/cryptocurrency

News and resources on digital currencies, crypto assets and crypto exchanges worldwide.

Russia pushes ahead with digital ruble

The Bank of Russia has set out plans to build a prototype digital ruble by the end of the year.

Be the first to comment

Russia pushes ahead with digital ruble

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The bank has opted for a two-tier retail model which assumes that it is both the issuer of digital rubles and the operator of the platform.

As with China's digital yuan, commercial banks will be able to open electronic wallets for their clients and perform operations over these wallets on the digital ruble platform.

This means individuals and businesses will be able to access the currency through their normal banking app.

Presenting the digital ruble concept, First Deputy Governor Olga Skorobogatova says Bank of Russia is likely to use open source code to build its own proprietaryy DLT platform for the ruble.

Explaining the decision to push ahead with a CBDC, the bank says it will reduce costs for households and businesses, increase the speed of payments, and develop innovative products and services.

Sponsored [On-Demand Webinar] SEPA Inst Mandate: Impacts on Day 1, Day 90 – and beyond?

Comments: (0)

[Webinar] Automated Testing: The road to Evergreen ComplianceFinextra Promoted[Webinar] Automated Testing: The road to Evergreen Compliance