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Russia's Central Bank has decided on the concept of the digital ruble

April 8, 2021|
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The Bank of Russia published the revised Concept of the Digital Ruble which takes into account the outcomes of the public discussion of the previously presented report.

The target model for the introduction of a new form of currency provides that the Bank of Russia is the issuer of digital rubles and the platform operator. Financial organizations pen wallets for their clients on the central bank's platform and conduct operations.

Stages of project implementation:

December 2021 - creation of a prototype of the digital ruble platform

January 2022 - development of amendments to the legislation of the Russian Federation

I quarter. 2022 - launch of testing a prototype of the digital ruble platform

2022 - testing of a prototype of the digital ruble platform

Based on the testing results, a roadmap for the implementation of the target digital ruble platform will be formed.

The development of the platform is planned in two stages. The first involves the connection of credit institutions and the Federal Treasury, the implementation of C2C, C2B, B2C, B2B, G2B, B2G, C2G, G2C operations. As part of the second stage - the connection of financial intermediaries, the introduction of an offline regime, the exchange of the digital ruble for foreign currency and the possibility of opening wallets for non-resident clients.

Original (in Russian)

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