Russian Central Bank will Launch Pilot Test Program for Digital Ruble before the End of Next Year

Russia’s central bank has a plan to launch the digital ruble, but it will not replace paper money, claims Elvira Nabiullina, head of the central bank.

As reported by a local news agency, the central bank head unveils plan to roll out the pilot test program before the end of the next year. While talking at an online conference, Nabiullina expresses the goal that they will “collect feedback by the end of the year.” Currently, Russian authorities do not have a plan to develop a central bank digital currency, but if a decision is to be made to create a digital currency, they “will prepare a full-fledged concept.”

According to Nabiullina, the digital currency would be checked after distribution of it among a few numbers before its launch on a mass level. He explains such kinds of pilot tests are expected to take place by the end of 2021. The central bank of China, on the other hand, is testing its digital currency, DCEP, by distributing among citizens in Shenzhen.

Digital Ruble: Third Form of Money

The head of Russia’s central bank makes it clear that the coming digital ruble will not replace cash and non-cash. “We do not set the task of ousting some kind of money, it will be, in fact, the third form of money, along with cash and non-cash, which now exist,” he said.

As compared to cash, there will be no anonymity for digital rubble but they will focus more on confidentiality as it is one of their major tasks in the launching of CBDC.

Digital transformation will take place after the launch of the digital ruble. It will also make significant changes in the financial system and would assist in the “development of the digital economy as a whole.”

For cryptocurrency, the Russian authorities have not produced a complete regulatory statement. Besides unclear status about cryptocurrency in the country, it is one of the major hot spots where Bitcoin is gaining recognition on a large scale.

Some countries take the leading position in the development and launch of central bank digital currency. For instance, China will be the first country to issue a digital currency at a state level.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

YouTube Crypto Influencers Fall Victim Of Scam

 In 2021, the crypto community witnessed a tremendous rise that also led to crypto fraudsters coming out in their numbers to prey on the users of the platform. Of late, several YouTubers that capitalize on crypto content creation reported that their accounts were hacked and noticed that fraudulent videos had been put up on their […]

Binance Boss Loses $14B Overnight In A Bloody Crypto Market Correction

Even though the crypto market has been declining since the beginning of the week, it culminated in a massive decline on January 21, with BTC now trading at a 6-month low of $35.35K. Crypto Price Correction And Dwindling Wealth For CZ As widely reported in various media, the price of crypto-related stocks has not been […]

Robinhood Trials A New Crypto Wallet Transfer Feature 

Popular trading platform, Robinhood, has launched the trial version of its crypto wallet feature that allows its users to perform crypto transactions outside the platform. Feature Only Available For Select Users However, this feature (WenWallets) is only available to 1,000 selected users. Part of the press release issued by Robinhood states that the firm intends […]

Crypto.Com Issues Official Statement Regarding Security Breach

On January 20, Crypto.com issued an official statement to share details of its losses during a recent breach of its security network. Nearly $34m Worth Of Digital Assets Were Stolen – Crypto.Com Part of the statement revealed that hackers stole “444.94 BTC, 4,836.27 ETH and about $66.3K worth of other digital assets” from its platform. […]

Intelligent Contracts Can Reshape Business 

Unlike in ancient times, when merchants relied on clay tablets to keep their agreements, today’s equivalents increasingly rely on blockchain contracts. They want to employ intelligent contracts, which are decentralized apps (DApps) stored on the blockchain as executable code and can be activated by any network user. Smart contracts, which Ethereum first introduced, currently enable […]