By introducing the Digital Ruble, a central bank digital currency (CBDC), Russia is making a significant step toward the future of money. President Vladimir Putin signed a law establishing a digital platform for the use of the Digital Ruble into effect on July 24.
A new digital currency called the Digital Ruble is being introduced by the Central Bank of Russia. The Central Bank will be in charge of its management and storage, and it will be a third form of payment in addition to cash and non-cash rubles.
The law that introduced the Digital Ruble will come into force on August 1st, according to local news outlet Vedomosti. Individuals will have free access to the Digital Ruble, but corporations would have to pay a 0.3% tax.
The Digital Ruble is getting closer to becoming a reality. A bill allowing the Central Bank of Russia to issue the Digital Ruble has been approved by the Russian government. To test the Digital Ruble, the Central Bank plans to work with 15 of the biggest institutions in the nation.
Although it won’t be compulsory, the Central Bank of Russia expects that the Digital Ruble will be more accessible and cost-effective than alternative payment options, resulting in its broad adoption. The Russian economy now has a fresh opportunity.
The rules governing cryptocurrency exchanges are still being developed, according to Anatoly Aksakov, the head of the State Duma’s financial industry committee, but the government and Central Bank have reached an agreement.
