A Russian central bank digital currency (CBDC) could be on the horizon, with commercial banks in the country currently being asked by the central bank to prepare to process the digital ruble within minutes. next two years.
According to a document dated August 11 and released by the Bank of Russia – the country’s central bank – a digital version of the ruble could become available and usable for payments between banks. individuals and businesses early next year.
Meanwhile, in 2024, the Russian CBDC could be used to connect financial institutions to a digital ruble platform, as well as to “increase the number of payment and trading options available.” using smart contracts,” the document says.
By 2025, the Central Bank of Russia also wants non-bank financial institutions and exchanges to participate as new users of digital currency.
According to the central bank, CBDCs are expected to reduce payment and transaction costs compared to existing methods.
The document emphasizes that the implementation will take place slowly and carefully to avoid errors in the implementation process.
“The phased process of introducing the digital ruble will provide market participants with the opportunity to adapt to new conditions,” the document says.
According to local news agency CNews, one of the goals of the project is to increase the availability of financial services in remote regions of Russia, including those with limited internet access. The central bank also seeks to improve the competitiveness of the Russian economy, with plans to cooperate between Russian and foreign central banks for foreign exchange and cross-border operations, CNews writes.