{"id":52903,"date":"2021-11-15T16:30:27","date_gmt":"2021-11-15T14:30:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52903"},"modified":"2025-09-03T12:28:01","modified_gmt":"2025-09-03T09:28:01","slug":"nabiullina-outlines-conditions-for-deploying-the-digital-ruble","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nabiullina-outlines-conditions-for-deploying-the-digital-ruble\/","title":{"rendered":"Nabiullina outlines conditions for deploying the digital ruble"},"content":{"rendered":"

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

In her words, the new financial instrument should allow it to be freely transferred into other forms of money.<\/p>\n

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“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.<\/p>\n<\/blockquote>\n

She added that the digital ruble should not affect inflation in Russia.<\/p>\n

The head of the regulator did not rule out that testing the pilot project could take more than a year.<\/p>\n

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.<\/p>\n

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“We do not aim to have a large number of digital rubles. The task is to help make transactions cheaper,” Nabiullina emphasised.<\/p>\n<\/blockquote>\n

Earlier, Elvira Nabiullina said that the domestic CBDC be a full-fledged replacement for cryptocurrencies for Russians<\/a>.<\/p>\n

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<\/a>.<\/p>\n

Testing of the new financial instrument will be conducted at 12 banks<\/a> in the first quarter of 2022.<\/p>\n

In the same period, the State Duma will begin drafting amendments to the legislation<\/a> necessary for the introduction of the digital ruble into the country’s economy.<\/p>\n

Subscribe to ForkLog news on Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian economy will gain a digital form of its national currency only if a number of conditions for its functioning are met.<\/p>\n","protected":false},"author":1,"featured_media":52904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[345,1165,1996,36,27],"class_list":["post-52903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-russia","tag-digital-ruble","tag-elvira-nabiullina","tag-regulation","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=52903"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52903\/revisions"}],"predecessor-version":[{"id":52905,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52903\/revisions\/52905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/52904"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=52903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=52903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=52903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}