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Law on digital ruble to be passed in June — State Duma member

Earlier, it was stressed that the testing of the digital ruble on real transactions will only start after a respective regulatory framework is adopted

MOSCOW, May 16. /TASS/. Russia’s State Duma (lower house) may pass the law on introduction of the digital ruble in June, Chairman of the Duma’s Financial Markets Committee Anatoly Aksakov told a conference on Tuesday.

"The bill on the digital ruble has been submitted, which I think we will pass in the spring session. It has already been passed in the first reading, which means in June it is to be passed in the second and third readings," he said.

Russia’s Central Bank unveiled the digital ruble concept in mid-October 2020. The digital ruble would represent a third form of money, in addition to cash and electronic funds, and will take the form of a unique digital code to be kept in a special e-wallet. It will pass from one user to another as a digital code transmission from one e-wallet to another.

The regulator stressed earlier that the testing of the digital ruble on real transactions will only start after a respective regulatory framework is adopted.

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