Russia rolls out digital ruble on Sept. 1, keeps crypto payments banned

On the 1st of September, major telecom firms and e-commerce businesses in Russia will introduce the digital ruble which will be a step further in promoting the state-supported currency in daily transactions while preventing the adoption of cryptocurrencies.

Moscow takes a solid stance in the world of cryptocurrencies. The country allows investment and transactions involving cryptocurrencies but prohibits the use of cryptocurrencies for direct payments. While other markets are still busy discussing the concept of stablecoins, Russia has already moved into the future through the implementation of a central bank digital currency (CBDC) for payment in shops and, at the same time, keeping payments strictly limited to currencies controlled by the government.

Telecom giants flip the switch first

According to reports, three of the four primary mobile phone operators in Russia are preparing to accept digital rubles right from the launch. MTS, Rostelecom and MegaFon have officially confirmed the news to Vedomosti. Meanwhile, VimpelCom, the parent company of the Beeline operator, refused to comment on the issue.

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