Individuals, businesses, financial market participants, and the government, will have access to a digital ruble
Russia is set to develop a prototype central bank digital currency (CBDC). The prototype will be built by the Central Bank of Russia by December 2021.
This development comes after the release of a consultation paper on the launch of a digital ruble. The digital ruble provides a framework that will be used in the implementation of the research results with the market players and stakeholders.
According to data, people will be able to use digital rubble offline, just like cash. Meanwhile, its digital form allows using a digital ruble for online payments, just like cashless means of payment.
Russian digital currency will perform all three functions of money:
- as a means of payment
- as a measure of value
- as a store of value
All three forms of the Russian ruble will be absolutely equal: one cash ruble equals one non-cash ruble.
Businesses and households will also benefit through the reduction in costs, speedy remittances, development of innovative services and products in the economy, more so the financial sector.
We’ve reported that the Bank of Canada revealed three digital currency proposals.