Russia’s central bank intends on launching a digital ruble prototype this year, its deputy chairman has recently revealed.
Russia’s Sberbank has filed an application with the country’s banking regulator to launch its own stablecoin.
The Chinese model for its digital yuan is a better template for Russia in exploring a central bank digital currency, central bank officials said.
The Russian central bank recently met with some of the country’s commercial banks to discuss the proposed digital ruble.
Chief amongst the proposals is a separation of “qualified” and “non-qualified” investors, with separate rules relating to each class.
The Bank of Russia is formally exploring options for a central bank digital currency, which would create a “digital ruble” as a supplement to cash.
Alexey Guznov, head of legal at the central bank, said the latest draft of the bill will outlaw circulation and issuance of digital currency in Russia.