President of Russia Vladimir Putin signed a law introducing the digital ruble and a relevant digital platform. From now on, Russia will have three forms of national currency available for circulation, including cash and non-cash rubles, as well as digital rubles. The law will take effect on August 1, 2023, with the exception of several provisions.
Transactions with the digital ruble will be carried out in a special information system. The new legislation signed by the president makes the Bank of Russia the system’s operator. The regulator will establish commissions for transactions with the digital ruble and the deadlines for Russian banks to provide their clients with the opportunity to use the new tool. Operations with the digital ruble will be free for individuals; businesses will pay 0.3% of the transaction amount.
“Digital tools penetration is on the rise,” says economist Sergei Khestanov, Associate Professor at RANEPA. “This means more transparent accounting and tighter control, as well as higher tax collection. A win-win situation.”
Those who pay taxes and comply with all the rules have nothing to worry about, the expert emphasizes. As experts noted earlier, the introduction of the digital ruble will also help Russia avoid international financial isolation.