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.
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.
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.