Putin signs law on introduction of digital ruble in Russia
Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law on July 24, according to an official government document.
With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced.
Article number three — which includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance — is expected to take effect from August 2024.
The new legislation officially empowers the Russian central bank to launch the first CBDC pilot with real consumers in August. Previously, the government expected to roll out trials in April in collaboration with 13 local banks, including heavyweights like Sberbank.
According to the newly signed law, Russia’s central bank will be the principal operator of the digital ruble infrastructure and will hold responsibility for all the stored assets. The digital ruble is designed to serve as a payment and money transfer method, and does not provide for investment purposes.
The digital ruble is expected to act as the third form of money alongside cash and non-cash rubles. Russian citizens will not be forced to use the CBDC, and the use of the digital ruble will be a voluntary choice left up to individuals to decide, Bank of Russia governor Elvira Nabiullina reportedly declared on July 24. She stated:
According to Bank of Russia deputy governor Olga Skorobogatova, the government doesn’t expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
Related: Russian CBDC by 2025? What’s happening with the digital ruble
The news comes soon after Russia’s State Duma — the country’s lower house of
Read more on cointelegraph.com
