Putin Signs Digital Ruble Introduction Law
According to an official document published by the state, Russia is pushing forward with its central bank digital currency (CBDC) after President Vladimir Putin signed the digital ruble bill into law on July 24.
The digital ruble law is now officially set to go into effect on August 1, 2023, with all but one provision ready to be implemented.
The third article, which amends various Russian federal regulations, including those governing bankruptcy and inheritance, is set to go into force in August of next year.
The new legislation gives the Russian central bank the statutory authority to begin the first CBDC trial with real users in August. Previously, the government planned to start trials in April with 13 local banks, including heavyweights like Sberbank.
The recently signed law states that Russia’s central bank would be the primary operator of the digital ruble infrastructure and will be responsible for all stored assets. The digital ruble is intended to be used as a payment and money transfer method only, with no investment potential.
(With inputs from Shikha Singh)
You need to login in order to Like
