Putin signs law introducing the digital ruble from August

The Russian President, Vladimir Putinsigned the law that gradually introduces into the economy as of August the digital ruble together with the traditional forms of payment and which establishes the creation of an appropriate electronic platform.

On June 11, the Duma or Lower House adopted the law, which will enter into force on August 1.

The Governor of the Central Bank of Russia, Elvira Nabiulinasaid on the 19th that the digital ruble will be tested first with basic operations and next year its use will be expanded to other transactions, including contactless payment and transfers between banks.

Only when the regulatory monetary entity is certain that the whole system works smoothly then the digital ruble will be introduced to the public en masse.

It is expected that the Russians will be able to start transacting the digital ruble after 2025.

The sole issuer of the digital ruble will be the Central Bank and its platform will be protected as an essential infrastructure of the Russian Federation, the deputy director of the Department of National Payment Systems said last Friday, Denis Polyakov.

Operations on the digital ruble platform will comply with the rules established by the Board of Directors of the Bank of Russia.

The Central Bank will also determine the fees for transactions with the digital ruble.

nabiulina He announced that the institution was going to promote the use of the digital ruble also in international transactions.

The prototype of the digital ruble platform was created in December 2021 and the pilot phase started in February 2022 in 12 Russian banks.

nabiulinawho is categorically opposed to the use of cryptocurrencies, has argued that the digital ruble is not a cryptocurrency because it is backed by a regulator.

The idea of ​​the Central Bank is to issue the digital ruble in parallel to the rubles in cash and users will be able to manage it through digital wallets and use it with the help of mobile phones or other devices.

He digital ruble It will allow you to pay for goods and services, make disbursements to organizations and the State, make fund transfers, and pay for transactions with financial instruments and digital financial assets, as explained by the Bank of Russia when it announced the creation of this currency.

The law provides for the possibility of bequeathing rights to digital rubles, including through testamentary dispositions.

In addition, the heirs have the opportunity to receive digital rubles from the testator’s account to organize their funeral.

Source: EFE