Russia: Adopted Bill No. 270838-8 establishing the legal framework for the introduction of the digital ruble

On 19 July 2023, Bill No. 270838-8, establishing the legal framework for the introduction of the digital ruble, was adopted by the Federal Council. The Bill aims to enable cashless payments based on a central bank digital currency (CBDC), the digital ruble. The Bill specifies that the Central Bank of Russia would operate the digital ruble platform, oversee its organisation and ensure its proper functioning and maintain records of transactions. The Central Bank of Russia will collaborate with Rosfinmonitoring to establish the scope of users, types of transactions, and transaction thresholds for the digital ruble platform until 31 December 2024. Finally, the Bill amends Federal Law 152-FZ to enable the processing of users of the digital ruble platform and their representatives' personal data to ensure the functioning of the platform. The Bill now goes to the President for signing into law.