Russian Duma Approves Digital Ruble

Objectivity 4.8 | Credibility 4.8 | Relevance 4.6

Russia has taken one stop closer to introducing its central bank digital currency (CBDC) as the lower chamber of the Federal Assembly of the Russian Federation, the State Duma, passed the digital ruble in the third reading on July 11.  The bill sets forth the legal definitions of the “platform,” “participants,” and “users,” with general guidelines for the digital ecosystem.  The Bank of Russia (BoR), Russia’s central bank, will become the principal operator of the digital ruble infrastructure, as well as  having responsibility over all the stored assets.  The digital currency’s main function is to serve as a payment and transfer method, but its users cannot open a savings account. The digital ruble test pilot program will begin between 2023 and 2024, with mass rollout for Russian citizens projected by 2027.