[Learn Macroeconomics and Double Your Monthly Income] New Developments in Russian Digital Currency

Elvira Nabiullina, Governor of the Central Bank of Russia, reiterated that the Central Bank of Russia's digital currency (CBDC) will be widely used in the next five to seven years. According to local media reports on July 30, Nabiullina recently spoke to the Federation Council and said that CBDC has significant benefits for payments. It is expected that by 2031, the digital ruble will become a familiar part of daily life, and its advantages such as free transfers for individuals and lower transaction fees for businesses will promote adoption.

The digital ruble is currently in an advanced pilot phase, running alongside cash rubles and non-cash rubles, providing new payment transfer methods without generating interest on balances. President Putin signed the Digital Ruble Act last year, which will be implemented from August 15, 2023, and designated the Bank of Russia as the operator. The pilot phase will be tested by 13 local banks for basic functions, and plans to expand in 2025.

In addition to the digital ruble, Russia also has actions in Crypto assets. The State Duma passed a bill to legalize BTC mining and allow the use of Crypto assets in international trade, aiming to address the challenges faced by banks due to regulatory restrictions and international sanctions. The new law establishes a regulatory framework to oversee mining activities. The bill allows the sale of Crypto assets obtained from mining under certain conditions, but prohibits their use for domestic payments. In addition, Russia is also considering legalizing stablecoins for international transactions, and the Ministry of Finance has also made relevant suggestions. Let us wait and see what the future holds! #俄罗斯央行 #数字货币超话