The Russian Federation has adopted a "law on the digital ruble"
On 24 July, the Russian Federation signed a law on the introduction of the digital ruble, the third form of national currency (along with cash and non-cash). This law defines the legal status of the digital ruble and establishes the possibility of settlements with it in Russia.
Digital ruble transactions will be possible through a special system operated by the Central Bank of the Russian Federation. It will approve the rules for conducting transactions on the digital ruble platform, determine the tariffs for such transactions and the timeframes within which banks will be able to conduct them, and act as the sole issuer of the digital ruble. In addition, the Central Bank will be responsible for opening digital wallets, conducting transactions, and a number of other functions.
Access to the digital rouble will be possible via banks' mobile applications and Internet banks. It is expected that transfers and payments in digital roubles will be free of charge for citizens and 0.3 per cent of the payment for legal entities.
Since the digital ruble is created primarily as a means of payments and transfers, a number of banking services will not be available in respect of it: it will not accrue cashback and interest on the balance, it will not be possible to issue loans or deposits in digital rubles.
The provisions of the law will come into force on 1 August 2023. It is assumed that mass implementation of the digital rouble will begin by 2025.
More details on the text of the Act can be found at this link.
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