The head of Russia’s central bank said use of the digital ruble would be voluntary.
Russian President Vladimir Putin has signed a law to introduce a central bank digital currency (CBDC) – the digital ruble – and create an electronic platform for using it, local media outlet TASS reported July 24, citing an official document.
The digital ruble will serve as a third payment method in addition to cash and non-cash ruble, with the central bank responsible for operating the infrastructure and custody of all assets.
Local media platform Vedomosti reported that the law will come into effect on August 1. It added that individual transactions in the digital ruble will be free, while companies will be charged a 0.3% fee.
Last week, Russia’s Federation Council approved a revised bill for the digital ruble, with the country’s central bank expected to launch a pilot program for the currency in partnership with 15 of the country’s major banks.
Use of the digital ruble is voluntary
Elvira Nabiullina, the head of Russia’s central bank, said the use of the national digital currency would be voluntary.
Nabiullina reportedly said:
“No one is going to force anyone to use the digital ruble… But we really want it to be more convenient and cheaper for both individuals and businesses, and they will start using it, and this is a new opportunity.”
Russia allows the creation of cryptocurrency exchanges
Russia will allow the creation of cryptocurrency exchanges through an experimental legal system within two years, Vedomosti reported.
Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said the law surrounding the platforms had not yet been finalized but noted that an agreement had been reached with the central bank.
Aksakov noted the need for local legislation for Russians to use cryptocurrencies with external partners.
In May, media reported that Russia had scrapped plans for a national cryptocurrency exchange, with authorities pledging to focus on rules that would allow private companies to set up such exchanges.