The post Russia approves digital ruble bill, with a pilot set for August 2023! appeared first on Coinpedia Fintech News

Russia has officially approved the digital ruble bill, with the law set to take effect in August 2023. The legislation enables the central bank to launch the first central bank digital currency (CBDC) pilot with real consumers in August. The digital ruble is developed to serve as a payment and money transfer method and will act as the third form of money alongside cash and non-cash rubles. Russian citizens will not be forced to use the CBDC, and it will be a voluntary choice left up to individuals to decide. The digital ruble is not expected to see widespread use in Russia until 2025-2027.