Russia Readies Digital Ruble Pilot as War Squeezes Economy
- Bank of Russia may begin test of electronic currency in August
- Senators approved legislation on digital ruble on Wednesday
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Russia is pressing ahead with plans to introduce a digital ruble, joining a growing list of countries to experiment with the electronic currency as it’s wrestling with international isolation over its war in Ukraine.
Legislation to approve creation of the national digital currency was passed by the Federation Council, Russia’s upper house of parliament, on Wednesday. Once it’s signed into law by President Vladimir Putin, the Bank of Russia may begin tests of the digital ruble as soon as next month.