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Russia Begins Large-Scale Introduction of Digital Ruble into Budget and Banking System
Summary: According to market reports, Russia has started a large-scale introduction of the digital ruble into the budget system and banking industry in preparation for full-scale promotion. Since the beginning of this year, the digital ruble has been actively used for transactions related to the country, and can now be used to transfer funds to the ...
According to market reports, Russia has started a large-scale introduction of the digital ruble into the budget system and banking industry in preparation for full-scale promotion. Since the beginning of this year, the digital ruble has been actively used for transactions related to the country, and can now be used to transfer funds to the government budget and make payments to federal agencies. Russia has set a phased timetable and deadline for the promotion of the digital ruble for banks and businesses, stipulating that by September 1, 2026, the largest banks and their retail customers in Russia must allow customers to transact using the digital ruble. The Russian Central Bank has also decided that as of last week, transactions using citizens' and companies' digital ruble accounts for tax payments, fees, and government-related payments will be exempt from fees.
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Link: Russia Begins Large-Scale Introduction of Digital Ruble into Budget and Banking System [Copy]
