The Central Bank is considering the possibility of issuing a digital ruble in Russia in order to increase the competitiveness of the domestic economy. On October 13, the regulator presented a report according to which the so-called digital ruble will become an additional form of money along with cash and non-cash.
It is assumed that such a settlement system will appear already in 2021.
The digital ruble can be used for online payments, as well as offline – in the absence of access to the Internet. The Central Bank indicated that the digital ruble will increase the stability of the Russian payment system, but additional infrastructure will be needed for its turnover.
According to the regulator, the digital ruble will be able to make payments faster, easier and safer. At the same time, its use will lead to a decrease in the cost of payment services, money transfers and to increased competition among financial institutions.
While cash has a unique number, and non-cash exist in the form of entries on accounts, the digital ruble will receive a unique digital code that, when paid, will move from one user to another.
The new type of Russian currency will be issued by the Bank of Russia. and combine the properties of cash and non-cash rubles. However, the digital ruble is not a cryptocurrency that does not have a single issuer, consumer protection guarantee and is subject to serious fluctuations.
Such currency will be introduced into circulation gradually. As noted by the head of the State Duma Committee on the Financial Market Anatoly Aksakov, a law on digital financial assets was adopted in July. The document will come into force on January 1, 2021.
On October 12, the Central Bank assessed the impact of the weakening ruble on inflation in Russia. The regulator noted that fluctuations in prices for various groups of goods and services may persist in the near future.