Russia's president Vladimir Putin signed the digital ruble bill into law today, allowing the country's central bank to issue its own digital currency.

The digital ruble, which the Bank of Russia has long been mulling over, will be used for payments along with other methods, according to the new amendments to Russia's Civil Code.

The digital ruble accounts will be managed by the central bank, the law says. The bill passed its third, final hearing on July 11 and had been waiting for the president to be signed.

Digital ruble is a CBDC project the Bank of Russia has been working on since 2020, when the Bank of Russia published its first analytical report on the topic.

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