Russia might launch its own digital version of ruble in 2023, iHodl Russia has learned. The digital ruble will reportedly be issued only by the Bank of Russia and stored in electronic wallets in the central bank.
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Financial institutions will act as intermediaries between the watchdog and users. These intermediates will attract users and interact with them, open and replenish wallets for them, execute transfer orders, as well as carry out AML and KYC policies. Users will be able to access their digital wallet from any bank via mobile application.
For offline digital ruble payments, a second digital wallet will be created directly on the client's mobile device. To top up, a user will need to transfer digital money from the wallet in the application and then pay. The recipient of the funds also transfers them from their offline wallet to the online wallet.
The digital ruble platform on which it will be issued and wallets will be opened will consist of components of a centralized system and distributed ledgers. The creation of a prototype platform for the digital ruble is scheduled for December; in January 2022, the development of changes to the legislation necessary for the launch of the project will begin. Testing of the project itself is scheduled for the whole of 2022.
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