The Central Bank of Russia hopes to complete the prototype of the digital ruble platform by the end of 2021.
According to a senior executive official, the Central Bank of Russia expects to put the digital version of the country’s currency into trial operation by 2022.
Russia’s deputy central bank, Alexei Zabetkin, said on Wednesday that the bank planned to complete the prototype of the digital ruble by the end of 2021.
Zabetkin announced the program at an online event hosted by Moscow’s new School of Economics. He said the prototype does not support “real transactions” and is only the starting point for building an ecosystem. Zabatkin says:
Based on this prototype, which includes improvements, we will be piloting next year.
The Central Bank of Russia formally announced the CBDC digital currency program in late 2020 and last October published an article on digital ruble development consulting. In January, the Banking Institute of Russia released feedback on the project, warning that the proposed Bank of Russia model included risks associated with cybersecurity and fraud.
In February, Russia’s first deputy central bank governor, Olga Skorobugatova, announced plans to develop a digital ruble concept model. He said the bank had not ruled out charging fees between digital ruble wallets.
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