Russian President Vladimir Putin Signs Digital Ruble Bill into Law
Russian President Vladimir Putin has officially approved and signed the digital ruble bill into law, signaling Russia’s progress in implementing its central bank digital currency (CBDC) plan. The digital ruble law is set to come into operation on August 1, 2023, with the exception of amendments to multiple federal laws, which will be enforced from August 2024. The central bank of Russia will operate the digital ruble infrastructure and take responsibility for all assets stored.
Main Points:
- The digital ruble law will be in effect from August 1, 2023, with an exception for amendments to federal laws.
- Russia’s central bank will operate the digital ruble infrastructure and be responsible for assets.
- The digital ruble is designed for payment and money transfer purposes, not for investment.
- Russian citizens will not be forced to use the digital ruble but are encouraged to do so for convenience.
- The government does not expect mass adoption of the digital ruble before 2025 or 2027.
The signing of the digital ruble bill follows the Russian State Duma’s approval and registration of the bill in December 2022. Meanwhile, the regulation of cryptocurrencies in Russia has faced numerous delays, with promised bills regarding crypto mining, taxation, and international settlement crypto yet to be introduced by the State Duma.
My Hot Take
The approval of the digital ruble bill in Russia marks a significant step in the country’s CBDC implementation plan. While the government hopes for increased convenience and cost-effectiveness with the digital ruble, the mass adoption of this new payment method might still take several years. It will be interesting to see how the Russian public responds to the digital ruble and how it may impact the broader crypto landscape in the country.
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