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Digital Ruble in 2021?

The first pilots of Russia’s digital currency are supposed to begin in H1 2021.

Various financial companies in Russia have shown interest in experimenting with the nation’s central bank digital currency, or CBDC.

There are at least five Russian banks that want to take part in Russia’s digital ruble pilots in the first half of 2021 according to an Oct. 16 story by regional news agency Izvestia.

The list of banks includes state-backed Promsvyazbank, the Credit Bank of Moscow, commercial bank Zenit, mortgage bank Dom.RF, and Crimea’s Russian National Commercial Bank. As reported, the latter wants to be actively involved in the first pilots in order to provide Crimea with the “most innovative banking technologies.”

The central bank is thinking of using digital rubles to give wages and bonuses once the currency is publicly chosen according to the article. Reportedly The Bank of Russia told that clients will be able to save and transfer the future digital currency through an “analog of a bank card.” In order to allow the digital ruble, traders will have to “reconfigure payment terminals,” the statement says.

Anatoly Aksakov who is a part of the Russian State Duma and a key representative of Russia’s crypto-related law efforts told that Russia is able to use the digital currency in terms of technological and constitutional perspectives. Anatoly reportedly said that the first digital ruble pilots are supposed to start in 2021 following Russia’s law “On Digital Financial Assets” is chosen on Jan. 1.

The release comes quickly after Russia’s central bank formally approved its intentions to issue a CBDC by announcing a consultation paper on the digital ruble on Oct. 13. The bank told that the digital ruble will be an extra form of money besides cash.

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