According to the head of the regulator Elvira Nabiullina, testing the pilot project of the national digital currency may take more than a year.
The Bank of Russia will introduce a digital form of the national currency into the country's economy if a number of conditions are met. This was announced by the chairman of the Central Bank Elvira Nabiullina at a meeting of the State Duma committee on the financial market, reports Finmarket . According to the head of the regulator, the Central Bank can test a prototype of the digital ruble for more than a year.
“This is the third form of money, and we will launch it on a large scale only when we make sure that all the conditions that you are talking about are met, easily transferred from cash to digital, to non-cash, only one to one, and only under these conditions. It should be a real full-fledged ruble, no discount or anything else, ”Nabiullina explained.
The Chairman of the Central Bank also noted that now the regulator is not faced with the task of increasing the volume of payments using the digital ruble.
In early November, it became known that the Bank of Russia would release a prototype of the digital ruble in early 2022. Over the next year, the regulator will test the digital ruble and after that will make the final decision on the issue of the national digital currency. In January 2022, the State Duma plans to start developing amendments to the legislation necessary to introduce the digital ruble into the country's economy.
The digital ruble is an additional form of the Russian national currency to be issued by the Bank of Russia. It combines the properties of cash and non-cash rubles. Like non-cash money, the digital ruble makes remote payments and online settlements possible. On the other hand, like cash, it can be used offline – in the absence of Internet access.