Russia began trading in digital rubles on August 1st.
(Baonghean.vn) - On July 24, Russian President Vladimir Putin signed a bill on the digital ruble, creating a suitable electronic platform and joining the list of countries testing digital currencies.
The law takes effect on August 1st. The Central Bank of Russia announced it will conduct a pilot program for real-world payments using digital rubles. Currently, 13 banks have been selected for this pilot program. The pilot program will operate on real transactions with real customers, but with a limited number of transactions and customers. This program allows individuals and businesses to open an electronic account on the central bank's platform, accessible through any lending bank. Transactions using digital rubles will be free for individuals.
Once the testing process is complete, the Russian Central Bank will be able to determine exactly how to provide the digital ruble to the entire population.
Initially, when conceiving the concept of a digital ruble, the Russian Central Bank predicted that widespread use of the currency would begin in 2030. However, facing sanctions imposed by the US and its allies, which excluded Russian banks from the global financial system, the Russian Central Bank was forced to accelerate the launch of the digital ruble.
The head of the Russian Central Bank said that citizens will be able to begin using the digital ruble on a large scale around 2025-2027. According to the plan, the exchange of the digital ruble for foreign currency will begin in 2024.
The Central Bank of Russia has consistently emphasized that, unlike other digital currencies, the digital ruble is just like the regular ruble, issued solely by the Central Bank of Russia, and managed by the state.
Thus, with the introduction of the digital ruble, Russia's national currency will be issued in three forms: cash, non-cash, and digital.
