Russian central bank officials today revealed about their plans to launch Ruble digital (crypto) assets as many countries are now in the process of expanding their central bank cryptocurrencies (CBDCs).
In one of the statements, the central bank issued a statement that they are expected to launch the CBDC in 2023. Reinforcing this point, senior leaders of Russia’s central bank revealed that they could launch a digital Ruble in the next two years.
The statement was announced during a virtual conference yesterday which also clarified details on the CBDC deployment plan. At the conference, Deputy Governor Alexei Zabotkin and First Deputy Governor Olga Skorobogatova also revealed long -term plans for 2023.
Zabotkin noted that will introduce transaction limits from non -cash forms to digital Rubles.At the same time the Russian Central Bank will be willing to bear if there is a problem of lack of liquidity.
Officials also discussed how the digital Ruble works. For example, the central bank plans to eliminate non -cash transactions to ensure a smoother transition to the digital Ruble.
Russia’s CBDC will have a two -tier system, similar to China’s digital Yuan. The central bank will distribute the CBDC to commercial banks, then the commercial bank will distribute it to consumers.
Also boosting market optimism towards the CBDC, Olga Skorobogatova, a board member of the Bank of Russia, stressed that expanding the CBDC is very important as 73% of Russian transactions are done digitally.
