Russian President Vladimir Putin has put his signature on a bill sanctioning the introduction of a digital version of the national currency. According to an official document, the Bank of Russia, the central bank of the country, will be granted the authority to act as the platform operator for the digital ruble.

The newly approved law entrusts the central bank of Russia with the responsibility of overseeing digital ruble accounts and acting as the primary manager of the digital ruble infrastructure, including the custody of all assets.

The digital ruble will serve as an additional means of payment, alongside cash and non-cash rubles. Trials of the Central Bank Digital Currency (CBDC) will commence from August 1st.

Bank of Russia governor, Elvira Nabiullina, emphasized in a statement that the use of the CBDC will not be mandatory for Russian citizens. The adoption of the digital ruble will be entirely at the discretion of individuals, granting them the freedom to decide whether or not to embrace the new form of currency.

Nabiullina expressed optimism that the digital ruble would bring increased convenience and cost-efficiency to both individuals and businesses, presenting a promising new opportunity. She underscored that no one would be compelled to use the digital ruble, stating, No one is going to force anyone into the digital ruble. But we 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.

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