Russia Approves Digital Currency CBDC Law!

The Russian State Duma passed the digital ruble bill on July 11. This development represents an important step forward for the CBDC currency. The new arrangement will be on President Putin's desk in the days ahead.
The bill, which took its final form last month, addressed the legal attributes of digital money such as “platform”, “participants” and “users”. The bill drafted by lawmakers also includes an outline of the way the CBDC works. According to the information reflected in the press, the Russian Central Bank BoR will be at the center of the digital ruble project and will establish the CBDC infrastructure.
Authorities want to facilitate payments and transfers thanks to the digital ruble. Individual customers will not pay CBDC transfers transaction fees, while corporate customers will pay a commission fee of 0.3% for each transaction. Russia wants to carry its digital currency initiative to other parts of the world.
Digital Currency and Risks
While the digitalization process in the country continued at full speed, some criticisms emerged. Gazprombank, a subsidiary of the state-owned gas company, expressed its cautious view on CBDC. The rapid transition poses significant risks to traditional finance, according to the bank.
Taking these criticisms into account, the authorities predicted a calmer transition to digital money. Russian Central Bank Deputy Governor Olga Skorobogatova pointed to 2027 for the final use of the digital ruble, which is expected to be tested between 2023 and 2024.
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