Russian Central Bank stated on Thursday, that it is leaning towards a two-tier digital ruble system. It is intended to provide additional benefits to the citizens of the country, but not to eliminate cash.
Russia: The central bank is working on a digital ruble
In October 2020, Russia’s central bank unveiled its vision of the digital ruble for the first time. It is said that the new e-currency is to exist on the market alongside the current payment methods (including cash). The aim, however, is to facilitate payments.
Ivan Zimin, head of the Central Bank’s Financial Technology Department, said he was leaning towards the so-called “model D “. This “It will allow us to maintain the two-tier system we have and will provide an additional advantage to citizens, companies and the state in terms of speeding up settlements, increasing their security, reducing costs and increasing financial availability. “
According to Zimin digital “wallet [na rubla] it will not only be linked to the credit institution that created it first. ”
– Access to the portfolio by another organization would be possible after some financial checks have been performed – added. – In our opinion, this really increases accessibility [do usług finansowych] and reduces “payment slavery” – he said.
However, the Russian central bank has not specified what technology it plans to use on its digital platform. According to Zimin, blockchain technology could be part of this larger whole.
The world is moving towards CBDC
Not only Russia is planning to issue the digital currency of the central bank. China has long been moving in the same direction. Beijing is already conducting advanced e-yuan tests in several Chinese cities. It is possible that the e-currency will see the light of day later this year.
This week, the head of the European Central Bank, Chirstine Lagarde, gave a speech on the European CBDC. According to her, the decision on the digital euro will be made in the next few months. However, it may take up to four years for such a currency to actually market.
– The whole process – let’s be realistic – will, in my opinion, take another four years. Maybe a little more, but hopefully we can complete it in four years as it is a technical endeavor as well as a fundamental change Lagarde said.
