Russia's State Duma has officially approved a law paving the way for the introduction of the digital ruble. This move signifies a significant step towards modernizing Russia's financial infrastructure and exploring central bank digital currencies (CBDCs). According to state news agency TASS, the legislation mandates that credit institutions and foreign banks operating in Russia must facilitate digital ruble transactions using universal payment codes. This aims to ensure interoperability and widespread adoption of the new currency. The law is scheduled to come into effect on September 1, 2026. While the full implications are still unfolding, experts suggest the digital ruble could streamline payments, reduce transaction costs, and potentially enhance financial transparency. It remains to be seen how this development will impact the Russian economy and its relationship with the global financial system. The introduction of the Digital Ruble Payment is a signicant change for the economy in the coming years. ```
