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President Putin Approves Digital Ruble, Tests Expected to Start Next Month

Russia’s President Vladimir Putin approved the bill for the creation of a Digital Rublee and corresponding electronic platform on July 24.


Russian President Vladimir Putin has  approved the Digital Ruble
Credit: istackphoto.com (Creator: Artystarty, Credit: Getty Images/iStockphoto, Copyright: Sergey Tarasov)

MOSCOW - Russian President Putin approved the bill for the creation of a Central Bank Digital Currency on July 24. As previously reported by Foretoken Media, the Russian Federation Council passed the bill to the President’s approval on July 19 for final approval.


President Putin’s approval paved the way for creating a digital Ruble and the necessary platforms to use it. According to local news sources, the new law will allow making payments in digital rubles per the legislation o the national payment system. The main provisions of the law will come into force on August 1. 


According to The Chairman of the Bank of Russia, Elvira Nabiullina, using digital rubles will be voluntary. She stated:

“No one is going to force anyone into the digital ruble. This is an absolutely voluntary use, this is an additional opportunity for people: if they want, they use it, if they want, they don’t use it. But we really hope that it will be more convenient, and cheaper for both people and businesses, and they will start using it. This is a new opportunity,” 

Digital Tests Will Start on August


The Central Bank of Russia has inked deals with 15 Russian lenders to collaborate during the pilot testing phase of the digital ruble. These lenders will provide digital wallets to users who want to adopt digital currency.


Lenders will only facilitate the delivery of digital wallets but won’t be able to create new ones independently. Instead, all wallets will be centralized and built on the Central Bank’s digital platform.


The usage of digital rubles will be free for individual holders, while institutional users will be expected to pay a 0.% tax payment for transactions. 

According to the Central Bank of Russia’s First Deputy Governor, Olga Skorobogatova, the tests will likely end within a few years. She said that the launch of the digital ruble for usage by the general public is planned for around 2025 - 2027.


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