A Digital Ruble Platform as an Object of Financial and Legal Regulation

The paper examines the issues of legal regulation of a digital ruble platform, which is considered as an element of the national payment system, information system, and a set of financial technologies. The author analyzes the legal nature of the information platform as a general concept for varieties of digital platforms. The conclusion is made about the need to consolidate the legislative definition of the information platform. The paper also examines the legal status of the platform operator, platform participant and platform users. It is concluded that the platform operator has a special functional function, since he is solely responsible for any processes related to the operation of the digital ruble platform. The author also focuses on the problem of blocking remote banking services due to non-compliance with legislation on combating money laundering and terrorist financing (AML/CFT). It is assumed that the judicial practice concerning challenging the blocking of remote banking services will not change due to the introduction of the digital form of the national currency. It is pointed out that there are no agreements on interaction between the Bank of Russia and Rosfinmonitoring in terms of control measures under AML/CFT in the circulation of the digital form of the national currency, since the relevant risks have not been examined. It is concluded that cross-border money transfers in the form of digital national currencies are promising, but the author determines a number of problems related to the technical feasibility and legal regulation of the processes of opening accounts for non-residents and transferring funds.

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