Russia to start trading in digital rubles from August 1
(Baonghean.vn) - Russian President Vladimir Putin signed the digital ruble bill on July 24, helping to create a suitable electronic platform, joining the list of countries testing cryptocurrencies.
The law comes into force on August 1. The Central Bank of Russia said it will run a trial run of real payments in digital rubles. Currently, 13 banks have been selected for this test. The pilot program will operate on real transactions, real customers, but with a limited number of transactions and customers. The program allows individuals and businesses to open an electronic account on the central bank's platform, accessible through any lending bank. Transactions in digital rubles will be free for individuals.
Once the testing is complete, the Central Bank of Russia will be able to determine exactly how to make the digital ruble available to the entire population.
Initially, when the concept of the digital ruble was conceived, the Russian Central Bank predicted that widespread use of the currency would begin in 2030. However, faced with sanctions imposed by the US and its allies, cutting Russian banks out of the global financial system, the Russian Central Bank was forced to speed up the process of launching the digital ruble.
The head of the Central Bank of Russia said that citizens will be able to start mass use of digital rubles around 2025-2027. According to plans, in 2024, the exchange of digital rubles for foreign currency will start.
The Central Bank of Russia has repeatedly stressed that, unlike other crypto currencies, the digital ruble, like the regular ruble, is issued solely by the Central Bank of Russia and is managed by the State.
Thus, with the appearance of the electronic Ruble, Russia's national currency will be issued in 3 forms: Cash, non-cash and digital.
