Russia’s central bank is planning to issue a digital version of the country’s Ruble currency this September.
The Bank of Russia says that the country’s commercial banks and retailers have finished preparing for the rollout of the digital Ruble in coming months.
The central bank says that systemically important banks and large domestic companies are technologically prepared to accept and move the digital currency.
The Bank of Russia adds that it is also considering letting commercial banks host digital ruble wallets on their balance sheets.
Commercial banks are expected to begin offering the central bank digital currency to clients starting on Sept. 1.
Russia is one of the first countries to move forward with a central bank digital currency. While other countries, such as the U.S., have considered a digital currency, few have moved forward with the idea.
The Bank of Russia says it is also discussing the usage of stablecoins for international settlements, but only as a supplement to the digital Ruble.
At the same time, Russia’s government is developing legislation for regulating cryptocurrencies.
News of the digital Ruble comes as the European Union expands its sanctions on digital asset platforms that enable Russia to evade penalties for its invasion of Ukraine.
Russia is also accused of using state actors to hack and steal cryptocurrencies to help fund its war with Ukraine.
Bitcoin (CRYPTO: $BTC), the largest crypto, is currently trading right around $62,000 U.S.
