Unlike conventional digital currencies, the digital ruble will be used as legal tender, according to Alexey Minaev, the deputy director of the Department for Digital Economy Development in the Ministry of Economic Development, as quoted by Izvestia.
Minaev said that this form of money has little to do with cryptocurrencies.
Development of the legal basis will start in January 2022, and amendments will be proposed to at least eight laws and five codes, the head of the Committee on Financial Markets in the Russian State Duma, Anatoly Aksakov, told the media.
The concept of a national digital currency was unveiled by the Bank of Russia in late 2020. The new form of money is expected to coexist with cash and non-cash rubles. Unlike virtual currencies such as bitcoin, the digital ruble is projected to pose minimal risk since it will be issued by the state monetary regulator, and will be backed by traditional money.
Earlier this year, the Russian Ministry of Finance said the introduction of the digital ruble will contribute to the further development of the payment infrastructure, increase competition, and help spread new innovative financial instruments. The ministry also promises to increase availability and reduce the costs of services for people and businesses.
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