Russia’s ‘digital ruble’ goes live on September 1. Here’s what we know.
On September 1, Russians will be able to start paying with digital rubles. That is the day Federal Law No. 248-FZ, passed last year, takes effect. This is a completely new instrument, and it works differently from the cashless payment methods people are used to. The Central Bank calls it a new — digital — form of Russian currency, added to the two that already exist: cash, in the form of banknotes and coins, and cashless money, in the form of funds in bank accounts.