The Russian President Vladimir Putin has signed the digital ruble bill that will allow the country’s central bank to issue the ruble’s CBDC version.
The bill was previously passed through the State Duma and Federation Council, which was waiting to be signed by the President. The project pilot could come into action from the 1st August.
The digital ruble, to be issued and managed by the Bank of Russia, will be used for payments and other transactions. The bank will provide wallets and infrastructure regarding the use of this new digital currency across the country.
The Digital Ruble was introduced by the Bank of Russia in October, 2020. Since then, the bank was working on the project development and its testing with numerous Russian banks.
Following its conflict with Ukraine, Russia is heavily sanctioned by the USA and other several countries within Europe, thus the project is viewed as a potential tool against sanctions by the Bank of Russia.
