{"id":344730,"date":"2023-07-24T20:31:43","date_gmt":"2023-07-24T19:31:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=344730"},"modified":"2023-08-04T14:21:06","modified_gmt":"2023-08-04T13:21:06","slug":"president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run\/","title":{"rendered":"President Putin approves digital Ruble, as Russia prepares for crypto exchange trial run"},"content":{"rendered":"<p>Russian President Vladimir Putin s<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">igned a law introducing a central bank digital currency (CBDC), the D<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0\">igital<\/span> R<span class=\"css-901oao css-16my406 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0\">uble,<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> and creating an electronic platform for its use, local media Tass <a href=\"https:\/\/tass.com\/politics\/1651135\">reported<\/a> on July 24, citing official documents.<\/span><\/p>\n<p>The Digital Ruble will serve as a third means of payment alongside cash and non-cash Rubles, with the Central Bank responsible for operating the infrastructure and custody of all assets.<\/p>\n<p>Local medial platform Vedomosti <a href=\"https:\/\/www-vedomosti-ru.translate.goog\/economics\/news\/2023\/07\/24\/986637-putin-podpisal-zakon-ob-ispolzovanii-tsifrovogo-rublya?from=newsline&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp&_x_tr_hist=true\">reported<\/a> that the law would become effective by August 1. It added that individual transactions with the Digital Ruble would be free, while companies would charge a 0.3% fee.<\/p>\n<p>Last week, Russia's Federation Council <a href=\"https:\/\/cryptoslate.com\/russia-could-begin-digital-rubles-testing-as-early-as-next-month\/\">approved<\/a> the Digital Ruble's amendment bill, and the country's central bank is expected to partner with 15 major banks in the country for the currency's pilot scheme.<\/p>\n<h2>Digital Ruble's use would be voluntary<\/h2>\n<p>Elvira Nabiullina, the governor of the Bank of Russia, said using the national digital currency would be voluntary.<\/p>\n<p>Nabiullina reportedly <a href=\"https:\/\/www-vedomosti-ru.translate.goog\/finance\/news\/2023\/07\/21\/986416-nikto-nikogo-zagonyat-ne-budet?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp&_x_tr_hist=true\">said<\/a>:<\/p>\n<blockquote><p>&#8220;No one is going to force anyone into the digital ruble [&#8230;] But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.&#8221;<\/p><\/blockquote>\n<h2>Russia allows the creation of crypto exchanges<\/h2>\n<p>In another development, Russia would allow the creation of crypto exchanges for two years through an experimental legal regime, Vedomosti <a href=\"https:\/\/www-vedomosti-ru.translate.goog\/finance\/news\/2023\/07\/24\/986704-aksakov-dopustil-zapusk-kriptobirzh?from=newsline&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp&_x_tr_hist=true\">reported<\/a>.<\/p>\n<p>Anatoly Aksakov, \u00a0the Chairman of the State Duma Committee on Financial Market, stated that the laws surrounding these platforms were yet to be ironed out but pointed out that an agreement with the Central Bank has been reached.<\/p>\n<p>Aksakov noted a need for local legislation for Russians' use of cryptocurrencies with external partners.<\/p>\n<p>In May, <em>CryptoSlate<\/em> <a href=\"https:\/\/cryptoslate.com\/russia-backtracks-from-plan-to-create-national-crypto-exchange\/\">reported<\/a> that Russia canceled plans for a national crypto exchange, with authorities promising to focus on rules allowing private companies to establish such exchanges.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russian President Vladimir Putin signed a law introducing a central bank digital currency (CBDC), the Digital Ruble, and creating an electronic platform for its use, local media Tass reported on July 24, citing official documents. The Digital Ruble will serve as a third means of payment alongside cash and non-cash Rubles, with the Central Bank [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":344758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669],"tags":[76722,78716,77057],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Putin approves digital Ruble, as Russia prepares for crypto exchange trial run<\/title>\n<meta name=\"description\" content=\"Russia president Vladimir Putin has signed the central bank digital currency (CBDC), Digital Ruble, into law.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Putin approves digital Ruble, as Russia prepares for crypto exchange trial run\" \/>\n<meta property=\"og:description\" content=\"Russia president Vladimir Putin has signed the central bank digital currency (CBDC), Digital Ruble, into law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-24T19:31:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-04T13:21:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/07\/vladimir-putin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/president-putin-approves-digital-ruble-as-russia-prepares-for-crypto-exchange-trial-run\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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