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3 Aug, 2023 15:25

Russia unveils logo for new digital ruble

Pilot transactions with the electronic currency will start this month, the central bank has announced
Russia unveils logo for new digital ruble

The Board of Directors of the Bank of Russia has approved the logo of the national electronic currency – the digital ruble – the central bank announced on Thursday.

The logo shows the ruble sign framed by a circle – the latter of which is a nod to the shape of a coin and also represents the central bank’s own logo, according to the regulator.

It will be integrated into mobile banking apps, in which users will be able to open digital wallets and make transfers and payments with the electronic currency.

The central bank plans to start pilot transactions with digital rubles involving a limited number of clients from 13 banks. 

The digital ruble will be issued alongside traditional currency – both cash and non-cash. Unlike virtual currencies such as Bitcoin, it is believed to pose minimal risk, as it will be issued by the state monetary regulator and backed by fiat money.

For more stories on economy & finance visit RT's business section

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