According to an official document, Russian President Putin signed the Digital Ruble Bill on July 24, which will take effect on August 1, 2023, with all rules ready to be implemented except for one. The third clause includes revisions to several Russian Federation laws related to bankruptcy and inheritance, and is expected to take effect in August next year.



The new legislation officially authorizes the Russian central bank to launch the first CBDC pilot aimed at real consumers in August. Previously, the government had planned to launch the pilot in April in collaboration with 13 local banks, including major banks such as Sberbank.



Under the newly signed law, the Russian central bank will become the main operator of the Digital Ruble infrastructure and will be responsible for all stored assets. The Digital Ruble is designed to be used as a means of payment and transfer, rather than for investment purposes. (Cointelegraph)