The Bank of Russia presented the concept of the digital ruble

The Central Bank of the Russian Federation presented the concept of a digital version of the domestic currency, as well as the results of public consultations

The Bank of Russia has published the concept of the digital ruble. According to published data, 84% of respondents preferred the two-tier retail model of the digital ruble.

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In it, financial institutions will have the right for Russians to open digital wallets on the Central Bank platform. At the same time, the model providing for a single-tier financial system, according to the Central Bank, did not receive support.


In the two-tier digital ruble model the issuer of digital currency is exclusively the Central Bank… At the same time, each client of the digital ruble platform will receive only one wallet… Also Russians will not be able to receive interest income on the balance in digital rubles.


The regulator emphasizes that in case of bankruptcy financial institutions funds for wallet are available to the client through
any other financial institutionwhere it is served. At the same time, compliance with AML / CFT / FROMU remains with the financial intermediary, and not the Bank of Russia.

Monopoly of the digital ruble

Testing of the digital ruble will continue throughout 2022, the first deputy chairman of the Central Bank Olga Skorobogatova said at a press conference.

“For this entire stage of testing, we propose to spend a year, the entire year 2022,” Skorobogatova said.

Skorobogatova also added that “tentatively” the Central Bank is inclined to adhere to the fact that transfers of the digital ruble between individuals should be free.

“For now, we preliminarily believe that from the point of view of transfers from an individual to an individual, this should be free,” she said.

Recall that in early March, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, allowed the collection of commissions for transfers of the digital ruble between credit institutions. However, the head of the regulator made it clear that in this matter it is necessary to take into account the policies of financial institutions and the payment system.

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However, some questions still remain open. Thus, representatives of the Russian Association of Cryptocurrencies and Blockchain (RACIB) said in a comment to BeInCrypto that the Central Bank ignored the question of why it does not want to test ready-made solutions.

“RAKIB proposes to create a working group for testing a prototype of the ruble <...> RAKIB sent a letter with this proposal to the Central Bank in November 2020,” the RAKIB said.

Also, representatives of RACIB said that society should know “what money from the budget they [ЦБ] planned to create a prototype and test it. “

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Karice Dabule

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