Anatoly Aksakov said that in order to introduce the digital ruble, some of the laws will need to be changed. Preparation of changes will begin in the second half of 2021.
According to the head of the State Duma Committee on the Financial Market, the very concept of digital currency will need to be spelled out in the laws of the Russian Federation – this, in fact, will be a new monetary form of the ruble, along with cash and non-cash. In addition, the Central Bank of the Russian Federation will need to be legally charged with the responsibility for issuing and controlling the state digital currency. This will require changing the laws “On the Central Bank”, “On banks and banking” and “On the national payment system”, as well as to finalize the Civil Code. Of course, the law “On digital financial assets and digital currency”, which came into force on January 1, 2021, will not remain unchanged either.
At the same time, Aksakov stressed that before the amendments are developed, it is necessary to launch a prototype of the national digital currency and conduct pilot testing. Therefore, the lawmakers are in no hurry to develop changes.
Alexey Voylukov, Vice President of the Association of Banks of Russia, supported Aksakov, but said that with the introduction of the digital ruble, any law and any article related to the issue, opening of accounts, and the operation of payment systems would have to be changed. You may have to change Art. 75 of the Constitution and add a line there stating that the digital ruble is also the currency of the Russian Federation.
“The digital ruble should be exchanged for other currencies, such as the digital yuan. To gain genuine liquidity and demand in the digital space, he needs full integration with cryptocurrencies, ”says Elena Avakyan, Advisor at the Egorov Puginsky Afanasiev & Partners Law Office.
In mid-January, Aksakov called Bitcoin the “mother of the blockchain” and a bubble that must burst sooner or later.
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