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The Bank of Russia has presented a new concept for the digital RUB (ruble), a central bank digital currency the regulator has been contemplating since late 2020.
A prototype of the digital ruble will be created by December 2020, as representatives of the Bank of Russia said. The regulator also published a fresh report on the current state and future plans for the project.
The digital ruble will live in a hybrid technological platform combining distributed ledger technology (DLT) and centralised control by the Bank of Russia. The regulator has not picked any particular DLT platform yet. TheBank of Russia will likely use open-source code to build its own proprietary product.
In 2022, the Bank of Russia will draft the necessary regulatory norms for integrating its version of a central bank digital currency (CBDC) into Russia’s financial system, as well as pilot the prototype with banks and other financial institutions, according to the report. To learn more about CBDCs, download our ebook Central Bank Digital Currencies for Beginners – A Quick Guide into CBDCs.
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