Russia is moving forward with its central bank digital currency (CBDC), after President Vladimir Putin signed the digital ruble bill into law on July 24. according to an official document published by the state.
With this approval, the digital ruble law is now officially scheduled to take effect from August 1, 2023, with all but one of the rules ready to be applied.
Article number 3, which includes Amendments to various Russian federal laws, including those related to bankruptcy and inheritance, are expected to take effect from August next year.
The new legislation officially empowers the Russian central bank to launch the first CBDC pilot with real consumers in August. Previously, the government had hoped to carry out tests in April in collaboration with 13 local banks, including heavyweights such as Sberbank.
Under the newly signed law, Russia's central bank will be the main operator of the infrastructure of the digital ruble and will have responsibility for all stored assets. The digital ruble is designed to serve as a method of payment and money transfer, and is not intended for investment purposes.
The digital ruble is expected to act as the third form of money alongside the cash and non-cash ruble. Russian citizens will not be forced to use the CBDC and the use of the digital ruble will be a voluntary choice left to the people, Bank of Russia Governor Elvira Nabiullina reportedly. declared on July 24. She stated:
โNo one is going to force anyone to enter the digital ruble [...] But we really hope that it will be more convenient and cheaper for both individuals and businesses to start using it. This is a new opportunity."
According For Bank of Russia Deputy Governor Olga Skorobogatova, the government does not expect mass adoption of the digital ruble in Russia before 2025 or even 2027.
Related: Russian CBDC by 2025? What is happening with the digital ruble?
The news comes shortly after Russia's State Duma, the country's lower house of parliament, approved the digital bill in the final third reading the 11 of July. The bill was later approved by the Federation Council, or Senate, on July 19. According to official records, the digital ruble bill was originally registered in December 2022.
While moving quickly with CBDC legislation, Russian lawmakers continued to postpone the introduction of cryptocurrency regulation, after a series of delays in the past.
In May, the official of the State Duma Anatoly Aksakov once again fiance pass four bills related to crypto mining, taxation, and international settlement crypto, though this doesn't seem to have made much progress since then.
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