Russia's financial watchdog to present new concept of national digital currency

Friday 19 February 2021 10:59 CET | News

Russia’s financial watchdog has said it will present a more detailed concept for the national digital currency by summer, according to online publication RT.

The announcement was made after the regulator received detailed feedback from the banking community in its October 2020 report, in which the regulator introduced the digital ruble as a possible new form of national currency.

According to the head of the Central Bank of Russia, Elvira Nabiullina, most lenders support a two-level model of the digital ruble, which allows banks to open wallets for their clients on the central bank’s platform and conduct operations. The next step will be launching and testing a special platform, she added. The adoption of the new form of the currency will also require amending legislation, according to the central bank's chief.

In the 2020 report, the central bank assessed the possibility of creating a digital form of the Russian national currency. The digital ruble is meant to exist along with cash and non-cash rubles and aims to allow private and corporate users to freely transfer digital rubles to their electronic wallets and use them on mobile devices.

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Keywords: Central Bank of Russia, digital money, cash, electronic money, digital wallet
Categories: DeFi & Crypto & Web3
Countries: Russian Federation
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