Russian President Vladimir Putin signed a law on Monday that introduces a digital ruble. According to the document published on the official government portal, the electronic currency will become operational on August 1, 2023.
The Board of Directors of the Bank of Russia has also approved the logo of the national electronic currency – the digital ruble – the central bank announced on Thursday.
The digital currency will be issued alongside the traditional ruble – both cash and non-cash. It will be used to make transfers and payments and will be kept in digital wallets on a platform operated by the central bank.
It will not be possible to open a deposit, take out a loan, or receive interest on the digital currency. The president also introduced relevant amendments to the Civil Code to enable the digital ruble to be bequeathed and inherited.
The idea of introducing a national digital currency was unveiled by the Bank of Russia in late 2020. Unlike virtual currencies such as Bitcoin, the digital ruble is projected to pose minimal risk, as it will be issued by the state monetary regulator and backed by traditional money.
The logo shows the ruble sign framed by a circle – the latter of which is a nod to the shape of a coin and also represents the central bank’s own logo, according to the regulator.
It will be integrated into mobile banking apps, in which users will be able to open digital wallets and make transfers and payments with the electronic currency.
The central bank plans to start pilot transactions with digital rubles involving a limited number of clients from 13 banks.
RT. com / ABC Flash Point news 2023.