Central Bank aims for digital monetary reform

Russia will amend laws before launching the digital ruble, Izvestia reports.


The digital reform will follow trials of a prototype digital ruble platform, which will start early next year.

The Russian Central Bank will perform transactions with this new currency; the mega-regulator will be empowered to regulate the digital ruble circulation. This means the digital ruble will be accepted as legal tender, unlike private cryptocurrencies such as Bitcoin and Ethereum.

Importantly, other countries are also working on the CBDC (Central Bank Digital Currency) implementation. China has achieved the greatest success on this track; as Invest Foresight earlier reported, 140 million people are already using the digital yuan.

Previous ArticleNext Article