Bank of Russia is preparing for a prolonged trial of the digital version of the national fiat to ensure this is a “full-fledged ruble,” the head of the monetary authority has emphasized. The regulator has put forward some conditions for the implementation of the new currency project.
Bank of Russia Sets Conditions for Digital Ruble Currency
The Central Bank of the Russian Federation (CBR) may test a digital ruble for more than a year before it finally launches the CBDC, the bank’s chair, Elvira Nabiullina, said during a meeting of the important Financial Market Committee at the State Duma, the lower house of parliament. The head of the regulator insisted that the digital ruble project will be realized only if it meets certain criteria.
The monetary authority’s first requirement is that the digital currency be freely convertible to the other two forms of Russian fiat, cash and bank money, at a one-to-one ratio. Responding to a question regarding the risks of introducing the co
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