Start of the tests for the digital ruble in Russia in August: Russia's path to the introduction of a digital central bank currency

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Von: Krypto News Österreich

Russland steht kurz davor, seine digitale Zentralbankwährung (CBDC) einzuführen. Die rechtliche Befugnis für die CBDC wurde bereits vom Föderationsrat, dem obersten gesetzgebenden Organ Russlands, verabschiedet. Nur noch die Unterschrift von Präsident Wladimir Putin fehlt, bevor das Gesetz in Kraft treten kann. Die Tests des CBDC sollen ab dem 1. August beginnen. Mit der Einführung der digitalen Zentralbankwährung erhält die russische Zentralbank die Befugnis, als Plattformbetreiber für den digitalen Rubel zu fungieren. Der Gesetzentwurf enthält auch Definitionen für Benutzer und regelt die Führung von Konten bei der Bank. Der Zeitpunkt der Einführung der CBDC ist besonders interessant, da die russische Wirtschaft …
Russia is about to introduce its digital central bank currency (CBDC). The legal authority for the CBDC has already been adopted by the Federation Council, the highest legislative organ of Russia. Only the signature of President Vladimir Putin is missing before the law can come into force. The tests of the CBDC should begin from August 1st. With the introduction of the digital central bank currency, the Russian central bank receives the authority to act as a platform operator for the digital ruble. The draft law also contains definitions for users and regulates the management of accounts at the bank. The time of the introduction of the CBDC is particularly interesting because the Russian economy ... (Symbolbild/KNAT)

Russia is about to introduce its digital central bank currency (CBDC). The legal authority for the CBDC has already been adopted by the Federation Council, the highest legislative organ of Russia. Only the signature of President Vladimir Putin is missing before the law can come into force. The tests of the CBDC should begin from August 1st.

With the introduction of the digital central bank currency, the Russian central bank receives the authority to act as a platform operator for the digital rubles. The draft law also contains definitions for users and regulates the management of accounts at the bank.

The time of the introduction of the CBDC is particularly interesting because the Russian economy continues to suffer from the effects of war against Ukraine. The value of the Russian ruble was affected by western sanctions that have been imposed in Ukraine since the beginning of the war.

According to the bill, Russian citizens can make payments and transfers on their digital wallets, which are either on the platform of the central bank or at partner banks. However, it is important to note that the CBDC can only be used for payments and transfers and not for loans or deposits.

With the introduction of its CBDC,

Russia is opening to other major economies. China and Japan have already started pilot projects, while the United States are still in the research phase. However, both the bidue government and the Federal Reserve have discussed the possible effects of introducing a digital dollar.

In contrast to cryptocurrencies such as Bitcoin, a CBDC is a centralized token, the value of which is bound to a national Fiat currency. Critics of CBDCs fear that they will endanger privacy because governments would enjoy high transparency in private transactions. In Russia, privacy is taken into account in the introduction of the CBDC, but it is emphasized that it does not enable the same level of anonymity as cash transactions.

The introduction of a CBDC can serve as security against volatile national currencies. Due to increasing inflation and western sanctions, the Russian ruble is seen as one of the currencies with the worst performance. A CBDC could help here.

The introduction of the digital ruble in Russia is expected if President Putin signed the law. The tests of the CBDC should then begin at the beginning of August and Russia could support in stabilizing its currency and promoting digital payment transactions.