The Russian parliament has proposed significant amendments to the regulations governing the digital ruble initiative in the country. The proposed modifications focus on the activities of the debt, services provided to non-residents, and the role of the central bank.
The Committee on the Financial Market of the State Duma has created a set of proposals to prepare for the second reading of the digital ruble legislation, which includes making it illegal for the Bank of Russia to participate in financing private companies and giving exclusive responsibility to the body in charge of monetary policy over the digital ruble network.
The CBDC pilot program was expected to start in April but has been delayed due to ongoing debates and discussions over the proposal. Belarus, Russia's neighbor and close ally, has built a prototype for its CBDC and will decide on introducing a digital Belarusian ruble before the end of the year.