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Russia Approves Law to Introduce Digital Ruble

The Russian Duma has approved a law that will introduce a digital ruble, making Russia the largest nation to officially adopt a central bank digital currency (CBDC) should President Vladimir Putin sign off on the law. Discussions of a digital currency issued by the Russian state have been ongoing for years, with a pilot program set to debut in 2022.

The Bank of Russia will operate and organize the digital ruble platform, according to a press release from the Russian government. This move comes as 93% of central banks show interest in exploring a CBDC in some form, according to a 2022 Bank of International Settlements survey.

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