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The Bank Of Russia Is Considering Launching A Digital Ruble
Summary: The Bank of Russia, Russia's central bank, asked for feedback surrounding the idea of issuing a digital ruble at the conclusion of a report published on Tuesday, October 13. The advisory report highlighted that a digital ruble could help to improve payments technology and would work alongside cash and bank accounts. The authors did not ...
The Bank of Russia, Russia's central bank, asked for feedback surrounding the idea of issuing a digital ruble at the conclusion of a report published on Tuesday, October 13.
The advisory report highlighted that a digital ruble could help to improve payments technology and would work alongside cash and bank accounts. The authors did not give technical specifications for a potential digital ruble, however they did emphasize that it would be backed fully by the Russian government. It also highlighted that the digital ruble could prevent corruption because digital rubles could be tagged for specific spending purposes to stop misappropriated funds.
The bank is seeking public feedback surrounding a digital ruble until December 31. Following the feedback period, the government will possibly run a small pilot project. Depending on how the pilot goes, the bank will decide whether or not to officially launch the digital ruble.
By Emily Mason
Tags: Bank of Russia,Digital Ruble,Russia Central Bank
Link: The Bank Of Russia Is Considering Launching A Digital Ruble [Copy]
