Putin Signs Law for Digital Ruble Rollout in 2025 Amid Crypto Mining Concerns

Jul 17, 2024, 02:43 PM

Russia plans to fully roll out the digital ruble in 2025, a new form of currency that holds the same value as the traditional ruble. The digital ruble, with each unit having a unique code, will allow the Central Bank to monitor transactions, restrict its use, and potentially seize assets. President Vladimir Putin has signed the digital ruble bill into law, creating a legal framework for the country's central bank to issue its own digital currency. Putin emphasized the need to widely implement the digital ruble across various sectors of the economy and develop conditions for digital assets both domestically and in foreign trade. Additionally, Putin has raised concerns about cryptocurrency mining, warning that it risks overloading Russia's electrical grid and causing widespread power outages. The Energy Ministry estimates that crypto mining consumes on average 16 billion kilowatt-hours per year, almost 1.5% of Russia’s total electricity consumption.