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Central Bank of Russia publishes consultation on digital rouble

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The central bank of Russia says the digital rouble can be „another form of money“.

Russian Central Bank publishes consultation on digital roubleNOTÍCIAS
The Russian financial authorities have confirmed the government’s alleged plans to issue the central bank’s digital currency, or CBDC.

On 13 October, the Bank of Russia published a consultation paper on the development of the digital Russian rouble.

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In the document, the central bank said that the digital rouble could become an „additional form of currency, alongside money and non-cash“. The establishment of Russia’s CBDC project will require the creation of additional payment infrastructure, the bank said.

The bank also said that the digital rouble would have „all the necessary properties to fulfil the functions of money. The project schedule will be determined by the authorities in the near future, the bank noted.

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According to the document, the digital rouble is designed to make payments „faster, simpler and safer“. The bank also noted that a CBDC such as the digital rouble will reduce the risk of capital flight, it said:

„National digital currency will also limit the risk of reallocation of funds in foreign digital currencies, contributing to macroeconomic and financial stability. ”

According to the bank, users will be able to access the digital ruble on their e-wallets and mobile devices, and will be available for online and offline use. „Thus, the digital rouble will complement the circulation of money and will be used simultaneously with roubles in cash and funds from the population and companies in accounts with commercial banks,“ the bank said.

The digital rouble will be available to „all actors in the economy“ such as citizens, businesses, financial market participants as well as the government. The bank added that the digital rouble will have three money functions: a value reserve, a unit of account and a means of exchange.

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The Bank of Russia’s consultation paper shows that the country takes the issuance of its own digital currency seriously. The Russian government has previously discussed the advisability of issuing so-called „CryptoRuble“, but the current central bank document is apparently the first serious step in the development of the CBDC. In August 2020, Russian state bank Sberbank also claimed it was considering issuing a rouble-backed stablecoin.

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