Bank of Russia Publishes Consultation Paper on the Digital Ruble
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Oct. 13, 2020

The Bank of Russia, the country's central bank, has just reported the government plans to issue its own central bank digital currency (CBDC).

According to a consultation paper released today by the Bank of Russia, the country is considering the development of a digital version of the Russian ruble.

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Per the document, the digital ruble may become an "additional form of money alongside cash and non-cash."

It must be noted that the development of a hypothetical CBDC would make it necessary to create an additional payment infrastructure.

The project, whose timing has not yet been disclosed, would aim to develop a digital version of the country's national currency that would have "all the necessary properties to perform the functions of money." This CBDC would make payments "faster, more simple and secure."

The country's central bank reports users would be able to access the Russian ruble through e-wallets and mobile devices. In addition, the currency would be available online and offline.

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