More and more countries are working on a fully digital version of their national currency or central bank digital currency (CBDC). This also applies to Russia; in fact, the country has already come a long way. The legal basis for the digital ruble is now officially ready, as President Vladimir Putin has signed it.
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Government and Regulation
Russia is getting closer to the digital ruble
The Russian central bank has been working on its own CBDC since 2019, but there is a lot to it. As a successor to the existing ruble, the project is very large, meaning politicians are keeping an eye on things. Last summer, Putin signed a law allowing the central bank to issue a digital ruble. However, at that time it was only an approval for a pilot project.
According to Telesputnik, approval for the final version has now been added. Putin has signed a new law for this purpose. The government has introduced certain requirements regarding taxation. For example, the government can impose taxes on the money a citizen has in a CBDC account if the amount is not in their bank account. If necessary, he can also pause payments and the platform operator must keep documentation for the tax authorities.
The digital ruble is already very close
Russia plans to allow consumers and businesses to use CBDCs from March 2024. An “offline version” must also be added by 2025. It will still be digital, but with this feature you will no longer need an internet connection to make transactions. An official logo already exists, as it was unveiled in August.
Russia is no longer the only country where the launch of a CBDC is imminent. In China, for example, civil servants are already paid in the digital yuan. The European Union is still working on legislation for the digital euro, but the Dutch cabinet has already given the green light to a digital euro.
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