The Russian Central Bank is planning to run pilot payments with its digital ruble in 2023 for international payments and local transactions.
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The Institution’s chairperson, Elvira Nabiullina, said during a speech in the State Duma that the digital ruble would offer new opportunities and convenience.
Nabiullina maintains that the ruble will offer opportunities for programming and tracking the nature of the use of the currency.
She adds that the entity was in discussion with the state government about using the digital asset in the state programs and monitoring the use of the funds in social programs.
A complete launch of the digital ruble will reportedly happen before 2030, under the Financial Market Development Strategy of the Ministry of Finance.
The launch will be done through an issue of the currency, which will be in the form of the digital ruble and stored in electronic wallets by the Central Bank.
The digital ruble will be used to pay for goods and services and may attract a commission between 0.4% to 0.7%. The announcement notes that the transfers between individuals will be free.