Russia to Launch Digital Ruble as it Faces Economic Challenges in the Face of Sanctions

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Russia plans to introduce a digital ruble, aiming to boost trade in national currencies, particularly with China and India, amidst US sanctions. The legislation, awaiting President Putin’s signature, is set for testing in August. Fifteen Russian banks have already committed to the program, offering digital wallets through their platforms. Individuals can enjoy free transactions, while businesses will incur a 0.3% fee. The digital ruble aims to address economic challenges and enhance accessibility and convenience for users.