Russia’s Central Bank pledged not to delay the issuance of the digital ruble

The Central Bank’s representative stated that e-RUB is “really needed” for Russia

15.04.2022 - 09:05

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2 min

What’s new? The digital ruble may be introduced in the coming years as it is “really needed” for Russia, said the First Deputy Governor of the Central Bank of the Russian Federation Olga Skorobogatova. The bank will not delay testing the platform. The Central Bank will also check the interaction with the Federal Treasury and implement a smart contract, Skorobogatova added during the presentation of the strategy for the development of the national payment system until 2023.

Presentation of the strategy for the development of the Central Bank of the Russian Federation

What else did the Central Bank’s representative add? Skorobogatova stressed that not all banks are technically ready to test the digital ruble prototype, but this should not affect the timing of the project. In February, the First Deputy Governor of the Bank of Russia stated that the second stage of testing e-RUB will begin in autumn 2022. During this stage, payments for goods and services will be tested.

What had happened before? The analysts from the Institute of International Finance (IIF) argued that the digital ruble will help reduce the impact of the dollar on the Russian economy. They also noted that the sanctions imposed may force Russia to abandon the dollar altogether.

Also, State Duma deputy Sergei Mironov proposed banning foreigners from using the digital ruble. He added that the Central Bank’s cryptocurrency should be used for specific purposes, such as the construction of housing, development of production, and transport infrastructure.

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