Russia will begin rolling out its digital ruble on Tuesday, enabling major domestic banks and retailers to process payments and transfers using the new form of the national currency.

Individuals will be able to open digital ruble accounts through the mobile applications of participating banks and transfer up to 300,000 rubles (nearly $3,500) per month from their traditional bank accounts into digital rubles. Businesses will not face the same monthly limit, The Caspian Post reports, citing Anadolu Agency.

The digital ruble will become Russia’s third form of national currency, alongside cash and funds held in bank accounts. It will have the same value as other forms of the ruble.

Unlike cryptocurrencies, the digital ruble is issued and backed by the Russian Central Bank.

The central bank is also working to connect the digital ruble with digital currency systems operated by other central banks. The move is aimed at reducing reliance on intermediaries, lowering transaction costs and mitigating risks linked to sanctions in international payments.

The European Union banned transactions involving the digital ruble as part of its 20th package of sanctions, adopted on April 23.