Putin Calls for “Full-Scale Implementation” of Digital Ruble
September 8th, 2024Via: Off-Guardian:
Praising the “efficiency and functionality” of the Bank of Russia’s CBDC, Russian President Vladimir Putin instructed his government on Wednesday to prepare for the widespread introduction of the digital ruble.
“Now we need to take the next step, namely: move to a broader, full-scale implementation of the digital ruble in the economy, in business activities and in the financial sector,” Putin said during a meeting on economic issues.
Since August 2023, the Bank of Russia has been conducting a pilot program for the digital ruble involving 12 banks, 600 individuals and 22 trade service enterprises. The program will be expanded in September to include an additional 20 credit institutions. Participants will be able to make payments via QR code during the second phase of testing.
The law on the digital ruble was adopted in July 2023, designating the Bank of Russia’s CBDC as the third form of national currency. The CBDC will be introduced into the economy beginning in 2025.
