Nabiullina outlines indicative timeline for digital ruble launch

The Russian central bank could begin testing the digital ruble as early as the end of next year, said Elvira Nabiullina, chair of the Bank of Russia, during an online conference.

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She said that after reviewing the previously presented report and collecting feedback, the central bank would decide on the advisability of launching its own digital currency.

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There must, in our view, be a pilot phase with a limited number of users so that everything is tested. We consider such a pilot feasible around the end of next year, Nabiullina said.

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She noted that the possible creation of a digital ruble is not aimed at displacing another form of money.

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Our task is to ensure the speed of converting one type of ruble into another. We are not aiming to economize on issuance, the head of the central bank emphasized.

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Nabiullina believes the digital ruble fits very organically into what is called the development of the digital economy as a whole.

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She also noted that privacy is a key condition for introducing the new instrument. However, the head of the central bank urged not to confuse privacy with anonymity:

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There will be no anonymity in the sense that exists in cash. But privacy is expected to be strengthened.

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Earlier, the Bank of Russia presented a report on the digital ruble in October.

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For more on the Bank of Russia’s initiative, read ForkLog’s exclusive.

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Public accessibility and traceability: how the Bank of Russia sees the digital ruble

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