Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing – Finance Bitcoin News

fiverr
Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing
fiverr


The Central Bank of Russia has emphasized the importance of advancing its digital ruble project. Although not all invited banks are ready to participate, the monetary authorities have no intention of delaying the trial, according to a statement from a senior representative.

Bank of Russia to experiment with digital ruble payments this year

Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, said in a statement recently quoted on the crypto page of the business news portal RBC that the digital ruble is “in great demand.” The senior official said and detailed that the regulator will not delay upcoming tests of the prototype currency platform:

If we act quickly with testing and legislative changes, we can implement them in the next few years.

The Central Bank of Russia (CBR) began trialling the digital ruble in January and announced the first successful transaction between personal wallets in mid-February. At least a dozen Russian financial institutions are participating in the experiment, which is expected to last until 2022.

Skorobogatova acknowledged that not all participating banks are now technically ready to join the test. However, she insisted that this should not affect the timing of the project to issue Russia’s Central Bank Digital Currency (CBDC).

okex

Skorobogatova revealed earlier this year that the second phase of the trial is scheduled to begin in the fall. At this stage, the CBR plans to launch businesses involving the use of digital rubles to pay for goods and services, as well as government transfers. The bank will also issue smart contracts in cooperation with the Federal Ministry of Finance.

The digital ruble is the third incarnation of the Russian state fiat currency, after paper money and electronic banking money to be issued by the Russian Central Bank. Russians will be able to use it both online and offline. CBR says its CBDC will create new opportunities for citizens, businesses and nations.

Moscow has heard calls to turn to cryptocurrencies as a means of circumventing restrictions and financing international trade as Russia grapples with the fallout of expanded Western sanctions over the war in Ukraine. The idea of ​​making the digital ruble a reserve currency also circulated last month as a way to reduce Russia’s reliance on the dollar, whose foreign reserves are now frozen.

tags in this story

Bank, Bank of Russia, Bank, CBDC, CBR, Central Bank, Conflict, Crypto, Cryptocurrency, Cryptocurrency, Currency, Digital Currency, Digital Ruble, Fiat, Financial Institution, Payment, Reserve Currency, Restriction, Russia, Russia, Sanctions , test, test, trial, Ukraine, war

Do you think the Central Bank of Russia will step up the testing and issuance of the digital ruble? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it



Source link

Changelly

Be the first to comment

Leave a Reply

Your email address will not be published.


*