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Putin signs law to introduce digital ruble

Russia's high inflation persists in January data
Source: Pixabay

On Monday, Russian President Vladimir Putin approved a legislation regarding the implementation of the digital ruble, which will take effect on August 1.

The digital ruble will be introduced alongside Russia’s traditional fiat currency, the ruble. Users will have the option to conduct transactions using the digital ruble through a newly established electronic platform operated by the Bank of Russia.

In a recent announcement, the Bank of Russia revealed its intention to commence a pilot project involving the use of real digital rubles in August.

The Bank of Russia has clarified that there will be no mandatory requirement to switch salaries and pensions to digital rubles. Just like cash and non-cash rubles, the digital ruble will not have an expiration date, the Russian media reported.

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Brendan Taylor

Brendan Taylor was a TV news producer for 5 and a half years. He is an experienced writer. Brendan covers Breaking News at Insider Paper.

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