Russia makes digital ruble official

President Putin has signed the necessary law to introduce the electronic currency

Russian President Vladimir Putin signed a law on Monday that introduces a digital ruble. According to the document published on the official government portal, the electronic currency will become operational on August 1.

The digital currency will be issued alongside the traditional ruble – both cash and non-cash. It will be used to make transfers and payments and will be kept in digital wallets on a platform operated by the central bank. It will not be possible to open a deposit, take out a loan, or receive interest on the digital currency.

The president also introduced relevant amendments to the Civil Code to enable the digital ruble to be bequeathed and inherited.

READ MORE: Bitcoin has ‘no future’ – Russian finance official

The idea of introducing a national digital currency was unveiled by the Bank of Russia in late 2020. Unlike virtual currencies such as Bitcoin, the digital ruble is projected to pose minimal risk, as it will be issued by the state monetary regulator and backed by traditional money.

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