If the digital ruble project is approved, the Bank of Russia will conduct an experiment on its use by a limited circle of users. Izvestiya reports.
Interest in the pilot project has already been expressed by Moscow Credit Bank (MKB), Promsvyazbank, the Crimean Russian National Commercial Bank (RNKB), Zenit Bank, and Dom.RF.
Under the regulator’s plan, financial institutions will service wallets of digital ruble holders, offering additional payment and settlement services.
The Bank of Russia’s specialists will develop the payment infrastructure for the new asset.
“Citizens and enterprises will be able to acquire digital rubles by exchanging them for cash or funds held in their bank accounts. The possibility of receiving salaries and benefits in digital rubles is being considered,” the Bank of Russia said.
To make offline payments with the digital ruble, users will need to transfer it from their online wallet to a mobile phone.
The regulator cites lower fees than other cashless payment methods as an advantage, while the Bank of Russia guarantees full security of the digital money.
The State Duma expects the experiment to begin in the first half of 2021.
Earlier the Bank of Russia allowed the possibility of creating a digital ruble. Under the Bank of Russia’s plan, the new asset would complement the existing forms of money tied to the value of the national currency.
The regulator released a report on the feasibility of its issuance and intends to gather feedback on the issue by the end of the year.
More on the central bank’s position, read in ForkLog’s special material.
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