Russia: Implemented Federal Law No. 340-FZ establishing the legal framework for the introduction of the digital ruble

On 1 August 2023, Federal Law No. 340-FZ establishing the legal framework for the introduction of the digital ruble was signed into Law by the Russian President, previously Bill No. 270838-8, entered into force. The Law enables cashless payments based on a central bank digital currency (CBDC), the digital ruble. The Law 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. Finally, the Law 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.