Putin signs law on introduction of digital ruble in Russia
Russian President Vladimir Putin signed the digital ruble bill into law on July 24, 2023. It will take effect on August 1, 2023, with all but one rule ready to be enforced. Article number three — which includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance — is expected to take effect from August 2024. The new legislation empowers the Russian central bank to launch the first CBDC pilot in August. According to Bank of Russia governor Elvira Nabiullina, Russians will not be forced to use the digital ruble. [Read more at CoinTelegraph]
State Bank of Pakistan working on central bank digital currency
State Bank of Pakistan (SBP) Governor Jameel Ahmad reportedly informed the Senate’s Standing Committee on Finance and Revenue that the central bank is working on central bank digital currency (CBDC). The governor said that the SBP is proceeding cautiously, and is currently reviewing work done by other central banks. [Read more at ProPakistani]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Upcoming conferences, webinars and speaking engagements:
- I’ll be lecturing at the Digital Euro Association (DEA) Digital Money Academy on July 27, 2023. [Register here]
Kiffmeister’s central bank digital currency monthly monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.
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