On July 11th, sources from the Central Bank of Russia announced that the country will begin testing a digital version of the ruble with customers starting from August.
Russia, along with many other countries, has been developing digital currencies in recent years as part of efforts to modernize the financial system and regulate digital currencies like Bitcoin.
On March 16, the Russian State Duma (lower house of the Russian parliament) passed a bill for the first time to establish the use of digital ruble and implement cashless payments with the digital ruble.
The draft legislation also distinguishes between the concepts of “cryptocurrency” and “cashless payments in the form of transferring digital ruble,” as well as the concepts of “cryptocurrency” and “digital ruble.”
The Central Bank of Russia has conducted tests of the digital ruble with several banks in response to Western sanctions related to the conflict in Ukraine.