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Russia’s President Vladimir Putin has approved a new central bank digital currency (CBDC) bill, clearing the way for the launch of a virtual ruble, in a key step towards modernizing the country’s financial system. This development is a result of the nation’s efforts to accede to the global trend toward digital currency.
According to a recent report from the Russian business publication Vedomosti, the signed bill grants the country’s central bank the authority to initiate a pilot test of the digital ruble as early as next month. The aim of this pilot program is to assess the currency’s feasibility and potential impact on the country’s economy and financial system.
The Chair of the Bank of Russia, Elvira Nabiullina, assures that the adoption of the digital ruble will be entirely voluntary. Nabiullina emphasizes that individuals and businesses will have the freedom to choose whether they wish to use the digital currency or not.
She states, “No one is going to force anyone into the digital ruble. This is an absolutely voluntary use, this is an additional opportunity for people: if they want, they use it, if they want, they don’t use it.”
The digital ruble is anticipated to provide several benefits for Russian residents and companies once it is completely deployed. The currency will make payments and transfers for individual users simple and cost-free. However, despite a small price of 0.3%, companies will benefit from the simplicity of utilizing digital rubles for their financial activities.
The First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, voiced hope for the broad acceptance of the digital ruble in a recent interview with Forbes. By the years 2025–2027, according to Skorobogatova, all residents would be able to open digital wallets, receive digital rubles, and use them in their regular financial transactions.
She states, “I think that all citizens will be able to open wallets, receive digital rubles and use them on the horizon of 2025-2027.”
The Bank of Russia will be in charge of the creation and distribution of digital rubles. The central bank intends to work with 13 other banks to make the pilot test a success.