Vladimir Putin Approves Russia’s CBDC Launch, Set to Debut in 2025 According to Reports
Reportedly, Russian President Vladimir Putin has approved a new central bank digital currency (CBDC) bill, paving the way for the launch of a digital ruble.
The bill allows the country’s central bank to conduct pilot tests for the digital currency, starting as early as next month. According to Elvira Nabiullina, the chair of the Bank of Russia, the use of the digital ruble will be completely voluntary, providing citizens and businesses with the option to make payments and transfers using the digital currency. Citizens’ payments and transfers will be free of charge, while businesses will incur a fee of 0.3%. Olga Skorobogatova, first deputy chairman of the Bank of Russia, speculates that widespread adoption of the digital ruble could occur between 2025 and 2027, envisioning a future where all citizens can hold digital wallets and utilize digital rubles.
The Bank of Russia, along with 13 other banks, plans to collaborate on the pilot program for the issuance and circulation of the digital ruble.
Clever Robot News Desk 25th July 2023
