Bank of Russia may launch digital ruble by the end of 2021

The Chairman of the Central Bank of Russia Elvira Nabiullina said that the pilot project of the digital ruble could be launched by the end of next year.

As reported TASS, during an online conference, the head of the Central Bank said that if the project is approved after discussing its feasibility, a full-fledged concept will be developed. After that, to test the functionality, a pilot launch will be carried out with the participation of a limited number of users, which is approximately will be held at the end of 2021.

Elvira Nabiullina also noted the potential of the digital ruble for the Russian economy and the digital transformation of the financial system. By adding that the new currency will not displace cash and electronic money, but will supplement them as a third form. For this, the regulator will provide the convenience of their mutual conversion..

Bank of Russia may launch digital ruble by the end of 2021

The head of the Central Bank also touched on the issue of confidentiality, saying that the digital ruble will have this parameter to the maximum. Moreover, all transactions will be transparent and not anonymous, as is the case with cash. Before approval of the project concept it is impossible to say whether the Central Bank will be able to track all transactions in the new system.

text: Ivan Malichenko, photo: RIA Novosti

Bank of Russia may launch digital ruble by the end of 2021

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