On 24 July, Russian president Vladimir Putin signed the digital ruble bill into law, allowing the country's central bank to issue its own CBDC.
The central bank could begin testing the CBDC, beginning 1 August.the digital ruble bill into law. The step authorizes the country’s central bank, the Bank of Russia, to issue its own central bank digital currency .
Both houses of Russia’s parliament passed the bill over the last two weeks. The third and final hearing of the bill took place on 11 July. It has been awaiting President Putin’s approval since then.Notably, the bill defines users legally; it also details how banks will function and operate under the new financial framework.it began the project pilot with a number of Russian banks in February 2022.
There are news reports about Russia facing severe inflation due to Western financial sanctions against the country. Western countries imposed these sanctions in response to Russia’s war against Ukraine.
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