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- Russian President Vladimir Putin signed the digital ruble bill into law on July 24.
- The Russian government’s central bank will be in charge of the digital ruble infrastructure.
The law governing the digital ruble has been approved and will enter into force on August 1, 2023, with the exception of one limitation. Article 3 is scheduled to enter into force in Russia in August 2024. In addition, it amends various federal laws, especially those related to bankruptcy and inheritance.
According to government documents, Russian President Vladimir Putin signed the digital ruble bill into law on July 24. Also, this means that Russia will continue its central bank digital currency (CBDC).
The Third Form of Money
In addition, the new law gives the green light to Russia’s central bank to start testing CBDCs with real users in August. The trial was originally planned to start in April along with 13 local banks, including big players like Sberbank.
The Russian government’s central bank will be tasked with maintaining and protecting the digital ruble network as stipulated by the new law. The sole function of the digital ruble is to facilitate transactions and wire transfers; it is not an asset in and of itself.
In addition, the digital ruble is expected to serve as a third form of money, joining the cash and non-cash rubles currently in use. Also, Elvira Nabiullina, Governor of the Bank of Russia, allegedly said on July 24 that CBDC will not be mandatory and the use of the digital ruble will depend on people’s choices.
Moreover, Deputy Governor of the Bank of Russia Olga Skorobogatova said that widespread use of the digital ruble in Russia is not expected until 2025 or 2027.
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