Russia: a prototype of the digital ruble will be released by the end of the year

Russia advances on digital ruble

According to a report by local media outlet Prime, a platform to test this prototype digital ruble will be offered to selected users at the end of 2021.

The Bank of Russia intends to present a prototype platform for the digital ruble by the end of the year and in 2022, after refining the platform, start testing the currency, said the deputy chairman of the Central Bank Alexey Sabotkin

“By the end of the year, hopefully, we will be able to present a prototype of the digital ruble platform – some technology platform that can be twisted in the hands, but in which real transactions will not be done yet. Next year, based on this prototype, taking into account its refinement, we will be launching rounds of testing”

The regulator presented the idea of a digital ruble in mid-October last year. It is assumed that it will have the form of a unique digital code, which is stored in a special electronic wallet, and will be a full-fledged means of payment on a par with the usual ruble. The regulator has until April 1 to prepare the concept for the chosen model of the digital ruble.

 

The digital ruble: one of the first centralized currencies to come out?

Russia is far behind China, which is already testing its digital yuan before proposing it globally. But it has given a boost in recent months that could make it gain ground on the more hesitant Western economies.

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In any case, the creation of CBDCs  is becoming more pressing for central banks, at a time when more and more institutions are turning to cryptocurrencies. The risk was reported by the International Monetary Fund, which explained last month:

“Keeping pace with technological change, the needs of users and private sector competitors will be difficult for central banks.”

However, most central banks are in the approach phase: a BIS survey revealed earlier this year that 86% of them would work on digital currencies.

 

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