Russia launches digital ruble

MOSCOW

A new form of the national currency -- the digital ruble -- was rolled out in Russia on Tuesday.

The digital ruble will be put into circulation with 13 banks initially.

In the experimental phase, participants will test the opening and closing of digital wallets, and their transfers between individuals, as well as payment for goods and services in digital rubles using a QR code.

As many as 30 trade and service enterprises in 11 cities, which were previously selected by banks and the Central Bank, will test the payment.

Starting in 2023, the Central Bank plans to gradually expand the use of the digital ruble.