Russia's State Duma is set to finalize the 'digital ruble' law in June, according to Anatoly Aksakov, chairman of the Duma's Financial Markets Committee.

The digital ruble will operate on a unique digital code and will be securely stored in an electronic wallet, allowing for direct transactions from one e-wallet to another. The Central Bank of Russia will be the exclusive operator of the currency and will initiate live testing of the digital ruble amongst real users.

The digital ruble is expected to streamline bilateral settlements with China and could potentially mark a paradigm shift in worldwide financial digitization.