Russia to introduce digital ruble

Russian President Vladimir Putin signed a law on July 24 that will create a digital ruble, the country’s first central bank digital currency (CBDC). The law will allow individuals and businesses to use the digital ruble for payments and transfers, Turanews.kz reports.

The digital ruble will be issued by the Bank of Russia, the country’s central bank. It will be stored in digital wallets that can be accessed through any Russian bank. Transactions with the digital ruble will be free for individuals, while businesses will have to pay a 0.3% fee on transactions.

The digital ruble is being introduced as part of the Bank of Russia’s efforts to modernize the country’s financial system. The central bank believes that the digital ruble will make it easier and more efficient for Russians to make payments and transfers. It will also help to reduce the use of cash, which the Bank of Russia believes is a security risk.