The Central Bank of the Russian Federation is going to allocate the entire 2022 for testing a prototype of the digital ruble, after which a roadmap for the further implementation of the project will be determined. First Deputy Governor of the Bank of Russia Olga Skorobogatova announced this to reporters today.
“For this entire stage of testing, we expect to spend a year, the whole of 2022. And only based on the test results, we will understand which roadmap for the implementation of the target platform will be implemented and in what time frame, ”TASS quotes the first deputy chairman of the Central Bank.
According to her, it is necessary “to create a prototype of the digital ruble platform by the end of (this) year, and next year, in test mode, together with market participants, try and test this prototype from all points of view,” RIA Novosti notes.
As a reminder, back in mid-October 2020, the Bank of Russia announced the start of public consultations on the issue of the digital ruble, which the regulator intends to introduce in addition to the existing forms of money (cash and non-cash rubles).
“The digital ruble is a digital form of the Russian national currency, which the Bank of Russia will issue in addition to the existing forms of money (cash and non-cash rubles). Citizens will have the opportunity to credit digital rubles to their electronic wallets and use them using mobile devices and other media both online and in the absence of Internet access (that is, offline), ”the regulator said.
The Central Bank then explained that “citizens and enterprises, based on their needs, will be able to freely transfer money from one form to another – that is, from the digital ruble to cash or to a bank account and back.”
“At the same time, it is necessary to develop special technologies that will make it possible to use the digital ruble in offline mode. Then the digital ruble will be able to combine the advantages of both cash and non-cash money, ”the Bank of Russia said.
The regulator stated that the use of digital financial technologies is expanding in the Russian Federation and in the world, and non-cash money is increasingly used in everyday settlements. “In these conditions, the society forms a request to increase the speed, convenience and safety of monetary settlements using modern technologies,” the message says.
The regulator believes that “the use of advanced technologies in the development of the digital ruble will help to reduce the costs of settlements and increase financial affordability, as well as give an impetus to the further improvement of payment technologies.”
“All these aspects, along with the unconditional requirement to ensure information security, the Bank of Russia will take into account in its further work on the digital ruble project, when choosing specific functional and technological solutions,” the Central Bank said.
At the same time, the Bank of Russia sees the risk of volatility in the savings of bank customers at the initial stage of the introduction of the digital ruble and is ready to support banks with liquidity. Moreover, the regulator warned, the maintenance of the digital ruble could put upward pressure on interest rates on loans and deposits of Russian banks.