The Bank of Russia has promised no obligatory transfer of salaries and pensions to digital rubles when they are finally in use.
According to a formal government document, President Vladimir Putin signed the measure establishing the digital ruble into law on July 24, advancing Russia’s central bank digital currency (CBDC).
The digital ruble law is officially set to go into effect on August 1, 2023, with all but one rule prepared for enforcement. The third article, which amends various federal laws of Russia, including those pertaining to bankruptcy and inheritance, is anticipated to go into effect in August 2024.
The Russian central bank will officially launch the first CBDC pilot with actual users in August according to the new legislation. Previously, the government had planned to launch trials with 13 local banks, including powerhouses like Sberbank, in April.
The central bank of Russia will oversee all stored assets and serve as the primary operator of the digital ruble infrastructure under the recently approved law.
The digital ruble is not intended for investment; rather, it is intended to be used as a means of payment and money transfer. Along with rubles in cash and non-cash, the digital ruble is anticipated to function as a third form of currency.
Elvira Nabiullina, governor of the Bank of Russia, is reported to have said on July 24 that people of Russia will not be compelled to use the CBDC and that individuals will be free to choose whether or not to use the digital ruble. She remarked:
“No one is going to force anyone into the digital ruble […] But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”
Olga Skorobogatova, a deputy governor of the Bank of Russia, claims that the government does not anticipate widespread use of the digital ruble in Russia until 2025 or possibly 2027.
The announcement follows the third and final reading of the digital ruble bill approved by Russia’s State Duma, the country’s lower house of parliament, on July 11.
On July 19, the bill was subsequently passed by the Federation Council. According to official records, the digital ruble bill was initially registered in December 2022.
The implementation of cryptocurrency regulation in Russia has been delayed repeatedly, despite the country’s politicians moving fast on CBDC legislation.
Anatoly Aksakov, a State Duma official, pledged in May to approve four bills pertaining to cryptocurrency mining, taxation, and international settlement. The legislation has not advanced much since then.
