The Central Bank of Russia will introduce Digital Ruble in 2023

The Central Bank of Russia will introduce Digital Ruble in 2023

The Central Bank of Russia will introduce Digital Ruble in 2023
The Central Bank of Russia will introduce Digital Ruble in 2023

According to Russian central bank officials, the digital Ruble will be launched in 2023, according to the bank’s plans, after the implementation of the infrastructure and initial tests.

According to “The Block”, senior officials of the Central Bank of Russia, in a virtual news conference on Thursday, presented the main details of the National Digital Currency (CBDC) plans of the bank.

Alexei Zabotkin, Deputy Chairman, and Olga Skorobogatova, First Deputy Chairman of the Central Bank of Russia, explained how the full launch of the digital Ruble could be done in 2023 according to the current timetable.

Thursday’s announcement is in line with previously announced plans by the Central Bank of Russia for the digital Ruble. Previous reports have suggested that the bank plans to implement digital Ruble infrastructure by the end of 2021 and test prototypes of the currency by 2022.

It now appears that the digital currency of the Central Bank of Russia will be realized in the next two years. At Thursday’s event, some operational specifications of how the digital Ruble works were also discussed.

For example, the Central Bank of Russia will try to control non-cash transactions for a smoother transition to digital Rubles. Zubatkin said restricting non-cash transactions is expected to make up for the lack of liquidity when offering digital Rubles.

Russia’s national digital currency also has a two-tier system similar to China’s digital Yuan; In this way, the central bank distributes the national digital currency among third-party companies, such as commercial banks, and these companies give it to users.

Skorobogatova, a board member of the Central Bank of Russia, told a conference on Thursday that 73 percent of transactions in Russia had been digitized. This marks a significant shift in the world of purely Russian criticism in recent years.

“Skorobugatova said:

The digital Ruble serves as the third form of money. Why the third figure? We have cash, we have non-cash, and the digital Ruble will be like a Ruble token that combines cash and non-cash features.

 

 

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