Russia's Digital Ruble Bill Has Been Signed, Will Come into Force on August 1

According to an official document released by Russia, Russian President Vladimir Putin signed the digital ruble bill into law on July 24. Except for including laws related to bankruptcy and inheritance, the remaining laws will come into force on August 1. The new legislation formally authorizes the Central Bank of Russia to roll out the first CBDC pilot to consumers in August. The Central Bank of Russia will be the main operator of the digital ruble infrastructure and be responsible for all stored assets. The digital ruble is intended as a means of payment and remittance and is not intended for investment purposes. Elvira Nabiullina, head of the Central Bank of Russia, stated that Russian citizens will not be forced to use the CBDC and that the use of the digital ruble will be a voluntary choice.