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As the digital ruble project moves through hearings in the Russian parliament, lawmakers have proposed significant amendments to the bill aimed at changing the original document regarding debt transactions, services for non-residents and the role of the central bank.
On May 22, state news agency Interfax reported on a package of proposals formulated by the financial market committee of the State Duma—the lower house of the Russian Federal Assembly—in preparation for the second reading of the digital ruble.account.
Lawmakers are proposing to ban the Bank of Russia, Russia’s central bank, from participating in the financing of companies, leaving it with an exclusive role in managing the digital ruble platform. The amendments will also oblige the Central Bank to protect the personal data of those clients who are employees of the FSB.
The new project also offers easier access to the central bank digital currency (CBDC) platform for non-residents through foreign banks that will be allowed to join the platform. It also states that non-residents should not have any restrictions in using the platform.
Related: Russia’s Gazprombank recommends slow CBDC rollout for fear of loss of revenue
The current version of the bill allows law enforcement agencies to withdraw funds from debtors without restrictions if they have a sufficient number of digital rubles. However, the legal department of the State Duma has already protested against this version, since national law prohibits the withdrawal of debtors’ funds in excess of the minimum wage, which is approximately $ 195 per month.
Bill No. 270838-8 passed its first reading in March. Initially, it was assumed that by April a law would be passed to launch a pilot CBDC project. However, the deadline was delayed due to the ongoing debate on the bill. According to Interfax, the bill should be sent for subsequent readings by the end of July.
Meanwhile, neighboring country Belarus has prepared a pilot program for its own CBDC. The country will decide on the issue of the digital Belarusian ruble before the end of the year, the chairman of the National Bank said.