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HomeLatest NewsThe law on the digital ruble was approved: answers to complex questions...

The law on the digital ruble was approved: answers to complex questions in simple terms

Date: July 19, 2024 Time: 23:12:46

The new law defines the basic concepts and rules of circulation of the digital ruble.

Photo: REUTERS

Now this entity, hitherto incomprehensible to many, will become the third aggregation state of our currency. Along with cash and non-cash. The law is only basic. Defines the basic concepts and standards. I will talk about them now.

– Equality. The ruble will now have three forms, but they will be identical to each other. One digital ruble will be equal to one ruble in cash and one ruble in a bank account.

– Seamless. It will be possible to transfer money from one form to another without commission. How can you now deposit cash into a bank account through a cashier or ATM? And the bank will not charge a penny for this operation. You can also put rubles in a digital wallet for free. How to get them out.

– Security. The money will be stored in a digital wallet. The registry will be maintained by the Central Bank. At the same time, it will be possible to access your digital money through the mobile application of any bank. The Central Bank will be responsible for your digital savings.

– Cheapness. The fees for entrepreneurs for accepting payments in digital rubles will be 0.3% of the payment. For comparison, the regular acquisition costs on average 2% and a transfer by cuar code through the Quick Payment System costs 0.5%.

– There is no interest. It will not be possible to open deposits in digital rubles and receive interest income. This functionality is not provided. In the same way, it will not be possible to obtain a loan in digital rubles. This clearing was left for banks and microfinance organizations.

– Anywhere. It will be possible to pay with digital rubles anywhere, even where the Internet does not work. And where people still pay only in cash, without using bank cards. How exactly this offline operation will work is still unknown. The tests of the digital ruble will begin in August.

– Free transfers. Most likely, the introduction of the digital ruble will deprive banks of part of the fee income from the transfers they receive even when they are transferred between accounts of the same person at different banks. The scheme will work like this. The customer transfers money from his account at a bank to a digital wallet. Open another bank’s app. And he performs the reverse operation: he transfers his money from the digital wallet to the account in this bank. Under this scheme, it will be possible to transfer up to 300 thousand rubles per month for free. This is three times more than the limit of 100,000 rubles per month under the Quick Payment System.

PS These are the basics. Some of them will take on nuances and change a bit. The specific time for the introduction of the digital ruble into mass use is not defined by law. Komsomolskaya Pravda will follow this process.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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