Putin signs law on the digital ruble

On 24 July, President of the Russian Federation Vladimir Putin signed the law introducing the digital ruble and the creation of the corresponding electronic platform.

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The law designates the Bank of Russia as the operator of the platform for CBDC.

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The new financial instrument will be stored on digital accounts, which may be opened by foreign banks as well. In addition, financial institutions will be obliged to prevent fraudulent attempts against the asset.

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In due course, the Bank of Russia’s board will develop rules for operations with the digital ruble, determine the tariffs on transactions, and set the deployment timeline for customers in banks.

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Earlier, the Bank of Russia said the security of the national digital currency in Russia is assured at the very highest level, as its development was carried out under the supervision of the FSB.

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Earlier, on 11 July, the State Duma approved the law on the introduction of the digital ruble. The document immediately passed its second and third readings. The main provisions will take effect on 1 August 2023.

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Russian citizens will have the opportunity to use the national digital currency in 2025–2027.