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The Russian digital ruble has been a project in the works for several years now. The latest update on the digital currency involves a proposal from lawmakers on some significant changes to the bill that would administer the digital currency into the country.
Earlier this week, lawmakers have proposed changes to the original document, including a major amendment that would make it easier for non-Russian residents to use platforms to access the digital ruble. Reported by Interfax, a Russian state-owned news platform, the changes to the original bill would also include the role of the central bank in the operations of the ruble.
According to the news site, lawmakers in the process have proposed that the Bank of Russia is banned from taking part in the financing of companies, making the sole responsibility of the bank to run the digital ruble platform. The amendments proposed also include protocols put in place by the central bank to protect the data and privacy of users and employees working for the Federal Security Service.
The Russian Central Bank Digital Currency, easy for non-Russian residents to transact
The new bill also states that non-Russian residents will have easier access to the Russian Digital ruble platform. This would allow others to transact directly with the Central Bank through foreign banks, opening up transacting with the country despite sanctions. As per the bill:
“Digital accounts are opened to non-residents by the operator of the digital ruble platform (CB – IF) in accordance with the legislation of the Russian Federation. Access to the digital ruble platform is provided to non-residents by participants of the digital ruble platform who are authorized banks, or foreign banks that are members of the digital ruble platform, and in cases provided for by federal law, the operator of the digital ruble platform.”
Additionally, the amended bill states that the use of the phrase “digital ruble platform” or combinations of the words suggesting a platform that allows digital ruble transactions is prohibited.