The new law on digital ruble

Legal Digest News
The President of the Russian Federation signed a law on the introduction of the digital ruble and the corresponding electronic platform. The changes will come into force on August 1, 2023.

The concept of "digital ruble"

A digital ruble is a type of non–cash money, which is a unique digital code (token). It will be able to pay for goods and services, transfer it to other accounts, and make transactions with financial instruments and assets.

The digital ruble can be exchanged for cash or non-cash money. The conversion of money from one form to another is not implied.

Digital ruble platform and payment form

It will be possible to perform operations with the digital ruble on the digital ruble platform (hereinafter referred to as the platform) – a special information system. The operator of the system is the Central Bank of the Russian Federation, which will be responsible for the issuance of digital money, their safety and accounting of transactions.

The participants of the platform are credit organizations and foreign banks. Users of the platform are individuals, organizations and individual entrepreneurs.

Payment procedure

Settlements with digital money are a right, not an obligation. In case of making payments in digital rubles, the user will need to register on the platform through the bank's application and open an account there (electronic wallet). The wallet can be replenished from a bank account, but not more than 300,000 rubles per month. At the same time, companies will be charged a commission of 0.3% of the payment. Only one wallet can be issued for one company.

Transactions with digital rubles are carried out in accordance with the rules of the platform on the basis of its user's directions. In general, it compiles, certifies and transmits it to the platform participant.

The platform participant who provides the user with access to it accepts their directions for execution in accordance with federal laws and / or the rules of the platform.

When accepting a direction from a user (payer, recipient of funds) for execution, a platform participant has to:

  • make sure of their right to manage of the balance of digital rubles;
  • check the details of the specified direction;
  • perform other procedures for accepting directions for execution.

The platform participant, after receiving the order for execution, sends it to the platform operator. The finality of the operation comes at the time of the corresponding transfer.

List of operations

Transactions with digital rubles include operations:

  • to increase digital rubles in the digital ruble account by transferring funds from a bank account;
  • to reduce the balance of such rubles by money transfer to a bank account or replenishment of the wallet with electronic money;
  • for the transfer of digital rubles.

In digital rubles is unacceptable to:

  • make deposits and receive loans;
  • charge interest on the balance of digital rubles accounted for in user accounts;
  • enter into digital ruble account agreements with multiple users.

Additional features

It is assumed that a smart contract registration system can be implemented using the digital ruble.

A smart contract is a transaction executed automatically upon the occurrence of conditions pre-determined by the parties. Smart contracts will be an additional functionality of the digital ruble platform. The use of smart contracts will optimize business processes associated with the interaction between contractors, as well as minimize time and costs during the transaction.

The smart contract will contain information about the parties to the transaction, the amount and conditions of its execution. Registration of a smart contract on the digital ruble platform will be carried out after it is signed by all parties to the transaction

It is assumed that it will be possible to fully use the digital ruble in 2025-2027. Starting from August 1, 2023, the use of digital money begins in a pilot mode (with the participation of some banks). By the end of 2024, the Central Bank of the Russian Federation has to determine the users of the platform, types of operations and threshold amounts.

Acsour company carefully monitors legislative changes and will advise you on any questions on this topic.