Putin signs legislation establishing the Russian digital ruble

July 25, 2023

Putin signs legislation establishing the Russian digital ruble.

According to a formal government document, President Vladimir Putin signed the measure establishing the digital ruble into law on July 24, advancing Russia’s central bank digital currency (CBDC). The digital ruble law is now officially set to go into effect on August 1, 2023, with all but one rule prepared for enforcement.

However, the governor of the Bank of Russia stated that residents of Russia will not be compelled to use the digital ruble and that doing so will be a voluntary decision.

The Russian central bank will formally launch the first CBDC trial with actual users in August. Previously, the government had intended to begin trials with 13 neighborhood banks in April, including major players like Sberbank.

Reportedly, the central bank of Russia will be in charge of managing all stored assets and acting as the primary operator of the digital ruble infrastructure. Moreover, the digital ruble is designed to be used as a form of payment and money transfer rather than as an investment.

Along with rubles in cash and non-cash, the digital ruble is anticipated to function as a third form of currency. Elvira Nabiullina, governor of the Bank of Russia, is reported to have said on July 24 that the people of Russia will not be compelled to use the CBDC and that individuals will be free to choose whether or not to use the digital ruble. `

The implementation of cryptocurrency regulation in Russia has been delayed repeatedly in the past, despite the country’s politicians moving fast on CBDC legislation. Anatoly Aksakov, a State Duma official, pledged in May to approve four bills pertaining to cryptocurrency mining, taxation, and international settlement.

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