Russian Digital Currency Trial Officially started and seems like it is impossible for Bitcoin and other cryptocurrencies to grab their space in Russia.
Why The Central Bank Of Russia Has Initiated The Trial Of Digital Rubble?
If we look at the previous behavior of Russia towards cryptocurrency. It is not something really surprising for any of us. Firstly, Russia applied a complete ban on crypto mining.
However, a recent report ignited that the Russian government is working on a new draft law. To regulate bitcoin and cryptocurrency in Russia. But, today’s report is opposing this ignited report entirely.
As the central bank of Russia announced that. It has inaugurated the first trial of digital ruble currency. And completed the successful attempt of transferring the first Central Bank Digital Currency(CBDC). This inauguration was corresponding to the Central Bank’s intention to introduce the digital ruble’s first transaction in 2022.
Furthermore, three banks out of twelve in the digital pilot group have been integrated with the digital ruble platform. As expressed their interest in the trial of the digital ruble platform previously.
Amongst the three banks, only two banks have successfully completed their process of transferring digital rubles. To the customers through mobile bank applications. As per bank reports.
Moreover, in the first trial stage, the users not only open digital wallets on the digital ruble platform. But also convert non-cash rubles into CBDC and then transfer the digital rubles amongst them.
Additionally, in the second stage of the trial. The bank intended to test the function of digital rubble. As payment for goods and other necessary services, and apply smart contracts. also, interaction with the federal treasury.
Bank Of Russia’s First Deputy Chairman Opinion On The Russian Digital Currency Experiment:
In this context, the first deputy chairman Of the Bank of Russia. Olga Skorobogatova stated, that amid this year “we will test several scenarios, and refine the CBDC platform” – and for further development of the platform, we intended to serve seamless interaction with the digital platforms and digital eco-system.”
Skorobogatova further stated that the CBDC or digital ruble platform is another gateway of opportunities. For, citizens, businesses, and the state. We also planned for citizens’ digital rubble transfers will be free. Also made available everywhere inside Russia.
In this context, the first deputy chairman Of the Bank of Russia. Olga Skorobogatova stated, that amid this year “we will test several scenarios, and refine the CBDC platform” – And for further development of the platform, we intended to serve seamless interaction with the digital platforms and digital eco-system.”
Words By First Deputy Chairman:
“The digital ruble platform is a new opportunity for citizens, businesses, and the state. We plan that for citizens transfers in digital rubles will be free and available in any region of the country, and for businesses, this will reduce costs and create opportunities for the development of innovative products and services. The state will also receive a new tool for targeted payments and administration of budget payments”.
In addition to this, the Bank of Russia marked that the feature that makes digital rubble particular is. That digital wallets are accessible through mobile applications of any bank that serves the clients.
As well, no roadmap for the digital rubble platform decided yet. As it depends on the further performance and implementation of the roadmap for the first digital platform will be established.
Final Thoughts:
In our opinion, it won’t be wrong to say. That the central bank of Russia is strongly disagreed on accepting Bitcoin, and other cryptocurrencies. However, other Russian sectors are trying to bring in bitcoin, and other digital currencies in Russia.
Furthermore, the central bank of Russia has followed its previous words by officially launching the trial phase of Russian digital currency.
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Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.
