Digital ruble testing will begin at the end of 2021

The Russian Central Bank may launch testing of the digital ruble as early as the end of next year, it saidRF Central Bank Chairman Elvira Nabiullina during an online conference.

According to her, after discussing the previously presented report and collecting feedback on it, the Central Bank will decide on the advisability of launching its own digital currency.

“Then, in our opinion, there must bethe stage of piloting with a limited number of users in order for everything to be worked out. We consider such piloting possible sometime by the end of next year ", - said Nabiullina.

Also, the chairman of the Bank of Russia said that public consultations on the issue of the digital ruble will last until the end of this year.

“… If a decision is made about the expediencylaunching the digital ruble, we will already prepare a full-fledged concept, then there should be a mandatory, in our opinion, stage of piloting with a limited number of users, so that everything is worked out and we understand how it works. We consider such piloting possible sometime by the end of next year ", - said the head of the regulator.

According to Nabiullina, the project is digitalof the national currency "organically fits" into the development of the country's digital economy. In her opinion, “digital transformation is under way” in the country:

“We see how rapidly this is developing in our country. <…> The digital ruble is a further step in this direction.”She added.

Let us recall that earlier the Bank of Russia began publicconsultations on the issuance of a digital ruble. The decision to study in more detail the potential issue of digital currency is associated with the formation of a request from society “to increase the speed, convenience and security” of payments using modern technologies, the country’s central bank notes.

However, the market is still completely legalizedcryptocurrencies, apparently, are not included in the plans of the regulator, which previously limited investments in cryptocurrencies to unqualified participants in the financial market in the amount of up to 600 thousand rubles per year. At the same time, the special representative of the Russian President for digital and technological development, Dmitry Peskov, believes that Russia is several years late to the race to digitize the economy.

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