17:06, 8 September 2022 Page views 224 views

Central Bank to promote digital ruble in international settlements

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Nabiullina noted that many Russian banks have already actively participated in the pilot to introduce the digital ruble, and next year, the regulator will launch “a separate type of operations on a limited scale” for its further gradual introduction.

The Central Bank created the platform for the digital ruble in December 2021, and it will also be its operator. Through the platform, the regulator will issue a digital ruble, open wallets for clients (each one will have two of them – separately for online and offline payments) and banks.

Citizens and companies will remain customers of banks, and the latter will become intermediaries: they will open wallets at the request of customers and make payments through the platform of the Central Bank. The digital ruble will be available from the mobile application of any bank. For offline payments, the regulator will launch a second digital wallet – on a mobile device.