Tue Jul 25, 2023 – 3:23 pm EDT
MOSCOW (LifeSiteNews) — Russian President Vladimir Putin has signed a bill into law that will introduce a Central Bank Digital Currency (CBDC) to the Russian economy.
According to the state-owned Russian News Agency (TASS), the digital ruble “will be issued along with existing forms of money” by the Bank of Russia, the country’s central bank.
“It will be possible to carry out transactions with the new monetary format using the digital ruble platform – a special information system,” TASS reports.
READ: House member urges Congress to ‘criminalize’ CBDCs: ‘Tool for coercion and control’
According to the bill, the digital ruble may only be used “as a means for payments and transfers,” and “does not provide for the possibility to open a bank account using digital rubles or to obtain a loan in digital rubles.”
The idea of a Russian CBDC has been floated for several years. In 2020, the Bank of Russia published its first official report on the digital ruble. Shortly before the start of the Russia-Ukraine war in February 2022, the digital ruble started its pilot phase, with several Russian banks taking part in the test
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