According to a State Duma official, the approval of the digital ruble cryptocurrency law in Russia is expected to take place in June. Anatoly Aksakov, the chairman of the Duma's Financial Markets Committee, revealed that the bill has already undergone its first reading and is scheduled for the second and third readings in June.
Once the law is approved, it will pave the way for a pilot program involving real transactions and customers using the digital ruble. Originally planned for an April launch, the program was delayed pending the establishment of a regulatory framework for these activities.
The initial version of the digital ruble bill, introduced in January, designated the Central Bank of Russia as the sole operator of the currency, responsible for ensuring its functionality. However, the law also included provisions granting the Central Bank access to users' personal data without their consent and without the need to notify relevant government institutions. In response, the State Duma has called for amendments to protect personal data rights before further discussions.
In addition to its efforts to include the Chinese yuan as a reserve currency and settle bilateral transactions with China, Russia's Central Bank views the digital ruble as a valuable tool to counteract sanctions imposed by Western countries since 2022. Aksakov emphasized the significance of the digital path in bypassing these sanctions and facilitating bilateral settlements with China.
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