Russia: Putin authorizes the central bank to launch a CBDC

Russian President Vladimir Putin signed a bill of law authorizing the central bank of the country to issue a digital rouble.

Vladimir Putin promulgated, on Monday July 24, a law establishing a legal framework for a digital roublereported Coindesk. The bill had been passed in the summer of 2022 and required the signature of the head of state to come into force.

The Bank of Russia explores the possibilities offered by central bank digital currencies (CBDC) since 2020. Under the bill, the central bank will serve as the platform operator for the future CBDC.

A pilot should be launched next month. However, a Bank of Russia official recently stated on Forbes that a real launch was not planned until 2025.

“I think all citizens will be able to open wallets, receive digital rubles and use them. by 2025-2027 “declared Olga Skorobogatov, the central bank’s first deputy governor.

According to the Bank for International Settlements, the majority of central bankers around the world (93%) are today “engaged in some form of work” with CBDC.

While states such as China have begun issuing this type of currency, there could be 15 retail CBDCs and 9 wholesale CBDCs in circulation by 2030, according to the BIS.

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