The lower chamber of the Russian parliament, Gosduma, passed the “digital rouble” bill in its third reading on July 11. The document must now be confirmed by the superior chamber and signed by the President.
The law, whose draft was most recently revised at the end of June, establishes the legal definitions of “platform,” “participants,” and “users,” as well as the general guidelines for the CBDC ecosystem.
The Central Bank of Russia (CBR) will become the primary “operator” of the digital rouble infrastructure under the current framework. Additionally, it is responsible for all stored assets.
According to the Central Bank, the primary purpose of CBDC is to function as a payment and transfer method. Consequently, its customers will need help to establish savings accounts.
As emphasized by the CBR, payments, and transfers would be completely free for individual customers and cost 0.3% of the payment for business clients.
The measure was introduced to the Gosduma in December 2022, and its first reading was approved in March 2023. In February, a subsidiary of the leading Russian government-owned gas company, Gazprombank, warned about the potential dangers posed to banks by the rapid transition to digital currency.
In five years, the Russian branch of McKinsey estimated that traditional banks could lose approximately $3.5 billion (250 billion rubles) due to implementing CBDC. In addition, the consulting firm assessed the retailers’ annual profit at $1.1 billion.
In a recent interview, the vice chairman of CBR, Olga Skorobogatova, announced that the “digital rouble” will be rolled out to “all Russian citizens” between 2025 and 2027. In 2023-24, the CBDC will undergo a demonstration program.
