The Russian president signs the digital ruble law


Russian President Vladimir Putin signed the digital ruble law and launched an electronic platform for the Russian digital currency, starting August.

On Monday, the Russian State Duma recently adopted a new law establishing the digital ruble and conducting financial transactions with it.

Thus, the digital ruble in Russia becomes the third auxiliary of the national currency, along with the cash ruble and the virtual ruble.

The digital ruble will be used mainly as another means of payments and transfers, so it won’t be possible to open a deposit or obtain a loan with it, and no interest will be charged on the balances in digital wallets.

The law introduces the basic concepts, defines the legal status of the digital ruble and dealing with it, and the relationship between the Russian Central Bank, which will be the operator of the digital ruble platform, and its participants.

The digital ruble is a special token that will be stored in an electronic wallet and is set to become a full-fledged means of payment, along with the regular ruble.

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