President Putin has approved a bill introducing the digital ruble as a new form of Russian fiat currency. Here are the key points:
1. Digital Ruble Authorized: The new law establishes the legal basis for Russia’s central bank digital currency (CBDC), the digital ruble.
2. Means of Payment: Citizens can use the digital ruble for payments and transfers within the country, free of charge. Businesses will pay a 0.3% commission on transfers.
3. Central Bank Control: The Central Bank of Russia (CBR) is the sole issuer and operator of the CBDC. Transactions will be processed through the digital ruble platform.
4. Digital Wallets: The CBDC will be stored in digital wallets accessible through mobile apps provided by commercial banks.
5. Limitations: Opening bank accounts with digital rubles or receiving loans in the CBDC is not permitted.
In summary, President Putin’s approval of the bill paves the way for the implementation of the digital ruble as a new form of Russian currency. It aims to provide an alternative payment method within the country and potentially bypass financial restrictions imposed due to the conflict in Ukraine. However, the use of decentralized cryptocurrencies like bitcoin is still undetermined in Russia.
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