The CBDC bill for the digital ruble in Russia created a functional framework for the working of the digital currency, which has been finally passed.
Russian President Vladimir Putin has approved a CBDC bill that has been in the works for a long time in the country. The digital ruble law that Putin has passed is a major milestone for central bank digital currencies (CBDCs) in Russia. The law will come into effect from August 2023.
A rule under the law will take time to implement, though. It includes changes to bankruptcy and inheritance laws and many other federal laws. The Bank of Russia will now be responsible for launching the digital ruble. It will likely launch the CBDC pilot in the upcoming month. The central bank will also be the major operator of the digital currency’s infrastructure.
“No one is going to force anyone into the digital ruble […] But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity,” said the central bank’s governor, Elvira Nabiullina.
The digital ruble will not be used as an investment vehicle in Russia. Its application will apply as a payment transfer method. Moreover, it will act like a form of money along with non-cash rubles and cash. As the Bank of Russia mentioned, citizens of the country will be able to make a voluntary choice to use the CBDC.
The Bank of Russia also stated the government expected the mass adoption of the CBDC only by 2025 or 2027.