Digital ruble must ensure privacy, not anonymity: Russia’s central bank
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....
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Russia's central bank wants the digital ruble to help businesses by cutting out financial middlemen. Russia’s digital ruble is expected to reduce business costs, but could also cut profits for commercial banks, according to Elvira Nabiullina, the chairwoman of the Bank of Russia.At a Dec. 3 meeting of “Opora Russia,” a non-governmental organization of small- and medium-sized business, Nabiullina said that a digital ruble could undercut commercial bank profits from commissions and transaction fees. Furthermore, she stated that a central bank digital currency is a natural development in....
The Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project. According to a statement by a top representative, the monetary authority has no intention to delay the trials despite not all invited banks being ready to participate yet.
Bank of Russia to Experiment With Digital Ruble Payments This Year
The digital ruble is “very much needed,” First Deputy Chairman of Bank of Russia Olga Skorobogatova has recently remarked in a statement quoted by business news portal RBC’s crypto page. The regulator will not delay....
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....
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....