- Russian President Vladimir Putin officially signed the digital ruble bill into law on Monday, making way for the legislation governing the creation of a public central bank digital currency to take effect on Aug.1, according to an official government document.
The digital ruble is designed to serve as a payment and money transfer method and is not for investment purposes. BoR deputy governor Olga Skorobogatova added that the government expects the mass adoption of a digital ruble in Russia to have a time horizon of 2025-2027, and said the process will be phased and “will depend on the banks that we connect to the platform.”
No decision has been made on whether Japan will actually issue a digital yen, the BOJ said. That decision will ultimately be decided by the government and parliament. Joseph Angaye, deputy director of risk management at the CBN, said the upgrade is expected to play a crucial role in increasing the adoption rate for the eNaira.