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 reports note that some lawmakers in the country are considering revising some aspects of the payments ban including allowing digital currencies to be used as payment in domestic contracts.
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.
Russia’s central bank may roll out digital ruble early 2022. The project is focused on replacing other digital currencies in the country.
Russia’s central bank intends on launching a digital ruble prototype this year, its deputy chairman has recently revealed.
Mobile networks Beeline and Megafon are reported to be considering supporting services for an eventual central bank digital currency.
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 state owned bank is reportedly nearing rollout of the technology, which will provide access to digital currencies and digital assets via blockchain.
The Russian central bank recently met with some of the country’s commercial banks to discuss the proposed digital ruble.