Russian President Vladimir Putin has signed a law approving the digital Ruble, allowing Russia's central bank to issue its own digital currency.
Through a message from local media Tass on July 24, President Vladimir Putin signed into law a law introducing the digital Ruble and creating an electronic platform for its use. The digital Ruble will become the third means of payment alongside cash and non-cash Ruble. Responsibility for operating the infrastructure and custody of all assets belonging to the digital Ruble will lie with the Central Bank.
The Governor of the Central Bank of Russia, Elvira Nabiullina, said that the use of the digital Ruble will be voluntary. "The use of the digital Ruble is not mandatory, however, we hope that this will be an economical and convenient option for both individuals and businesses. This is a new opportunity," she said. "
This law will officially take effect from August 1. Individual transactions with the digital Ruble will be free, while companies will have to pay a 0.3% fee. The Russian Federation Council has also just approved a bill to amend the digital Ruble, and it is expected that the central bank will cooperate with 15 major domestic banks to implement a currency pilot program.
Russia is one of the pioneering and active countries in developing the digital Ruble. The Central Bank of Russia has been working on a digital Ruble since 2020, and in April this year, they began plans to test the currency.
