Laws on digital ruble will be developed in Russia

Large-scale work to change the legislation in the field of currency regulation is about to take place in Russia. We are talking about a new form of currency - the digital ruble.  A test project for its implementation will start in a couple of months.

It is assumed that as a result of its completion, several federal laws for the legal regulation of legal relations that have arisen will undergo changes.

Several departments announced their intention s to participate in the legislative work. Among them are the Central Bank, the Ministry of Economic Development, as well as the State Duma Committee on the Financial Market, reports Izvestia.

The changes will affect the areas of the digital ruble turnover - from the ability to pay them to the right to exchange currency for fiat money and recover it from debtors.

Among the banks that will take part in the test project, there are VTB and Sberbank. Credit institutions generally support the initiative, talking about the benefits of the digital ruble.

According to the head of the State Duma Committee on the Financial Market Anatoly Aksakov, the development of legislative changes concerning the digital ruble should begin simultaneously with the start of the pilot project. Changes may affect a number of codes, including the Tax, Budget, Civil, Criminal and Administrative codes of Russia.