Central Bank will present an updated concept of the digital ruble in the summer

The regulator has already received feedback on the digital ruble project from banks that were wary of the introductionnational digital currency.

The Central Bank of Russia this summerwill present an updated concept of the digital ruble, which will be more convenient for banks. Earlier, the regulator received detailed feedback from banking organizations on the draft national digital currency. Most banks have supported the two-tier digital ruble model, which allows them to open wallets for their clients on the Central Bank platform and conduct transactions. The head of the Central Bank Elvira Nabiullina spoke about this at a meeting with representatives of the banking sector, which took place on 18 February.

According to her, after the discussion stage of the projectdigital ruble will be followed by the stage of creating and testing a platform that will service transactions with the national digital currency. To implement these plans, it is necessary to introduce appropriate amendments to the legislation, Nabiullina noted. The head of the Central Bank explained that she understands the distrust of some banks in the introduction of the digital ruble. She recalled that digitalization is a process that has already changed the payment market in many countries around the world, being a global trend.

Now the regulator is considering the possibility of introducingthe limit on the conversion of bank customers' funds into digital currency for the first time after the introduction of digital currency. This will help banks to more easily predict their liquidity, said the first deputy chairman of the Central Bank Olga Skorobogatova.

Previously, cellular operators offered to createwallets for storing digital rubles on smart devices, as well as creating additional services for the new form of currency. Beeline and Megafon argued that linking a phone number to an electronic wallet would increase the functionality of the third form of currency.

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