Russia introduced the digital ruble on September 1, enabling major domestic banks and retail chains to handle payments and transfers with this new form of the national currency.
Individuals can open digital ruble accounts via participating banks’ mobile apps, allowing monthly transfers of up to 300,000 rubles (approximately $3,500) from traditional bank accounts to digital rubles, while businesses face no such restrictions.
The digital ruble becomes Russia’s third form of national currency alongside cash and bank accounts, retaining the same value as other ruble forms, reported Anadolu Agency.
Distinct from cryptocurrencies, the digital ruble is issued and backed by the Russian Central Bank.
The central bank aims to integrate the digital ruble with other central banks’ digital currency systems to lessen reliance on intermediaries, cut transaction costs, and mitigate sanctions risks in international payments. The EU prohibited digital ruble-related transactions as part of the 20th sanctions package adopted on April 23.
Illustrative photo: pexels-polina-tankilevitch-6927393














Leave a Reply