The Russian Central Bank said Tuesday it was planning to adopt regulations that would allow it to pilot the country's new currency, the digital ruble, with real transactions as soon as August
MOSCOW (Pakistan Point News / Sputnik - 11th July, 2023) The Russian Central Bank said Tuesday it was planning to adopt regulations that would allow it to pilot the country's new currency, the digital ruble, with real transactions as soon as August.
The Russian parliament passed a bill earlier in the day that adopted the digital coin as the third payment option, in addition to cash transactions and cashless payment methods. It will take effect on August 1.
"The law has been adopted. Now we need to adopt necessary regulations, which we plan to do as soon as possible. We plan to pilot real digital rubles in August," the bank said in a statement.
Central Bank Governor Elvira Nabiullina said in April that the bank would not charge interest on the deposits on digital accounts, which will be used for payments and not for savings or loans.
The Board of Directors will set the tariffs on digital currency transactions. The preliminary estimates show that digital money transfers and payments will be free of charge for consumers, while for businesses they will cost the equivalent of 0.3% of the amount received.
