To support the Russian economy, Moscow launches the digital ruble. He officially announced this to the Duma Elvira Nabiulina, governor of the Central Banking Institute. “We quickly created a prototype of the digital ruble and are now testing it with banks,” he explained.
Nabiulina was keen to point out that the digital ruble it is not a cryptocurrency, but a CBDC, supported by the Central Bank. CBDC actually stands for “Central Bank Digital Currency” and differs from cryptocurrencies precisely in its official status: the latter, in fact, are not recognized, while a CBDC is a currency with full legal tender, exactly like those in paper and metal. The digital ruble will flank cash and electronic money, but with a complementary role and without the aim of replacing them.
Five Russian banks at the forefront of the “digital ruble” operation
The first test phase has already been completed in December 2021 and the new test will take place in 2023. Initially, five banks will be involved, with another seven to be added later on. Although planned for some time, the issue of digital ruble it is considered “fundamental” for the objective outlined by Vladimir Putin: to accelerate as much as possible the transition from the dollar “to the ruble and other national currencies” in Russia’s international transactions.