Copy link
Increase text size
Decrease text size
Link copied

Bank of Russia to launch a central bank digital currency (CBDC) pilot next year

The Russian central bank believes a digital ruble could mitigate the effects of economic sanctions.

Image by: Wikimedia Commons

Wed, 21 Oct 2020, 06:07 am UTC

While China is ahead of the central bank digital currency (CBDC) race with its testing the digital yuan in key cities, other countries are already taking steps to issue their own cryptocurrency. Russia’s central bank recently revealed plans for a digital ruble pilot.

The Central Bank of the Russian Federation, also known as the Bank of Russia, revealed that it is pushing ahead with its own digital currency plans, according to Bitcoin.com. Russian publication Izvestia reported that the regulator will conduct a central bank digital currency (CBDC) pilot sometime next year.

On October 13, the Bank of Russia announced that it will hold a public consultation on the possibility of issuing its own central bank digital currency (CBDC) called the digital ruble, Cointelegraph reported. The regulator added that the consultation period will last until December 31, 2020.

Five banks already plan to participate in the Bank of Russia’s CBDC pilot, which is expected to start in the first half of 2021. The financial institutions that will participate in the testing include the Russian National Commercial Bank, Credit Bank of Moscow, Bank Zenit, Promsvyazbank, and Dom.RF.

The Bank of Russia said that one adopted, citizens can use the digital ruble to pay for goods and services. The regulator added that it is even possible for Russian workers to receive their salaries and benefits in CBDC in the future.

“Citizens and businesses will be able to purchase digital rubles by exchanging them for cash or funds stored in their bank accounts,” the Bank of Russia said. “The possibility of receiving salaries, benefits, or other payments in digital rubles is also being considered.”

The Bank of Russia said that a ruble-backed CBDC will play a role in mitigating the effects of the economic sanctions imposed by the U.S. and the European Union. The E.U. imposed a recent round of sanctions last week over the alleged assassination attempt on opposition leader Alexei Navalny.

Meanwhile, the Russian Ministry of Finance pointed out the benefits of a digital ruble. “Its advantages in the finance department include a reduction in transaction costs and the volume of burden on banks, an increase in cross-border payments, as well as a decrease in dependence on the dollar and exposure to sanctions,” the ministry said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.10.23 03:22:05
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $50,292.00 (+1.81%)
  • Ethereum (eth) $1,723.46 (+3.53%)
  • Tether (usdt) $1.00 (-0.06%)
  • Cardano (ada) $1.13 (+1.19%)
  • Binance Coin (bnb) $235.78 (+3.88%)
  • Bitcoin (btc) $50,292.00 (+1.81%)
Mar 8, 2021 (Monday)
06:21
The Number Of BTC Held On Exchanges Crashed 20% In 12 Months
06:20
If Ripple Goes Away, XRP Will Keep Trading: CEO Brad Garlinghouse
06:19
Chainlink announced that decentralized finance protocol Set Protocl has integrated with DPL/USD price feed.
06:16
PolkaFoundry To Postpone IDO Plan
06:12
UFC Announces Regional Partnerships With Top Crypto-Only Sportsbook
06:04
Ethereum Liquidity Mining Of Alpha Finance To Be Extended To April 11
04:06
Loopring CEO: We Will Never Get Involved In NFT
03:42
StaFi announced, "rETH Staking Pool and #rETH/#ETH #Uniswap LP farming is coming very soon."
03:31
Rapper Soulja Boy Mints His Tweet To An NFT Through Valuables
03:16
Crust Maxwell Decentralized Storage Market To Undergo Several Upgrades In Mid-March
03:13
CoinNess Market Surveillance Mar. 8: BTC Trading Above $50000 Level
02:56
Armor.Fi tweeted, "Based on feedback from the $ARMOR community, we recently extended the Armor rewards program from 24 weeks to 2 year."
02:54
Big Data Protocol Alliance Adds Another Data Provider, Collaborative Stock Trading App, ClosingBell
02:30
BTC Drops by 1.14% Within 5 Mins, Marking 50,711.69 USDT
02:30
Curve Proposes To List 5 New Pools
02:08
yearn.finance Launches Yearn Partners Program
02:03
Ethernity Chain To Postpones NFT Sale Of Boss Logic
02:00
BTC Tops List Of Crypto Net Outflow With $128.11 Mln In Past 10 Hours
01:55
Data Summary Of Boboo.com's Perpetual Contract: Mar 6
Mar 7, 2021 (Sunday)
14:16
BTC Drops by 1.03% Within 5 Mins, Marking 50,644.69 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft