April 21, 2021

Russia plans to launch digital ruble

Russia plans to launch digital ruble

Russian financial regulators confirm they are gearing up to launch central bank digital currency (CBDC).

On October 13, the Bank of Russia publisheda consulting document on the development of the Russian digital ruble. The document states that the digital ruble can become "an additional form of money, along with cash and non-cash money."

Before launching CBDC, Russia will need to create a payment infrastructure. At the same time, according to representatives of the central bank, the digital ruble will "have all the functions of money." They write:

The digital ruble will make payments faster,simple and safe. The national digital currency will also limit the risk of transferring funds into foreign digital currencies, which will positively affect macroeconomics and financial stability.

Users will be able to access digitalthe ruble using electronic wallets and mobile devices both online and offline. The digital ruble will be available to all citizens and companies, as well as the government.

According to Chainalysis, Russia ranks second in the world for the use of cryptocurrencies. The first place in this rating is occupied by Ukraine.

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