Nabiullina outlines conditions for deploying the digital ruble

The Russian economy will gain a digital form of its national currency only if a number of conditions for its functioning are met. reports ‘Finmarket’, citing a statement by the chair of the Bank of Russia, Elvira Nabiullina.

In her words, the new financial instrument should allow it to be freely transferred into other forms of money.

“This is the third form of money, and we will roll it out at scale only when we are sure that all conditions are met: it can be easily converted from cash to digital, to non-cash, one-to-one, and only under these conditions. It must be a true full-fledged ruble, no discount or anything of the kind,” Nabiullina explained.

She added that the digital ruble should not affect inflation in Russia.

The head of the regulator did not rule out that testing the pilot project could take more than a year.

The Bank of Russia would like citizens to choose the digital currency for themselves in the same way they have begun to prefer cashless payments.

“We do not aim to have a large number of digital rubles. The task is to help make transactions cheaper,” Nabiullina emphasised.

Earlier, Elvira Nabiullina said that the domestic CBDC be a full-fledged replacement for cryptocurrencies for Russians.

Earlier, the Bank of Russia and the Ministry of Finance confirmed plans to launch the digital ruble as the third form of money by 2030.

Testing of the new financial instrument will be conducted at 12 banks in the first quarter of 2022.

In the same period, the State Duma will begin drafting amendments to the legislation necessary for the introduction of the digital ruble into the country’s economy.

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