Aggregated News From Investment Management Regulators

Bank of Russia announces public discussions on digital ruble


Please complete the required fields.

Digital financial technologies usage is expanding in Russia and globally. Cashless payments are becoming more common every day. In these circumstances, the public demands faster, more convenient and safer payment methods based on modern technologies.

Many central banks are discussing the possibility to introduce central bank digital currencies (CBDC). In response to the evolving needs of households and businesses, the Bank of Russia is assessing the possibilities and prospects of introducing a digital ruble. This work will be conducted in close cooperation with the public. In order to encourage an extensive discussion of this issue, the Bank of Russia has published a consultation paper.

A digital ruble is a digital form of the Russian national currency that will be issued along with the currently existing forms of money (cash and non-cash rubles). Individuals will be able to credit digital rubles to their electronic wallets and use them with the help of mobile or other devices both with and without an Internet connection (that is, online or offline).

Depending on their needs, households and businesses will be able to freely convert their money between forms (digital rubles into cash or bank account, and back). This requires a development of special technologies to enable the offline usage of digital rubles. Provided that, a digital ruble will be able to combine the benefits of cash and non-cash money.

Cutting-edge technologies used to develop a digital ruble will help reduce payment costs, increase financial inclusion and boost further improvement of payment technologies. The Bank of Russia will consider all these aspects, along with the uncompromising information security requirements, in its further work on the digital ruble project when selecting specific functional and technological solutions.

The Bank of Russia deems it crucial to discuss the key aspects, benefits, potential risks, milestones and timeframes for the implementation of the digital ruble project with financial market participants, experts and the general public. We will be happy to hear your answers to the questions posed in the report. Send your comments to [email protected].

Source Link

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

Recent Articles

Proposed amendments to permit reduced margin for swap position partial offsets held in inventory

Executive Summary IIROC is proposing amendments to the IIROC Rules (Proposed Amendments) that would permit margin reductions for Dealer Member (Dealer) inventory offsets of: non-equivalent...

FINRA Requests Comment on a Proposal to Shorten the Trade Reporting Timeframe for Transactions in Certain TRACE-Eligible Securities From 15 Minutes to One Minute

Summary FINRA is soliciting comment on a proposal to amend Rule 6730 to reduce the Trade Reporting and Compliance Engine (TRACE) trade reporting timeframe for transactions in all TRACE-Eligible Secur

FINRA Reminds Firms of Their Obligation to Supervise for Digital Signature Forgery and Falsification

Summary FINRA has received an increasing number of reports regarding registered representatives and associated persons (representatives) forging or falsifying customer signatures, and in some cases s

Notice of Annual Meeting of FINRA Firms and Election Proxy

Summary FINRA will conduct its Annual Meeting of firms on Friday, August 19, 2022, at 10:00 a.m. Eastern Time in the FINRA Visitors Center at 1735 K Street, NW, Washington, D.C.

Get the latest from Regulatory.News in your inbox!