Bank of Russia to develop prototype of digital ruble by year-end

The Bank of Russia intends to create a prototype of its own digital currency by the end of 2021. This was announced by First Deputy Governor Olga Skorobogatova, according to «RIA Novosti».

“We have just issued the advisory report, the concept of the digital ruble. We are making the prototype by the end of the year and, with the market, we will see at what pace we implement this project,” she said.

The Bank of Russia published report on the issuance of the digital currency in October of last year.

In April, Skorobogatova said that transfers of digital rubles between individuals in Russia to be free of charge, and a fee may be charged for payments for goods with them, similar to the current charges in the Faster Payments System.

The Bank of Russia says that none of the banks has voiced opposition to the launch of the digital ruble.

Recall, according to the poll by the Center for Financial Technologies and Digital Economy Studies at SKOLKOVO-RESh, half of Russia’s residents are ready to use the new asset.

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