Russian Federation Codifies Digital Ruble as the Official Currency

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• A bill on the issuance and the use of digital rubles has been submitted by a group of deputies headed by Anatoly Aksakov to the State Duma.
• The Bill aims at expanding the use of digital rubles among businessmen and the state.
• The Bank of Russia will be the operator of the digital ruble.

Reportedly, a group of deputies headed by Anatoly Aksakov, the Chairman of the Financial Market Committee submitted a bill on the issuance and the use of the digital ruble, the Central Bank Digital Currency (CBDC) issued by Russia’s monetary authority, to the State Duma.

Notably, the Russian Federation has codified the digital rubles as the official currency of the Federation and has taken initiative to include the asset into the financial system of the nation.

Aksakov assured that the bill’s purpose is to provide fast, convenient, and budget-friendly money transfers.

Specifically, the explanatory note on the document stated:

The bill’s goal is to expand the payment infrastructure by expanding the use of digital technologies by citizens, businesses, and the state, increasing the availability, speed, convenience, and security of payments while reducing costs through legislative consolidation of approaches to the transfers of digital rubles.

Along with presenting the principal bill on ...

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