This Wednesday, a bill to legalize Ruble’s digital (CDBC) version has been passed through Federation Council. The bill previously went through State Duma last week.
The bill now requires President Vladimir Putin’s signature for final confirmation. After the signature, the testing and experimental phase on Digital Ruble could start from the 1st of August.
Russia’s central bank, the Bank of Russia will be granted authority to be the platform operator for Digital Ruble. This bill also defines user-side legal statements as well as describes how accounts are operated with the bank.
Also Read: Russian Parliament Passes Bill Introducing Digital Ruble
With this bill, Russia could also join the leading economies such as India, China and Japan, in piloting the Central Bank Digital Currency (CDBC) project. Back in 2022, the Indian central bank RBI announced its plan to launch CBDC referred to as Digital Rupee.
The Digital Ruble will be used to make payments via digital wallets provided by the central bank or other partnered banks.
