Three parliamentary committees supported the introduction of a new form of national currency, but admitted that this could increase competition in the banking industry
State Duma deputies support the introduction of the digital ruble, but believe that this may pose risks for the financial sector and information security. This is stated in the joint conclusion of the Committee on the Financial Market, the Committee on Budget and Taxes and the Committee on Economic Policy, which was prepared in response to the " Guidelines for Monetary Policy " until 2024, issued by the Bank of Russia.
The document, prepared by parliamentary committees, says that the digital ruble will increase competition in the banking sector, which could lead to a decrease in bank profits and an increased role of the state in the financial industry. The deputies also acknowledged that the digital ruble is able to provide fast, simple and secure payments and reduce the cost of payment services.
On November 15, the Bank of Russia announced the conditions for the introduction of the digital ruble into the country's economy. According to the chairman of the regulator Elvira Nabiullina, testing a prototype of the national digital currency may take more than a year.
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.