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The Central Bank of the Russian Federation

The Central Bank of the Russian Federation is exploring the possibility of issuing a digital ruble

October 13, 2020|
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The Central Bank of the Russian Federation (The Bank of Russia) is considering the possibility of issuing a digital ruble and is currently assessing the prospects of its introduction. The digital ruble will be an additional form of the national currency and will be issued by the Central Bank in digital form; it will combine the characteristics of cash and non-cash rubles.

“All three forms of the Russian ruble will be absolutely equal: 1 ruble in cash is equivalent to 1 non-cash ruble, and 1 digital ruble will be equivalent to each of them”, - the regulator explained.

The digital ruble can be used to pay for goods and services, make payments to organizations and the state, funds transfers, pay for transactions with financial instruments and digital financial assets.

QR codes or biometric technologies can be used to make payments using the digital ruble. Companies will be able to use the digital ruble to complement the existing cashless payments system.

The Central Bank points out that introduction of the digital ruble can contribute to the creation of a secure environment for the functioning of smart contracts and settlements without the use of substitutes, and will also stimulate innovations. The Central Bank has not yet announced the time frames for issuing the digital ruble.

“Digital ruble” report (in Russian)

Original (in Russian)

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