Last updated on January 20th, 2022 at 04:42 pm
Many countries are currently working on their digital version of their currencies or CBDC. Some countries like Nigeria have released their CBDC version of their legal tender, while others are researching the intricacies concerning the best way to release it and much more.
Russia intends to release the prototype of the digital Ruble in 2022 to test it out to see its operational level. The results from the test done in early 2022 will decide a lot concerning the launch of the CBDC like the date it will be released.
Before any of this can be done, Russian lawmakers are actively working on amending the laws to accommodate the presence of a CBDC in the country. The law has to reflect a digital Ruble before it can be used by residents in the country.
Anatoly Aksakov, the chairman of the State Duma’s financial market committee, believes that the alterations will occur once the digital Rubles trial was on its way.
To allow a digitized version of the Ruble to operate in the country, at least eight federal laws and five codes, including the Civil Code, Tax Code, Budget Code, Penal Code, and Administrative Code, have to be altered. Whatever alterations that are made to the laws will reflect important things like the power that is vested on the Central Bank of Russia to release the digital Rubles.
The testing process will occur in different stages, but it will begin with a selected few banks like Sberbank, VTB, Tinkoff Bank, Bank of Moscow, Transneftbank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars bank, Dom.RF, SKB-Bank, TKB, and Soyuz bank will work to analyze the CBDC. Results from the trial will determine what next will happen to the Digital Ruble in Russia.
