Putin authorizes the digital Ruble: The new era of the Russian currency

Vladimir Putin Digital Ruble
Russian President Vladimir Putin delivers his speech at a ceremony to mark the 75th anniversary of Russian Federal Medical-Biological Agency in Moscow, Russia, Wednesday, Nov. 9, 2022. (Sergei Bobylev, Sputnik, Kremlin Pool Photo via AP)


  • The Russian president has authorized new legislation for the launch of the central bank’s digital currency, the digital ruble.
  •  Elvira Nabiullina, President of the Bank of Russia, emphasizes that the use of digital currency will be completely voluntary for citizens and companies.
  • The vice president of the Bank of Russia predicts that the widespread adoption of the digital ruble could happen on the horizon of 2025-2027.

Russian President Vladimir Putin has given his approval for a new law on central bank digital currency (CBDC), allowing the implementation of the digital ruble.

A recent report by Vedomosti, a Russian business publication, indicates that the law signed by Putin enables the country’s central bank to start the testing phase of the digital currency next month.

Elvira Nabiullina, president of the Bank of Russia, assures that the use of digital currency will be completely voluntary, according to the report. Nabiullina express,

“No one is going to force anyone to use the digital ruble. It is a completely voluntary additional opportunity for people: if they want, they use it, if they don’t, they don’t.”

According to the report, both citizens and businesses will have the ability to make payments and transfers using digital rubles. Payments or transfers by citizens will be exempt from commission, while for companies a fee of 0.3% will be applied.

In a recent interview with Forbes, Olga Skorobogatova, first vice president of the Bank of Russia, predicted that widespread adoption of the digital ruble could take place as early as 2025.

Skorobogatova states,

“I think that all citizens will be able to open wallets, receive digital rubles and use them in the horizon of 2025-2027.”

The Bank of Russia will be the entity responsible for the issuance and circulation of the digital rubles and also has plans to collaborate with 13 other banks for the pilot project, according to Skorobogatova.