The digital ruble may go to the masses in 2023

The Bank of Russia has decided on the concept and timing of testing the digital ruble. A full-fledged launch can take place in two years.

At the online press conference, representativesThe central bank discussed a plan to launch a new form of money. They said that the issuance of the digital ruble will be dealt with exclusively by the Central Bank and will distribute it through second-tier banks. Individuals and legal entities will be able to access it through separate e-wallets through a mobile application.

All customer service operations andCompliance with AML/CFT regulations will be carried out by intermediary banks. Financial institutions will receive the new type of money in the same way as cash – buying from the Central Bank.

Bank of Russia considers digital rublesolely as a convenient payment instrument, not a store of value. Therefore, storage limits may exist in the early stages. Transfers not related to commercial activities will be free, and the commission for the purchase of goods and services should not exceed 0.4-0.7% of their value.

Mobile banking will allow you to make offline transfers in the digital ruble, but their mechanism is still being developed.

The central bank will use a hybrid platformdigital ruble, consisting of both a centralized system and distributed ledgers. A prototype of the system should be developed by the end of this year, with the first tests scheduled for 2022. With the success of the pilot project, real tests can begin as early as 2023.

In this area, Russia still lags behindChina, where state banks have already begun to open wallets for the digital yuan to everyone, as well as the United States, which plans to launch a prototype of the digital dollar this summer.

</p>