Digital Ruble: Russia Unveils Plans to Test Central Bank Digital Currency
As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy. Russia’s Central Bank Plans Digital Ruble The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its....
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The Bank of Russia reports on the first digital ruble tests as planned but continues to fight against Bitcoin adoption. Amid more reports on the Bank of Russia rejecting the finance ministry’s proposal of cryptocurrency regulation, the central bank has kicked off trials of its own digital currency.The Russian central bank has officially launched the digital ruble trial, successfully completing the first central bank digital currency (CBDC) transfers among citizens, the Bank of Russia announced Tuesday. The launch aligns with the bank’s plans to debut the first digital ruble transactions in....
Twelve Russian banks including Sberbank, VTB and Tinkoff Bank will help the Bank of Russia test the digital ruble in January 2022. The central bank of Russia is setting up a group of banking institutions to test its central bank digital currency (CBDC) next year.On Tuesday, the Bank of Russia officially announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks.The pilot members include Russia’s largest banks like state-backed Sberbank and VTB, as well as major private banks like Tinkoff Bank. Other participants include commercial....
Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country.
Bank of Russia to Charge for Digital Ruble Transfers
The Central Bank of Russia (CBR) is planning to impose fees on transactions with the digital ruble, revealed Kirill Pronin, director of the regulator’s Financial Technologies Department. The official emphasized that these commissions....
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....
The Central Bank of Russia and participating commercial banks want to test various types of payments with the digital ruble, the Russian press reported. The plan is to experiment with smart contracts and transactions related to real estate and crypto asset purchases.
Bank of Russia to Launch Smart Contracts on Digital Ruble Platform
Russia’s central bank intends to start implementing smart contracts with the digital ruble next April, the daily Izvestia unveiled this week, quoting the regulator. Until then, the new incarnation of the national fiat will be put to the test....