Elvira Nabiullina remarks indicates that Russia may soon roll out its support for digital currencies in international settlements as the government has been dropping hints about the plans.
The central bank and the Russian government are fully engaged in drafting regulations for digital currencies; it is now a question of when the legislation will be ready, the minister said.
Central Bank of Russia President Elvira Nabiullina revealed that by 2023, the digital ruble would be launched on a pilot basis for making payments to other countries.
The Russian central bank recently proposed a ban on digital currency, but the Finance Ministry believes that thousands will lose out and is suggesting enabling regulations instead.
The bank says digital currencies threaten financial stability and wants to even ban mining, but the Finance Ministry and top tech execs oppose the move.
As per a new report by the country’s central bank, the digital ruble will need to be accessible both online and offline and will be easy to integrate into existing payment systems.
Russian government officials have revealed that criminals prefer to stick to bank cards to get their money.
The Central Bank of Russia is planning to introduce an annual limit on crypto transactions among unqualified investors, as an amendment to current draft cryptocurrency regulations making their way through the State Duma.
The central bank says future growth and mass adoption will change this stability, with the volatility of crypto assets making them severely unreliable.