Putin signed the law on the introduction of the digital ruble

Russian President Vladimir Putin on Monday, July 24, signed the law on the introduction of the digital ruble.

The third form of national currency – next to cash and non-cash money, the digital ruble will be a unique electronic code (token) and stored in a special wallet. An individual and a company can only have one such wallet.

The Bank of Russia will act as the issuer of the digital ruble, and its gold and foreign exchange reserves will serve as collateral for the new form of money. Operations with the digital ruble can also be carried out without access to the Internet – for this it will be necessary to reserve the amount in the digital wallet.

This year, the Central Bank plans to launch a pilot project to introduce the digital ruble with the participation of 13 banks and 30 commercial and service enterprises in 11 cities of the Russian Federation.

Russians will be able to access the digital wallet from their banking apps. To do this, you need to connect to the Unified Identification and Authentication System, as well as create a digital signature, which will need to be updated periodically.

The full launch of the digital ruble will take place only in 2025, said Elvira Nabiullina, head of the Central Bank of the Russian Federation, at a cabinet meeting last week.

“Only when we are convinced that everything is working smoothly will we decide to scale the digital ruble further,” she said.