Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing – Finance Bitcoin News

According to the Central Bank of Russia, it is important that they continue with their digital ruble project. The top representative stated that the Central Bank of Russia has no plans to hold off on the trials, even though not all banks are ready.

Bank of Russia To Experiment with Digital Ruble Payments In This Year

The digital ruble is “very much needed,” First Deputy Chairman of Bank of Russia Olga Skorobogatova has recently remarked in a statement quoted by business news portal RBC’s crypto page. According to the top-ranking official, the regulator won’t delay the testing of the prototype currency platform.

We can easily implement the changes in legislative and testing legislation if we act quickly.

CBR, the Central Bank of Russia (CBR), began trials of the digital ruble in January. In mid-February they announced first successful transactions among individual wallets. These experiments, which will continue through 2022, are currently being conducted by at least twelve Russian financial institutions.

Skorobogatova said that the testing is not yet possible for all of the participating banks. She insisted that it should not impact the timeline of the project to create the Russian central banks digital currency (CBDC).

Skorobogatova announced earlier in the year that the second phase will begin in the autumn. The CBR will launch payments using the digital ruble for both goods and services, as well as transfers to the government during this stage. In collaboration with the Federal Treasury, smart contracts will be issued by the bank.

The digital ruble is the third incarnation of Russia’s national fiat currency, after paper cash and electronic — bank money — which will be issued by the Russian central bank. The digital ruble will be accessible online as well offline for Russians. According to the CBR, its CBDC will open up new possibilities for businesses and citizens.

Russia’s problems with the effects of the western sanctions on Ukraine have led to calls for cryptocurrencies to be used to finance international trade and circumvent these restrictions. An idea to make the digital ruble a reserve currency was also circulated last month as a way to reduce Russia’s dependence on the U.S. dollar, now, when its foreign currency reserves abroad are frozen.

Are you positive that the Central Bank of Russia will increase efforts to issue and test the digital ruble. Comment below.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.