Elena points out that in order to implement the proposals two laws will need to be adopted:

1. a law amending the Civil Code to define the digital ruble as "a form of non-cash money and contractual relations arising from the use of a digital account"

2. a law amending several laws, primarily the Law on the National Payment System. These amendments will define the basis for the functioning of the digital ruble and the obligations of participants in such platform.

Both bills were passed in their first reading by the State Duma on March 16, 2023. The deadline for amendments expired on April 14, 2023 and discussion of the proposals is likely to continue in the near future, most likely in May.

The Bank of Russia expects the digital ruble to replace cryptocurrencies within Russia as a more reliable instrument for settlements and investments. Whether this expectation is realistic remains to be seen.

The full article is available here.