Russian President Vladimir Putin has reportedly given the green light on a new central bank digital currency (CBDC) bill, allowing for the launch of a digital ruble.
According to a new report by the Russian business publication Vedomosti, the bill Putin signed into law allows for the country’s central bank to test pilot the digital currency as soon as next month.
Elvira Nabiullina, chair of the Bank of Russia says the use of the digital currency is purely voluntary, according to the report.
Says Nabiullina,
“No one is going to force anyone into the digital ruble. This is an absolutely voluntary use, this is an additional opportunity for people: if they want, they use it, if they want, they don’t use it.”
According to the report, citizens and businesses will have the ability to make payments using digital rubles as well as transfers. Citizen payments or transfers will not carry a fee, while there is a fee of 0.3% for businesses.
According to a recent Forbes interview, Olga Skorobogatova, first deputy chairman of the Bank of Russia, says that widespread adoption of the digital rubble could come as soon as 2025.
Says Skorobogatova,
“I think that all citizens will be able to open wallets, receive digital rubles and use them on the horizon of 2025-2027.”
The Bank of Russia is the responsible party for the issuance and circulation of digital rubles, and it also plans to partner with 13 other banks for the pilot, according to Skorobogatova.
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