BTC $42702.17 (-2.9%)
ETH $3003.33 (-2.1%)
USDT $1.00 (-0.0%)
BCH $539.30 (-1.8%)
BSV $151.37 (6.60%)
LTC $158.06 (-1.7%)
BNB $366.42 (-1.5%)
ADA $2.13 (-0.4%)
DOGE $0.21 (-0.4%)
BTC $42702.17 (-2.9%)
ETH $3003.33 (-2.1%)
USDT $1.00 (-0.0%)
BCH $539.30 (-1.8%)
BSV $151.37 (6.60%)
LTC $158.06 (-1.7%)
BNB $366.42 (-1.5%)
ADA $2.13 (-0.4%)
DOGE $0.21 (-0.4%)

Bank of Russia to Launch Digital Ruble Before 2021 Ends

Bank of Russia to Launch Digital Ruble Before 2021 Ends

The central bank digital currency (CBDC) arms race continues to get more competitive, as Russia has announced that it will launch its digital ruble before 2021 ends.

According to Russia’s Central Bank head Elvira Nabiullina, they consider the digital ruble “promising” for the nation’s economy. She said that they will solely collect suggestions as well as feedback at the end of the year. They will analyze the feedback, and if there happens to be a consensus in the launch, they will develop a full-fledged concept.

Nabiullina continued that there must be a limited number of users at each stage for them to clearly understand how the project will be a year forward. With this, she hopes that the CBDC pilot will be successful.

Meanwhile, Nabiullina also thanked that the regulators have no plan to do away or mitigate the use and issuance of paper money as the digital asset project is next on the table.

Nabiullina assured,

We do not set the task of ousting some kind of money. It will be, in fact, the third form of money, along with cash and non-cash, which now exist.

According to the regulator’s outline, the digital ruble project is mainly for the promising economy and socio-finance stability. In light of this, businesses and individual participants can have the option to choose on their desired type of ruble to use.

Nabiullina added that, for privacy-oriented services, the digital ruble will ensure transparency in transactions with a unique non-identified code. In essence, this will still function similar to paper money.

Meanwhile, a study shows that Russians prefer to invest in cryptocurrency than gold. The former is fifth on the list of investments, although it tops the list in the high-value digital investment market.

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry