{"id":30034,"date":"2020-10-13T16:05:50","date_gmt":"2020-10-13T13:05:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30034"},"modified":"2025-08-27T20:13:35","modified_gmt":"2025-08-27T17:13:35","slug":"bank-of-russia-weighs-possibility-of-creating-a-digital-ruble","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-russia-weighs-possibility-of-creating-a-digital-ruble\/","title":{"rendered":"Bank of Russia weighs possibility of creating a digital ruble"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bank of Russia has weighed the possibility of creating a digital ruble. The regulator published a report examining the viability of its issuance and intends to gather feedback on the matter by the end of the year.<\/span><!--more--><\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\"text-decoration: underline;\" title=\"View Public Consultation Report on Scribd\" href=\"https:\/\/www.scribd.com\/document\/479867448\/%D0%94%D0%BE%D0%BA%D0%BB%D0%B0%D0%B4-%D0%B4%D0%BB%D1%8F-%D0%BE%D0%B1%D1%89%D0%B5%D1%81%D1%82%D0%B2%D0%B5%D0%BD%D0%BD%D1%8B%D1%85-%D0%BA%D0%BE%D0%BD%D1%81%D1%83%D0%BB%D1%8C%D1%82%D0%B0%D1%86%D0%B8%D0%B9#from_embed\">Public Consultation Report<\/a> by <a style=\"text-decoration: underline;\" title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" id=\"doc_89105\" class=\"scribd_iframe_embed\" title=\"Public Consultation Report\" src=\"https:\/\/www.scribd.com\/embeds\/479867448\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-0rzfYhTxjsrBnmAcDmeQ\" width=\"100%\" height=\"600\" frameborder=\"0\" scrolling=\"no\" data-auto-height=\"false\" data-aspect-ratio=\"0.7080062794348508\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">According to the document, the Bank of Russia&#8217;s digital currency (CBDC) is viewed as a third form of the ruble alongside cash and cashless money.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cAll three forms will be absolutely equal \u2013 just as 1 ruble in cash is equivalent to 1 ruble in non-cash form today, so too 1 digital ruble will always be equivalent to each of them. At the same time, holders of money will be able to freely transfer rubles from one form to another.\u201d<\/span><\/p>\n<\/blockquote>\n<p>The central bank said that, like cash and cashless rubles, the digital ruble will perform all the functions of money \u2014 a means of payment, a unit of account and a store of value.<\/p>\n<p><span style=\"font-weight: 400;\">The digital currency will take the form of a unique digital code and be stored in a dedicated electronic wallet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is envisaged that the digital ruble could be used offline \u2014 without access to mobile networks or the internet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The regulator emphasises that realising this capability will require substantial research and the development of technologies and solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of Russia says the CBDC is driven by a desire for the payments system to keep pace with changing needs of citizens and businesses, and to foster innovation in both the financial market and the economy as a whole.<\/span><\/p>\n<p>In addition, the central bank noted that the CBDC could make payments faster, easier and safer.<\/p>\n<p>Among other advantages of the asset is enhanced privacy.<\/p>\n<blockquote>\n<p>\u201cTransaction data on digital ruble payments will contain more limited information about the purpose of the payment and the recipient than existing payment systems, which reduces the risks of using personal information about consumer preferences,\u201d the document says.<\/p>\n<\/blockquote>\n<p>Information about transactions will be available to the Bank of Russia and financial intermediaries, the Bank added.<\/p>\n<p><span style=\"font-weight: 400;\">The document emphasises that the digital ruble differs from cryptocurrencies and stablecoins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The latter are not money, as they \u201ccannot fully perform all the functions of money, and there is no reliable guarantee of the legitimacy and reliability of their creation and use,\u201d the regulator contends.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Implementation of the initiative involves several stages, including conducting public consultations, developing a concept for the digital ruble and a dedicated platform, and then testing with a limited group of users.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Only after this will the regulator decide on the issue of CBDC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Feedback on the released Bank of Russia report is expected by December 31, 2020.<\/span><\/p>\n<p>As reported, the possibility of issuing CBDC by the Bank of Russia has been discussed for a long time, but last year the head of the central bank Elvira Nabiullina said she did not see a need for such development.<\/p>\n<p>Other countries are also studying the possibility of launching CBDCs \u2014 China is already testing the digital yuan, and U.S. authorities <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-treasury-begins-study-of-digital-currencies-and-blockchain\">explore<\/a> the use of a digital dollar.<\/p>\n<p>For details on why central banks need their own digital currencies, read ForkLog&#8217;s exclusive.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"rqb5hisaBJ\">\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/how-and-why-central-banks-create-digital-currencies-cbdcs\">How and why central banks create digital currencies (CBDC)<\/a><\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cHow and why central banks create digital currencies (CBDC)\u201d \u2014 ForkLog\" src=\"https:\/\/u1f987.com\/exclusive\/central-bank-digital-currencies-cbdc-china-dcep\/embed#?secret=Cf6dayLFKc#?secret=rqb5hisaBJ\" data-secret=\"rqb5hisaBJ\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 all the news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Russia has weighed the possibility of creating a digital ruble. The regulator published a report examining the viability of its issuance and plans to gather feedback on the matter by year-end.<\/p>\n","protected":false},"author":1,"featured_media":30035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[345,1095,27],"class_list":["post-30034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-russia","tag-cbdc","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=30034"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30034\/revisions"}],"predecessor-version":[{"id":30036,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30034\/revisions\/30036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/30035"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}