The Bank of Russia sees demand for the digital ruble, said Central Bank chair Elvira Nabiullina. Banks VTB, Russian Standard, and Promsvyazbank are ready to test the new asset, according to REN TV.
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Among the advantages of the digital ruble, Nabiullina named low transaction costs, the ability to track expenditures, and a high level of security. She also confirmed that the central bank is preparing to begin testing its own digital currency in 2022.
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Nabiullina also noted that the ecosystems of banks and IT companies are vulnerable to leaks and improper use of personal data.
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The central bank stated that none of the Russian banks voiced opposition to issuing the digital ruble.
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According to a survey by the Skolkovo-RRE Center for Financial Technologies and Digital Economy, half of Russian residents are ready to use the new asset from the central bank. According to Investing.com, many Russian investors believe that the digital ruble will be inconvenient for use by the population, and with its rollout the number of fraudulent operations will rise.
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The prototype of the central bank’s own digital currency is set to be unveiled as early as the end of 2021.
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