Oct 13, 2020
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Central Bank allowed the creation of a digital ruble

The Central Bank of the Russian Federation presented a report on the creation and implementation of the digital ruble, the document was published on the regulator's website.

The Central Bank of the Russian Federation noted that the system of monetary circulation in the Russian Federation should meet the needs of citizens and businesses, as well as facilitate the introduction of innovations in the economy.

“The Bank of Russia is assessing the possibilities and prospects of issuing a digital form of the Russian national currency - the digital ruble,” the statement says.

The regulator explained that the digital ruble can become an additional form of money along with cash and non-cash. The digital ruble will be issued by the Central Bank of the Russian Federation and will have a unique code.

The launch of the digital currency will expand the possibilities for remote payments and settlements. The regulator added that the final decision on the introduction of digital money has not yet been made, the project requires additional study.

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