Accumulate

Bank AI

Dogecoin

April

MN Coin

<ul> 
 <li>Russian President Vladimir Putin signed the digital ruble bill into law on July 24.</li> 
 <li>The Russian government’s central bank will be in charge of the digital ruble’s infrastructure.</li> 
</ul> 
The legislation governing the digital ruble has been approved and will go into effect on August 1, 2023, with the exception of one restriction. Article 3 is scheduled to go into effect in Russia in August 2024. Moreover, it amends various federal laws, notably those pertaining to bankruptcy and inheritance. 
According to a government document, Russian President <a href="https://en.wikipedia.org/wiki/Vladimir_Putin" target="_blank" rel="noopener noreferrer nofollow">Vladimir Putin</a> signed the digital ruble bill into law on July 24. Also, this means that Russia is going ahead with its central bank digital currency (<a href="https://thenewscrypto.com/altcoin-news-republican-rep-warren-davidson-calls-for-outright-cbdc-ban/" target="_blank" rel="noopener noreferrer nofollow">CBDC</a>). 
<h3 class="wp-block-heading" id="h-third-form-of-money">Third Form of Money</h3> 
Moreover, the new law gives the Russian central bank the green light to begin testing CBDC with actual users in August. Trials were originally planned to begin in April in conjunction with 13 local banks, including major players like <a href="https://thenewscrypto.com/russias-sberbank-reportedly-developing-ethereum-based-defi-platform/" target="_blank" rel="noopener noreferrer nofollow">Sberbank</a>. 
The Russian government’s central bank will be in charge of maintaining and protecting the digital ruble network as stipulated by the new legislation. The digital ruble’s only function is to facilitate transactions and wire transfers; it is not an asset in and of itself. 
Furthermore, it is anticipated that the digital ruble will function as a third form of money, joining the cash and non-cash rubles now in use. Also, <a href="https://en.wikipedia.org/wiki/Elvira_Nabiullina" target="_blank" rel="noopener noreferrer nofollow">Elvira Nabiullina</a>, governor of the Bank of Russia, allegedly said on July 24 that the CBDC would not be mandatory and that the usage of the digital ruble will be up to people to choose. 
Moreover, Deputy Governor of the Bank of Russia Olga Skorobogatova has said that widespread use of the digital ruble in Russia is not expected until 2025 or 2027. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/dogecoin-whales-accumulate-billions-speculating-on-their-intentions/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Whales Accumulate Billions: Speculating on Their Intentions</a>

Russian President Vladimir Putin Approves Digital Ruble Bill

Table of Contents

TheNewsCrypto

Other articles published on Jul 24, 2023

Binance to List OpenAI CEO’s Worldcoin (WLD)

Leading Cryptocurrency Exchange Updates $XRP Trading Campaign With $20,000 in Prizes

Ripple Says US Banks Will Want to Use XRP After Partial Court Victory, Borroe Helps Users Generat...

Attention! This Metric in Ethereum (ETH) Has Been Rising Since the Start of the Year!

Coinbase Shuts Down Borrow Program as it Shifts Focus to Institutional Clients

Dogecoin's (DOGE) Descending Triangle Sparks Optimism for a 23,200% Pump

Join our free newsletter for daily crypto updates!