Russia's Digital Ruble to Go Live on September 1

Russia's digital ruble, also known as a new electronic token issued by the Central Bank, will go live on September 1. The instrument works differently from cashless payment methods people are used to and is meant to provide an alternative way of paying and transferring money without relying on banks' fees and limits.

Russians will be able to access their digital ruble accounts through the channels they already use, such as banking apps and online banking. The new instrument can only be used for payments and transfers and cannot be used to open a deposit account or take out a loan in digital rubles.

The Central Bank promises that digital ruble transactions will be free for individuals, while businesses will pay a minimal fee of 0.3%. The regulator also plans to develop smart contracts as a feature of the digital currency, which can automatically transfer funds once certain conditions are met.