Russian President Vladimir Putin has signed into law a bill that will grant legal tender to a “digital ruble” amid severe Western sanctions and rising inflation brought on by the war in Ukraine. 

Under the bill, Putin has granted legal authority to the Bank of Russia—the country’s central bank—to serve as the platform operator for the central bank digital currency (CBDC). The bill also provides legal definitions for users and specifies how banks will operate under the new framework.

Although the bill now has Putin’s green light, Russian officials have said they do not expect the digital ruble to be widely adopted for years. In an interview with Forbes, Olga Skorobogatova, the deputy chair of the central bank, said most citizens will only begin receiving access to online wallets by 2025 at the earliest.

Unlike a cryptocurrency like Bitcoin, a CBDC is a centralized token with a value tied to a national fiat currency. Today, Russia’s ruble is considered to be among the world’s worst-performing currencies because of rising inflation, which has been accelerated by the West’s sanctions after Moscow launched a war against Ukraine last Feburary.

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Author: Nicholas Morgan

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