Later, the regulator updated the report including the feedback from Russian banks and other financial market participants.

The regulator announced it started piloting the system with a number of Russian banks in February 2022, shortly before the country started a war in Ukraine.

As CoinDesk reports, the project initially was viewed by the Bank of Russia both as a tool against sanctions and a way to control how the government is spending money allocated for social projects.

And now, the wait is over!

The Bank of Russia's centralized, programmable digital token officially received the State Duma's blessing on Tuesday.

But, as Riley Waggaman reports via Off-Guardian.org, all is not what it seems with the glad-handing we are seeing

Safe and convenient concepts such as "digital ruble platform", "digital ruble platform participant", as well as "digital ruble platform user" and "digital account (wallet)", now have concrete definitions provided by pages and pages of legal mumbo-jumbo.

The approved legislation designates the Bank of Russia as the sole operator of the digital ruble platform. The Central Bank will be responsible for all aspects of "Russia's" CBDC, including functionality, safety, and "the correct accounting" of transactions.

Interfax provided some more details about what was included in the final version of the bill:

The adopted law clarifies the ban on crediting digital ruble accounts, as well as on the accrual of interest on the balance of digital rubles. It is also prohibited to open joint digital ruble accounts (for several users).

The document also establishes the Central Bank's right to block a platform participant (bank) from conducting a transaction if the regulator suspects it is being carried out without the client's consent. In this case, the Central Bank will inform the bank or the client about the possibility of sending a second order using the same details and for the same amount. Upon receipt of a repeated order, the Central Bank will be obliged to honor it.