With the introduction of the digital ruble, the authorities will have to do large-scale work on changing the legislation, and, perhaps, it will be necessary to amend the Constitution, which states that only the ruble is the monetary unit in Russia, Aleksey Voylukov, vice president of the Association of Banks of Russia, is sure. According to him, the digital ruble is a new form of currency, and not a third type of payment, writes RBC Crypto with reference to Izvestia.
“Otherwise, we should say that we propose to carry out settlements in rubles in digital form. But the currently generally accepted formulation is exactly calculations using the digital ruble. So far, the need for changes to the Constitution is a controversial point, “Voilukov stressed.
He responded to the statement by Anatoly Aksakov, head of the State Duma Committee on the Financial Market, that the preparation of amendments to the legislation for the introduction of the digital ruble could begin as early as the second half of 2021.
With the introduction of the digital ruble, changes to the Constitution will not be required, believes Antonina Levashenko, head of the Russian Center for Competence and Analysis of OECD Standards, RANEPA under the President of the Russian Federation.
According to Dmitry Kirillov, a teacher at the Moscow Digital School, Article 75 of the Constitution provides for the ruble as a monetary unit, and with the advent of the digital ruble, nothing in this part will change, so there is no need to change the Constitution. The Central Bank itself says that the digital ruble will become one of the forms of the ruble along with cash and non-cash, they will be regulated at the level of federal legislation, Kirillov stressed.
Electronic money is regulated in the law on the national payment system, and nothing is included in the Constitution or in the law on the Central Bank, recalled Roman Yankovsky, member of the Commission on Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association. He also does not see the need for major changes in legislation.
In mid-October, the Bank of Russia presented a report for public discussions, in which it announced that it would study the feasibility of issuing a digital ruble. It should become the third form of money and will deal with cash and non-cash rubles. The decision to issue the asset has not yet been made.
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