Russia to Start Testing ‘Digital Ruble’ CBDC in August
In only a few weeks, Russia might begin testing its ‘digital ruble,’ a central bank digital currency (CBDC).
The Federation Council, Russia’s upper legislative body, approved a bill granting legal authority to the central bank digital currency (CBDC), which had previously passed through the State Duma. The bill still needs to be signed by President Vladimir Putin before it becomes law. If it is signed, CBDC testing will begin on August 1.
If the legislation is passed, Russia’s central bank will be given the right to operate as the platform operator for the digital ruble. The bill also specifies legal definitions for users and how bank accounts are managed.
(With inputs from Shikha Singh)
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