Central Bank of Russia to Begin Digital Ruble Testing in 2022

The Central Bank of the Russia has announced the approximate timing of the release of the prototype and testing of the platform for the turnover of the digital ruble.

March 11, 2021 | AtoZ MarketsThe Bank of Russia has decided on the timing of the design and testing of the digital ruble. Central Bank Deputy Chairman Alexei Zabotkin announced this at the NES online meeting, PRIME agency writes.

According to Zabotkin, the regulator intends to present a prototype of the digital ruble platform by the end of this year.

“By the end of the year, hopefully, we will be able to present a prototype of the digital ruble platform <…> which can be twisted in our hands, but within which it will not be possible to make real transactions yet,” he said.

At the same time, the testing of the digital ruble itself in the form of rounds is scheduled for 2022, Zabotkin noted.

Bank of Russia accelerates the pace of digitalization

The first public discussion of digital currency models is scheduled for this summer. As the head of the Central Bank of the Russian Federation Elvira Nabiullina said earlier , the regulator will discuss the digital ruble in detail with market participants at the beginning of summer.

It should be noted that the discussion is extremely necessary, since the market has repeatedly criticized the idea of ​​the digital ruble.

So, for example, according to experts from the PRUE. G.V. Plekhanov, the domestic digital currency will provoke an increase in interest rates on loans and deposits. However, in an analytical note,t he Bank of Russia claims that the formation of loans with the advent of the digital ruble will not change.

Source: cbr.ru

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) believes that the usual digital ruble is of little use. Thus, the digital version of the currency will be in demand when the cryptocurrency market is legalized, the Association notes.

At the same time, the government, on the contrary, is working to tighten the turnover of cryptocurrencies. At least earlier, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, hinted at this. According to him, in 2021, control over the owners of cryptocurrency assets will only tighten, since the relevant issue has already been raised in the government.

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