Russian President Vladimir Putin has signed a law on the introduction of the digital ruble and the creation of a corresponding electronic platform. The document is published on the official portal of legal information.
It implies an additional form of the Russian national currency, which will be issued along with existing forms of money. That means that the Russian ruble will have three forms: cash, non-cash and digital.
It will be possible to carry out transactions with the new monetary format using the digital ruble platform – a special information system. Under the law, the Bank of Russia is the operator of the platform.
According to the document, the digital ruble will be used as a means for payments and transfers. The law does not provide for the possibility to open a bank account using digital rubles or to obtain a loan in digital rubles.
Under the law, all persons who are not operators or participants in the digital ruble platform are not allowed to use the phrase “digital ruble platform” or any derivative words and expressions in advertising.
Inheritance of digital rubles
The document provides for the possibility of bequeathing rights to digital rubles, including through testamentary dispositions. The procedure for issuing such orders will be determined by the Russian government in agreement with the Bank of Russia.
In addition, heirs are given the opportunity to receive digital rubles from the account of the testator to organize his funeral. If there are digital rubles on the account of the testator, the Bank of Russia will be obliged, by order of a notary, to provide them to the heir to pay the relevant expenses.