The State Duma of the Russian Federation immediately adopted a bill on the introduction of a digital ruble into the country’s banking system in the second and final third reading.

The Central Bank of the Russian Federation, which is assigned the status of the operator of the digital ruble platform, now has the right to refuse the bank to conduct an operation if the regulator understands that the operation takes place without the consent of the client. The authorities also prohibit opening joint accounts in digital rubles for several users.

The law, after approval by the Federation Council and the President, should come into force as early as August 1, 2023.

The bill spells out a ban on loans in digital currency, as well as the accrual of interest on the balance in digital rubles. First Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatova has already stated that Russian citizens will not be able to receive loans in this CBDC. The official assured that the digital ruble would not be either a cryptocurrency or a stablecoin.

The bill was supposed to be adopted back in April, said Anatoly Aksakov, chairman of the State Duma committee on financial markets.