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Progress seemingly being made on the development of a digital ruble in Russia

Progress seemingly being made on the development of a digital ruble in Russia

Quick take

1 minute read

  • The alleged plans by the government in Russia have just been confirmed by financial authorities in the nation as the country looks to issue its own central-bank digital currency.
  • The Bank of Russia released a consultation paper this week explaining the development of its own Russian ruble as the statement goes on to say that the digital currency could become an “additional form of money alongside cash and non-cash“.

The alleged plans by the government in Russia has just been confirmed by financial authorities in the nation as the country looks to issue its own central bank digital currency (CBDC).

The Bank of Russia released a consultation paper this week explaining the development of its own Russian ruble as the statement goes on to say that the digital currency could become an “additional form of money alongside cash and non-cash“. The project of the CBDC and its establishment will require the creation of further payment infrastructure according to the bank.

Furthermore, the bank has added to this saying that this CBDC will have all the necessary properties to be just like money and function in that way. On top of this, the bank has said that the digital ruble will be designed to make payments quicker and significantly more secure, saying:

The national digital currency will also limit the risk of reallocation of funds into foreign digital currencies, contributing to macroeconomic and financial stability.”

Consumers will be able to access the digital ruble on the e-wallets according to the bank and will be able to be used both online and off-line.

The bank has further said:

“Thus, the digital ruble will supplement the monetary circulation and will be used simultaneously with cash rubles and funds of the population and enterprises in accounts with commercial banks.”

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