Bank of Russia Prepares Digital Ruble Pilot Project

The program of the Central Bank of Russia in the field of digital currency, against the background of the global trend, is accelerating work on the creation of a national cryptocurrency - the digital ruble (CBDC).

This month, the Central Bank of Russia said it would consider launching a national digital currency. Perhaps this happened against the backdrop of the rapid development of the digital yuan and the upcoming pilot project of the Euro Bank, the Bank of Russia is changing its policy towards the national cryptocurrency. Although a year earlier it claimed that it saw no need to create and release a digital version of the ruble. Following the change in the Central Bank's rhetoric, a group of Russian commercial banks have also expressed their desire to join the project.

From media reports it became known. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, expressed the expectation that the pilot project of the digital ruble will be launched in the first half of 2021 . Stated that the rules on CBDC-related issues may differ from future ones. Accounts focused on crypto assets are coming in and will be released shortly.

From information received from various sources, it became known that most Russian banks have begun preparations for the creation of digital wallets compatible with the digital ruble. However, some institutions have expressed confidence that the international banking sector is lagging far behind China in creating the CBDC digital currency.

The central bank added that compared to other payment and settlement methods, CBDC will allow users to receive lower fees and a wider range of services.

It is also said that the mobile application will allow making purchases and transfers offline, transactions can be carried out through ATMs, payment terminals, banking applications and interfaces of the Internet banking platform.