Digital ruble in the Bank of Russia

12.02.2021

It was confirmed that the Central Bank is going to issue a digital ruble. This currency will become the third form of money and will be used in addition to the existing cash and non-cash rubles.

In terms of technology, it will be a hybrid digital ruble platform created and controlled by the Bank of Russia. At the same time, banks and other financial intermediaries will have the opportunity to design and develop additional services for working with the digital ruble, which will ensure its integration with existing financial products and services.

The digital ruble should become the Russian Central Bank’s digital currency, which has all the necessary properties to perform the functions of money and will be used along with cash and non-cash rubles. All three forms of the Russian ruble will be absolutely equivalent to each other. The digital ruble is definitely not a cryptocurrency.

The digital ruble will be the form of a unique digital code. This code will be stored on a special electronic wallet, and the process of its transfer from user to user will take place in the form of moving the digital code from one electronic wallet to another.

The Central Bank needs the digital ruble to control the issue of money.

Since nowadays banks can technically issue non-cash money themselves, in theory, nothing prevents them from drawing any amounts on the accounts. Although this is a rare situation in practice, the Bank of Russia wants to avoid such a possible scenario.

News