Russia's President Approves Law for New 'Digital Ruble; CBDC
President Putin signs law for Russia's own digital money, the 'digital ruble', starting August 1, 2023.
Russia's President, Vladimir Putin, has approved a law for the country's own digital currency, the "digital ruble." The law starts on August 1, 2023.
The digital ruble is a new form of the Russian money which will be used alongside regular cash and electronic money. The Russian ruble will have three forms: physical cash, electronic, and digital.
The digital ruble's main use will be for paying and sending money. However, you can't open a bank account or get a loan with it.
The law now allows the Russian central bank to start a real-world trial of this digital currency. They were planning to test it in April with some local banks, including Sberbank.
It is stated that Russia's central bank will manage the digital ruble system, Making sure the digital money is safe and people or companies not involved with the digital ruble can't use its name for their gain.
Elvira Nabiullina, the Bank of Russia’s governor, said Russians won't be forced to use the digital ruble. It is up to them. She hopes that people and businesses will find it useful and cheap, and start using it.
The law also allows people to leave their digital rubles to someone else in their will. The Russian government and the Bank of Russia will work together to make rules for this.
Although, the government thinks it will take time for everyone to start using the digital ruble. They believe it could happen between 2025 and 2027, Bank of Russia’s deputy governor Olga Skorobogatova said.
Reported by Coinpaprika News
