Russian President Vladimir Putin approved the law on the introduction and use of the digital ruble in the country.
Vladimir Putin signed the digital ruble bill on July 24, according to an official document released by the state. With this approval, the digital ruble law is now officially scheduled to come into effect from August 1, 2023, with all but one clause ready to be implemented.
Russia’s influence on CBDCs is growing!
The new legislation authorizes the Russian central bank to officially launch the first CBDC pilot with real consumers in August. Previously, the government was expected to launch trials in April in collaboration with 13 local banks, including heavyweights like Sberbank.
According to the signed law, the central bank of Russia will be the main operator of the digital ruble infrastructure and will hold responsibility for all stored assets. The digital ruble is expected to act as the third form of money alongside the cash and non-cash ruble. Russian citizens will not be forced to use the CBDC and the use of digital rubles will be a voluntary choice left to individuals, Bank of Russia head Elvira Nabiullina reported on July 24.
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