Digital ruble to be introduced in Russia in August

Russian President Vladimir Putin signed a law introducing the digital ruble and creating an appropriate electronic platform. The Russian ruble will be presented in cash, non-cash and digital. Except for several provisions, the law will come into force on August 1, 2023.

As Bashinform News Agency learned, making transactions with the digital ruble will be possible using a unique information system. Following the law signed by the president, the Bank of Russia became the system operator. The regulator will also determine the tariffs for transactions with the digital ruble and the timeframe for which Russian banks must allow customers to use transactions with the new currency. For citizens, the cost of transactions with the digital ruble will be free, for businesses - 0.3% of the payment amount.

The digital ruble initiative was developed by a group of deputies headed by Anatoly Aksakov, the financial market committee chairman. The State Duma approved the law in the second and third readings on July 11. On July 19, the Federation Council approved the introduction of the digital ruble. The Bank of Russia has scheduled testing of digital rubles in actual transactions for August.