The Central Bank of the Russian Federation will begin testing the conversion of the digital ruble into foreign currencies

The regulator has not yet announced the exact terms of the implementation

11.12.2021 - 08:25

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What’s new? The Central Bank of Russia has published a program of “The main directions of the digitalization of the financial market for the period 2022-2024.” According to it, the Central Bank plans to ensure the conversion of the digital ruble into foreign currencies and allow non-resident clients to open wallets.

Information on the website of the Central Bank of the Russian Federation

What does the Central Bank say? The regulator has not yet set the exact terms but added that according to the project, the financial infrastructure (exchanges, brokers, marketplaces, insurance companies), intermediaries will be connected, and an offline mode will be introduced.

“In particular, access to the wallet through any financial institution where the client is served will contribute to the development of competition in the financial market, which, in turn, will lead to improvement of service conditions. The possibility of using the digital ruble without access to the Internet will help increase in financial inclusion, including in remote and sparsely populated areas.”

How will events develop? The launch of the first phase of the CBDC testing is planned for 2022. During this period, the credit institutions will gradually connect to the platform and the C2C transfers will be launched. After the successful completion of the first phase, the second phase will be launched, which will involve the accession of the Federal Treasury, the launching of smart contracts, and the transactions in various formats.

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