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Russia May Test Digital Ruble CBDC Next Month, Pending Approval from Upper Parliament and President Putin

Russia may start testing its Central Bank Digital Currency (CBDC), the Digital Ruble, as early as next month if approved by the upper parliament and signed into law by President Vladimir Putin, according to Bloomberg.

The Bank of Russia would partner with 15 of the country's top banks to run a pilot program where individuals and companies could create a digital wallet on the bank's platform. Transactions with the Digital Ruble would be free for individuals, while companies would be charged a 0.3% fee.

The move towards a digital national currency is seen as a response to western sanctions that cut off Russian banks from the global financial system.

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