Russian President Vladimir Putin signed the digital ruble bill into law on July 24, enabling the country’s central bank to issue its own Central Bank Digital Currency (CBDC).
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Both houses of the Russian parliament passed the Russian CBDC bill within the last two weeks. As a result, the central bank is set to commence testing the CBDC from August 1.
On July 24, Russian President Vladimir Putin signed the digital ruble bill into law, granting authorization to the country’s central bank, the Bank of Russia, to issue its own Central Bank Digital Currency (CBDC).
Both houses of Russia’s parliament passed the bill within the last two weeks, with the final hearing held on July 11. President Putin’s approval was awaited since then. With his authorization, the central bank can commence testing the CBDC from August 1.
The bill defines users legally and outlines the functioning and operations of banks under the new financial framework.
Russia’s CBDC Project and Usage:
Russia’s central bank initiated its CBDC project in 2020 and conducted a pilot with several Russian banks in February 2022.
Users will be able to make payments and transfers through their digital wallets accessible via the central bank’s platform or partner banks.
The central bank clarified that CBDCs can solely be utilized for payments or transfers, excluding loans or deposits.
Russian CBDC Adoption Expectations:
Russian officials, including Olga Skorobogatova, the First Deputy Chairman of the Bank of Russia, stated that widespread usage of the CBDC is not expected for a few years, with most Russians likely unable to access online wallets until at least 2025.
While Russia’s central bank governor, Elvira Naibullina, assured that adoption of the digital ruble would not be mandatory, she hoped that more people would consider using it.
The country faces severe inflation due to Western financial sanctions imposed in response to Russia’s war against Ukraine.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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