The governor of the Bank of Russia claims that citizens will not be forced to use digital ruble.
Russia's President Vladimir Putin gave his official approval to the digital ruble bill on July 24th.
According to the public documents, the bill, which sets forth the framework for the Central Bank Digital Currency (CBDC) in Russia, will have the majority of its rules coming into force from August 1st, 2023.
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However, one rule will be implemented in August 2024. This regulation, known as Article 3, introduces changes to a series of federal laws, including those concerned with bankruptcy and inheritance.
During a press announcement on July 24th, Elvira Nabiullina, the governor of the Bank of Russia, revealed that Russians will not be forced to use digital ruble, stating:
No one is going to force anyone into the digital ruble <...> 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.
Initially planned to roll out in April, the pilot phase of the digital ruble involving real consumers is now scheduled for August. The pilot project will enroll 13 domestic banks, including influential entities like Sberbank.
As per the newly signed legislation, the Central Bank of Russia will manage the digital ruble ecosystem and will assume responsibility for all stored assets. The digital ruble, designed to enable payments and money transfers, will not cater to investment functions.
According to the Bank of Russia's deputy governor, Olga Skorobogatova, mass adoption of the digital ruble is unlikely to occur before 2025 or 2027.
The digital ruble is expected to coexist with cash and non-cash rubles, providing citizens with another transaction medium.
At the end of May, the news broke that Russia has shelved the idea of establishing a unified national cryptocurrency exchange.
