Russia’s central bank considers issuing digital ruble, because of faster, more simple and secure

The Bank of Russia says it’s exploring the possibilities of issuing the central bank digital currency (CBDC), the digital ruble.

In the report, the central bank of Russia said that the digital ruble can become an “additional form of money alongside cash and non-cash.” The establishment of Russia’s CBDC project will require the creation of additional payment infrastructure.

“The digital ruble is a digital form of the Russian ruble, which the Bank of Russia will issue in addition to existing forms of money (cash and non-cash rubles). Citizens will be able to access the digital ruble on their e-wallets and mobile devices, and will be available for use both online and offline”, the bank said.

The central bank also noted that a CBDC like the digital ruble will reduce the risk of capital outflow, added:

“The national digital currency will also limit the risk of reallocation of funds into foreign digital currencies, contributing to macroeconomic and financial stability. The digital ruble is designed to make payments “faster, more simple and secure.”

The Bank of Russia saying it hasn’t yet decided to issue a CBDC, will hold a public consultation period on the matter, saying it considers it vital to discuss key aspects, advantages, possible risks, stages and timing of the project “with the financial sector, the expert community, as well as with all stakeholders.”

As AZCoin News reported in August, Russia’s state-owned bank Sberbank also claimed that it was considering issuing a ruble-backed stablecoin.

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