President Putin signs law to introduce digital ruble

Russian President Vladimir Putin signed a law on the introduction of the digital ruble. The document was published on the official website of legal information.

It goes about the third type of national currency along with cash and non-cash forms of money. The main provisions of the law come into force on August 1, 2023.

It will be possible to carry out operations with the digital ruble on a special platform. The Bank of Russia will become the operator of the system. Digital ruble platform rules will be posted on the official website of the regulator. The Central Bank will guarantee the secrecy of digital ruble accounts.

The digital ruble is an asset stored in a special electronic wallet. Unlike cryptocurrencies, the digital ruble can only be issued by the Bank of Russia. With the help of the digital currency, Russians will be able to pay for goods and services, make payments and money transfers. They will also be able to pay for transactions with financial instruments and assets. At the same time, it will be impossible to credit digital rubles to bank deposits.

The Central Bank announced the launch of the pilot project to test the digital ruble in January 2022. As many as 34 credit institutions are currently participating in the experiment. The public introduction of the digital ruble in Russia may start in early 2025.