Bitcoin News and Finance
Bank of Russia Aims for Full Launch of Digital Ruble in 2024 Skip to main content

Bank of Russia Aims for Full Launch of Digital Ruble in 2024

Russia’s monetary authority to fully connect banks to the #digitalruble platform in two years.

The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary authority intends to gradually connect various financial institutions to the platform.

Russia’s Central Bank to Introduce Digital Ruble Currency in 2 Years

The Central Bank of the Russian Federation (CBR) has recently published a draft document that sets out the main directions for its monetary policy in the next three years. The paper reveals that one of the key goals for the regulator will be the introduction of a digital version of the national fiat currency, the ruble, and reads:

In 2024, the Bank of Russia will begin to gradually connect all credit institutions to the digital ruble platform and increase the number of available payment options and transactions using smart contracts.

While the full-scale implementation of the digital ruble will begin in two years’ time, some of its features, such as the offline mode, as well as the connecting of non-banking financial organizations and exchanges, are expected in 2025, the Russian crypto news outlet Bits.media reported, quoting the bank.

The phased approach towards introducing the central bank digital currency (CBDC) will allow market participants to adapt to the new conditions, the CBR emphasized. The bank also remarked that if needed, certain restrictions may be imposed like limiting the amount of digital rubles that can be held in a single wallet or fixing a maximum amount that can be transferred with each transaction.

Critics have warned that the CBDC can potentially threaten the stability of the banking system but the Bank of Russia does not expect a large-scale outflow of funds from bank deposits as traditional financial institutions attract capital by offering interest payments and bonus programs. For Russian banks, the digital ruble should serve as “an additional incentive to increase the attractiveness of bank accounts,” the CBR added.

Keeping money in bank accounts has certain advantages over storing cash in digital wallets as the former accrue income, the central bank elaborated. That’s why, the Bank of Russia does not intend to pay any interest on digital ruble holdings on its CBDC platform.

The latest timetable for the digital ruble comes after an earlier official statement which indicated that the CBR is accelerating the project’s schedule. In June, Deputy Governor Olga Skorobogatova announced that a roadmap for the full implementation of the new form of the national currency is expected by the end of 2023.

The CBR is also preparing to begin trials with real transactions and users in April next year, earlier than initially planned. In May, Skorobogatova admitted that financial sanctions imposed by the West over Russia’s military invasion of Ukraine have played a role for the bank’s decision to speed up the development of the CBDC.

Do you think the Bank of Russia will be able to introduce the digital ruble in 2024? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory