Putin Gives Nod to Digital Ruble: Russia’s CBDC on the Horizon
Reportedly, Russian President Vladimir Putin has approved a new bill regarding a central bank digital currency (CBDC), leading to the forthcoming launch of a digital ruble.
As per a recent report by the Russian business publication Vedomosti, the approved bill allows the country’s central bank to pilot the digital currency as early as next month.
Elvira Nabiullina, chair of the Bank of Russia, emphasized that the use of the digital ruble is entirely voluntary.
She clarified that individuals will not be forced to adopt the digital ruble, providing an additional choice for people who may or may not decide to use it.
According to the report, citizens and businesses can conduct payments and transfers using digital rubles. Notably, there will be no fees for citizen transactions, while businesses will incur a 0.3% fee.
READ MORE: US Congressman’s Bold Move: Calling for CBDC Ban
In a recent interview with Forbes, Olga Skorobogatova, the first deputy chairman of the Bank of Russia, expressed optimism that the digital ruble could see widespread adoption as early as 2025.
She anticipated that by 2025-2027, all citizens would have the opportunity to create digital ruble wallets, receive digital rubles, and use them for transactions.
The Bank of Russia will be responsible for the issuance and circulation of digital rubles and has plans to collaborate with 13 other banks for the pilot program, as confirmed by Skorobogatova.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
