• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Bank of Russia to Launch Digital Ruble Prototype by End of Year

by CBDC Insider
May 20, 2021
in Business, Europe
Reading Time: 1min read
0
Bank of Russia to Launch Digital Ruble Prototype by End of Year
Share on FacebookShare on Twitter

The Central Bank of Russia (CBR) is preparing to release a digital prototype of the national fiat towards the end of 2021, a high-ranking official has confirmed. Transfers between private individuals will be free of charge with the digital ruble, which is going to have legal tender status on par with Russia’s traditional currency.

Bank of Russia to Work With Financial Sector on Digital Ruble Project

The monetary policy regulator of the Russian Federation, also known as Bank of Russia, has been working to digitalize the ruble since mid-October when its plan was announced to the public. The Russian central bank digital currency (CBDC) will be designed as a unique digital code stored in dedicated electronic wallets. The coin will become a fully-fledged means of payment that Russians will be able to use alongside the regular ruble.

The bank has already published a consultative report and presented the concept of the new digital ruble. “We’ll make a prototype at the end of the year,” CBR Deputy Governor Olga Skorobogatova said this week, quoted by RIA Novosti. Speaking at an open meeting of the parliamentary Financial Markets Committee, Skorobogatova noted that Bank of Russia is going to work with the Russian financial sector to determine the different stages of the project’s implementation.

RELATED STORIES

Montenegro’s central bank teams up with Ripple

Montenegro’s central bank teams up with Ripple

February 1, 2023
Amid crypto winter, central banks rethink in-house digital currencies

Amid crypto winter, central banks rethink in-house digital currencies

January 24, 2023

Read more: https://news.bitcoin.com/bank-of-russia-to-launch-digital-ruble-prototype-by-end-of-year/

Previous Post

Breaking: U.S. FED Will Publish Report On Cryptocurrencies In Summer

Next Post

Powell Announces Forthcoming CBDC Paper

Next Post
Powell Announces Forthcoming CBDC Paper

Powell Announces Forthcoming CBDC Paper

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register