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Russian Central Bank plans to test digital ruble in 2022

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The Bank of Russia plans to allocate the entire year of 2022 for testing the digital ruble, said the bank's First Deputy Governor Olga Skorobogatova in an online press conference on Thursday.

NEWS IN ENGLISH 08.04.2021, 13:34
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Russian Central Bank plans to test digital ruble in 2022
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Skorobogatova said that the Bank of Russia will implement a roadmap strategy based on the test results. She added that the bank doesn't plan to set any account storage limits for the digital wallets of either businesses or private citizens.


The bank stated in December that it has started a series of consultations for the potential launch of the digital ruble, but that it hadn't decided on the launch date. Russia's biggest retail bank Sberbank confirmed that it was interested in launching its own digital token and a platform for digital asset trading.


United States Federal Reserve Chair Jerome Powell said recently that the Fed "doesn't need to rush" the rollout of a central bank digital currency (CBDC) and that it does not want to destabilize the existing two-tier system. He stressed that any potential digital currency should be able to coexist with the current system and the use of cash.


Speaking at the Bank for International Settlements (BIS) summit, Powell stated that private digital currencies have so far not been a "good store of value," commenting that their regulation is "not where it needs to be yet." He went on to say that "work is not motivated by other developing private sector currencies like Bitcoin."


Powell went on to say that the Fed is experimenting with CBDC, but that any move to introduce it would require broad support from Congress, the administration and the general public. He reiterated that the bank is not ready to reach a decision on a digital currency at the moment.

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