Putin signed the law on the digital ruble – with access through “Gosuslugi”
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From August 2023, the Russian ruble will also exist in digital format – in addition to the current cash and non-cash ones. The law on this was signed by the President of Russia, Vladimir Putin.
The digital ruble is a unique electronic code that will be issued exclusively by the Central Bank. Like ordinary money, it is backed by gold and currency reserves and tied to the ruble exchange rate. Digital rubles can be used for payments, but not for deposits and loans.
Electronic rubles will be stored in digital wallets. Open the wallet will be allowed in the application of different banks, but it will be located on the platform of the Central Bank. To access the wallet, you also need an ESIA account – all “Gosuslug” users already have it – and an electronic digital signature.
Thus, the Central Bank will be able to monitor the transactions of the owner of the digital wallet. Also, in theory, it is possible to control the movement of digital money: it is possible to sew a code into it that will allow or prohibit spending it for certain purposes. At the same time, the Central Bank assures that “there is no need to organize total surveillance of citizens” and “there will be no digital concentration camp.”
Access to the digital ruble for all Russians is planned to open no earlier than 2025.
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