Digital ruble
From Wikipedia, the free encyclopedia
| Цифровой рубль (Russian) | |
|---|---|
 Digital ruble logo[1] | |
| ISO 4217 | |
| Code | RUB (numeric: 643) |
| Subunit | 0.01 |
| Unit | |
| Unit | ruble |
| Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
| Symbol |  or ₽ |
| Denominations | |
| Subunit | |
| 1⁄100 | kopeyka (копейка), коп. or к |
| Demographics | |
| Date of introduction | 15 August 2023[2][3] |
| User(s) |  Russia |
| Issuance | |
| Central bank | Central Bank of Russia |
| Website | www |
| Printer | Central Bank of Russia |
| Website | cbr.ru/fintech/dr/ |
| Valuation | |
| Pegged with |  Russian ruble (at par) |
The digital ruble or rouble (Russian: Цифровой рубль) is a central bank digital currency (CBDC), developed by the Bank of Russia, the third form of Russian national currency in addition to the already existing cash and non-cash forms of money of the Russian ruble. All forms of the ruble will be equivalent to each other. The digital ruble will be issued by the Bank of Russia in digital form and will combine the properties of cash and non-cash rubles.[4]
Project
In the wake of the development of cryptocurrencies, in October 2017, a draft government resolution was prepared on the technological implementation of the creation of a “cryptoruble”.[5]
In October 2020, the Central Bank of the Russian Federation delivered a report on the creation of the Digital Currency of the Central Bank. It was emphasized that the Central Bank will not become a cryptocurrency, since it will be centrally issued by the Bank of Russia, which will become a guarantor of the security of settlements. Units of ruble numbers are distinctive signs of a digital code. The central bank must combine the function of non-cash and cash - it can be implemented both remotely and through an offline wallet; The digital ruble will be converted into cash and non-cash at the rate of 1:1. The report presents 4 possible models for implementing the circulation of the Central Bank of Securities, depending on who, how and to whom the wallets and several calculations are provided. At the same time, presidential press secretary Dmitry Peskov estimated the timeliness of introducing the foreign exchange ruble at 3-7 years.[6]
In April 2021, the Central Bank of the Russian Federation reported on the current stage of the project. A model was chosen where the Bank of Russia opens and maintains wallets for financial institutions, which, in turn, open and maintain wallets for clients. By the end of 2021, it was planned to create a platform where testing of the digital ruble should begin next year.[7]
In June 2021, the Central Bank identified 12 banks that will take part in testing ruble blocks in January 2022: Ak Bars Bank, Alfa-Bank, Bank DOM.RF, VTB Bank, Gazprombank, Tinkoff Bank, Promsvyazbank, Rosbank, Sberbank, SKB- Bank, Bank SOYUZ, Bank TKB.[8]
Testing and launch
Testing began on January 19, 2022. On February 15, 2022, the Bank of Russia and market participants began testing the digital ruble platform and successfully carried out the first transfers in digital rubles between citizens;[9] in the future they plan to test payment for goods and services using it.[10][11][12]
At a press conference held on September 16, 2022, Elvira Nabiullina, Director of the Bank of Russia, announced the start date for testing the digital ruble with real clients on April 1, 2023.[13]
Legal regulation
On June 20, 2023, the State Duma approved a bill recognizing digital currency as an object of agreement, property and inheritance, and on July 11, in the second and third readings, it adopted a law on the implementation of the digital ruble. The law was signed by the President of Russia on July 24, 2023.[14][15]
