As per the formal government document, Vladimir Putin (the President of Russia) has authorized the legislation pursuing the establishment of the country’s CBDC project on the 24th of July. This development advances the central bank digital currency (CBDC) endeavours carried out by Russia. Following the authorization given by the country’s president to the digital ruble law, the legislation is now formally set to be implemented on the 1st of August this year.
Vladimir Putin of Russia Authorizes Digital Ruble Legislation into Law
On the 11th of this month, the Russian parliament’s lower house (State Duma) authorized the legislation in its 3rd reading. The legislation was initially registered back in December last year. Following that, the legislation got authorization from the Senate (the Federation Council) on the 19th of July. The central bank of Russia will conduct the launch of the first pilot project of the CBDC with real clients in August.
Formerly, the authorities had a strategy to release trials with thirteen regional banking institutions, taking into account Sberbank and other such powerhouses in April this year. The country’s central bank will oversee the entirety of the stored assets along with operating as the chief administrator of the infrastructure related to the digital ruble, according to the recently authorized law.
Using Digital Ruble Depends on Citizens’ Will, Says the Governor of the Bank of Russia
A noteworthy thing here is that users cannot use the digital ruble for investment purposes. On the other hand, the token is meant to be utilized just for financial transactions and payments. The digital ruble project’s intended operation is that of the 3rd currency form that will operate parallel to the ruble’s non-cash and cash-based forms. On the 24th, the Bank of Russia’s governor Elvira Nabiullina reported mentioned that the CBDC’s use will depend on the users’ choice.
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