Russia Takes New Step With Digital Ruble, Demands Guarantees One Problem

On September 16, the Central Bank of Russia sent a request to the country's Ministry of Finance, requiring that from now until July 1, 2025, all major domestic credit institutions must ensure customers' ability to transact with digital Ruble currency.

Digital Ruble. (Source: Coingeek)

Digital Ruble is a digitized form of the local currency Ruble, used in payments and money transfers.

Currently, Russia is testing these digital transactions such as opening and depositing money into accounts, transferring money, and receiving money.

Moscow plans to widely use the digital ruble, people and businesses will be able to use it as an equivalent to cash or money - free for people, preferential fees for businesses.

Banks and credit institutions will have time from now until July 1, 2026 and July 1, 2027 to complete their systems.

In parallel, the Central Bank of Russia also plans to set a deadline to mandate the application of digital currency payments at service providers.

The country also hopes that the digital ruble will be able to be freely transferred to foreign accounts. To do this, the Central Bank is currently negotiating with partners and integrating its system with similar ones.

In early August 2024, Governor of the Central Bank of Russia Elvira Nabiulina announced that after testing, the digital ruble will be widely used no later than 2025, and the entire application process will take 5-7 years.

Source: https://baoquocte.vn/nga-co-buoc-tien-moi-voi-dong-ruble-ky-thuat-so-yeu-cau-bao-dam-mot-van-de-286619.html