- The Russian Federation moves forward with its plans to introduce the digital ruble.
- The Federation Council would bring the legislation to approve the creation of the digital ruble on Wednesday.
- If approved and signed by President Vladimir Putin, the Bank of Russia would start the pilot program by the next month.
Russia is successfully moving forward with its plans to introduce its central bank digital currency (CBDC), the digital ruble, amid the dreadful Russian-Ukrainian war. As per a recent report, the Federation Council, Russia’s upper house of Parliament, would bring the legislation to approve the creation of the digital ruble, on Wednesday.
In February 2022, Russia officially launched the digital ruble trial, transferring the country’s first CBDC among citizens, as per the announcement of the Bank of Russia. The initial procedure of the trial enabled the users to open wallets on the digital ruble platform through a mobile application and make transactions using the CBDC.
Earlier this year, the Financial Market Committee of Russia, under the leadership of Chairman Anatoly Aksakov, submitted a bill on the issuance of the digital ruble to the State D…
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