Russian President Vladimir Putin has approved a bill providing the legal basis for the implementation of Russia’s central bank digital currency (CBDC), the Tass news agency and other Russian media reported. The new federal law introduces a third, digital form of the national currency, the ruble, after cash and non-cash (bank) money.
Putin’s signature opens the door for using the CBDC named “digital ruble” as a means of payment and for other transfers in the Russian Federation. These will be free of charge for citizens while businesses will pay a 0.3% commission on the amount transferred.
Transactions with the digital currency will be processed through a dedicated information system — the digital ruble platform. Under the law, the Central Bank of Russia (CBR) is the sole issuer of the CBDC and will be the only operator of its payment system.