Digital ruble will be launched in Russia

The leading countries of the world economy have been participating in the race to create their own digital currencies for more than a year.China is actively testing the digital yuan, there is a serious debate in the US about the need for a digital dollar, and the ECB is launching a pilot project for the digital euro.

Now the Bank of Russia has officially entered the race to digitalize the economy, starting public consultations on the issue of a digital ruble. The regulator announced this on its official website.

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 safety" of payments using modern technologies:

“Responding to the changing needs of citizens and businesses, the Bank of Russia is assessing the possibilities and prospects for issuing the digital ruble.”

It is assumed that with the release of the digital ruble,citizens will be able to credit digital rubles to their electronic wallets and use them using mobile devices and other media, both online and in the absence of access to the Internet:

"For offline operations, without access tocommunication networks, users will be able to pre-reserve a certain amount of digital rubles in their electronic wallet, just as they now take cash with them when they go to places where payment cards may not be accepted. "

Addition to the traditional ruble

Also, the Central Bank of the Russian Federation believes that the digital rublewill contribute to "reducing the costs of settlements and increasing financial availability." At the same time, the regulator emphasizes that the digital ruble will not replace fiat currency, but is an addition to the usual forms of money.

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So far, the Bank of Russia is studying three forms of creating a digital ruble: using a decentralized ledger, a centralized ledger, or a hybrid model.

In the case of a hybrid model, the CBR will be able toto combine all the requirements for the digital ruble on the basis of modern technologies, but at the same time "it is necessary to take into account the costs of maintaining the two solutions, including their integration."

When exactly the Central Bank of the Russian Federation will issue the digital ruble, and whether it will be released at all, remains unknown.

According to the President of the Russian Associationcryptocurrencies and blockchain (RAKIB) Yuri Pripachkin, to create a digital ruble "half a year is enough" in the presence of qualified personnel and an approach. Nevertheless, it is not worth waiting for the digital ruble until the legislation is agreed, which will allow the creation of a digital ruble and approve other cryptocurrencies, Pripachkin noted.

In pitch darkness

In April 2020, first deputyBank of Russia Governor Olga Skorobogatova said that no one in Russia or anywhere else “can give a convincing answer” to the question of what a central bank digital currency (CBDC) is, or explain to the regulator the difference between electronic payments and CBDC.

Moreover, back in November 2019, State Duma expertson the budget and taxes, as well as on the financial market, noted that the regulator does not pay due attention to the problem of digitalization of the financial sector. All news about the development of the domestic cryptocurrency market can be studied in our special section.

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