Russia’s Digital Ruble Launches September 1: No Fees, Voluntary Use and a Bright Red Logo

On September 1, the Bank of Russia will put the digital ruble into circulation, making it available to every Russian in the autumn. The color of its logo is already known, along with details of how the new form of the national currency will work. What Is the Digital Ruble? As Alla Bakina, director of the Bank of Russia's National Payment System Department, explained to RIA Novosti, the digital ruble is the same ruble that people use in everyday life, only in a new form. "The digital ruble is essentially the same as a cashless ruble, only it will be held in the user's wallet on the Bank of Russia's platform. People have different habits. Some are accustomed to using cards, others use electronic wallets, while others use payment services and so on. The digital ruble is another additional means of making transfers and payments,” Bakina said.