Russia’s Crypto Community Fears Digital Ruble Plan Means ‘Back to USSR’

Russia’s digital ruble will not have the same level of anonymity as cash, says official. Elvira Nabiullina, the head of the Bank of Russia, argued that there is a line between anonymity and privacy regarding the circulation of an upcoming digital ruble.Speaking at a press conference on Oct. 23, Nabiullina said that Russia’s digital ruble will not have the same level of anonymity as cash. However, the bank expects to strengthen user privacy, Nabiullina promised, stating:“Still, we shouldn’t confuse the anonymity with confidentiality of digital ruble transactions. Indeed, there will not be....

VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials. VTB’s Mobile App to Support Digital Ruble Transfers and Payments VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency. Some clients will be allowed to perform....

Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan scheduled for early 2022. On Tuesday, Elvira Nabiullina, governor of Russia’s central bank, said that the country will have a prototype of its digital rouble platform ready by early 2022 and will roll it out for trial use next year before making a final decision on whether or not to release its own digital currency, according to a Reuters report. Meanwhile, Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan to....

Russia’s central bank says that the digital ruble can be an “additional form of money alongside cash and non-cash.” Russian financial authorities have confirmed the government’s purported plans to issue the central bank digital currency, or CBDC.On Oct. 13, the Bank of Russia released a consultation paper on the development of the digital Russian ruble. In the statement, the central bank said that the digital ruble can become an “additional form of money alongside cash and non-cash.” The establishment of Russia’s CBDC project will require the creation of additional payment infrastructure,....

The first pilots of Russia’s digital currency are expected to launch in H1 2021. A number of financial institutions in Russia have expressed interest in testing the country’s central bank digital currency, or CBDC.According to an Oct. 16 report by local news agency Izvestia, at least five Russian banks are interested in taking part in Russia’s non-public digital ruble pilots in the first half of 2021.The list of banks includes state-backed Promsvyazbank, the Credit Bank of Moscow, commercial bank Zenit, mortgage bank Dom.RF, and Crimea’s Russian National Commercial Bank. As reported, the....