin (Bitcoin) And the decline in cash usage, several central banks around the world have been studying the possibility of issuing CBDC.These include European Central Bank with People’s Bank of China, in.