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The Central Bank of Russia will introduce digital rubles in 2023

According to the officials of the Central Bank of Russia, according to the plans of this bank, the digital ruble will be offered in 2023 after the implementation of the infrastructure and the initial tests.

to the the report The Block, senior officials of the Central Bank of Russia, presented the main details of the National Digital Currency (CBDC) plans of the bank in a virtual press conference on Thursday.

Alexei Zabotkin, Deputy Chairman, and Olga Skorobogatova, First Deputy Chairman of the Central Bank of Russia, explained how the full launch of the digital ruble could be done in 2023 according to the current timetable.

Thursday’s announcement is in line with previously announced plans by the Central Bank of Russia for the digital ruble. Previous reports have suggested that the bank plans to implement digital ruble infrastructure by the end of 2021 and test prototypes of the currency by 2022.

It now looks like the central bank of Russia’s digital currency will be realized in the next two years. At Thursday’s event, some operational specifications of how the digital ruble works were also discussed.

For example, the Central Bank of Russia will try to control non-cash transactions for a smoother transition to digital rubles. Zabutkin said he hoped restricting non-cash transactions would compensate for the lack of liquidity when offering digital rubles.

Russia’s national digital currency also has a two-tier system similar to China’s digital yuan; In this way, the central bank distributes the national digital currency among third-party companies, such as commercial banks, and these companies give it to users.

Skorobugatova, a board member of Russia’s central bank, told a conference on Thursday that 73 percent of transactions in Russia had been digitized. This marks a significant shift in the world of purely Russian criticism in recent years.

“Skorobugatova said:

The digital ruble acts as the third form of money. Why the third figure? We have cash, we have non-cash, and the digital ruble will be like the ruble token, which combines cash and non-cash features.


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