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Russian central bank prioritizes digital ruble

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The Central Bank of Russia (CBR) will provide the opportunity to exchange the digital ruble for foreign currency and allow non-residents to open wallets. A document published on the regulator’s website stated this.

Thus, the regulator announced its intention to gradually expand the range of participants and types of available operations.

In 2022, at the testing stage, credit institutions will connect to the system and implement C2C (customer to customer) operations. The second stage involves the accession of the Federal Treasury, the implementation of smart contracts. As well as operations involving business and the state.

The platform will provide targeted delivery of targeted payments

In the future, non-bank payment service providers, exchanges, brokers, marketplaces and insurance companies will have access to the platform. Therefore, the developers will ensure the exchange of the digital ruble for foreign currency. Also, give the possibility of opening wallets to non-resident customers.

According to CBR, the possibility of using the digital ruble offline will increase the availability of financial services for the population. Due to uniform tariffs, the costs of conducting operations with it will reduce. The platform will also provide targeted delivery of targeted payments to citizens and businesses.

Furthermore, CBR and the Ministry of Finance confirmed plans to launch the digital ruble; as the third form of money until 2030. “One of the key projects in the field of digitalization in the future until 2030 will be the launch of the digital ruble – the third form of money issued by the Bank of Russia and its obligation,” the document says.

A full-fledged replacement for cryptocurrencies

Testing of the new financial instrument will take place on the basis of 12 banks in the first quarter of 2022. It includes Sberbank, Tinkoff Bank, VTB, Rosbank, Promsvyazbank, Alfa-Bank, Gazprombank, Ak Bars Bank, DOM.RF Bank, SKB-Bank, Soyuz Bank and TKB-Bank.

At the same time, the State Duma will begin drafting amendments to the legislation necessary for the introduction of the digital ruble into the country’s economy. CBR noted that the necessary amendments and a roadmap for the implementation of the asset; will be developed based on the results of testing a prototype of the digital ruble platform. It will begin in January 2022.

Earlier, the head of CBR Elvira Nabiullina said that the digital ruble will become a full-fledged replacement for cryptocurrencies for Russians.

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