The Bank of Russia published a draft of the main directions of the unified state monetary policy for 2023 and the period 2024-2025, where it announced that the introduction of the digital ruble would begin in 2024.
The document notes that the platform for the operation of the state cryptocurrency continues to develop, and the connection of banks to it will begin in 2024. The launch of the offline mode of the digital ruble, the connection to the system of various financial platforms, non-banking organizations and the exchange infrastructure are scheduled for 2025.
“In 2024, the Bank of Russia will begin to gradually connect all credit institutions to the digital ruble platform, increase the number of available payment options and transactions using smart contracts. The phased process of introducing the digital ruble will give market participants the opportunity to adapt to new conditions,” the report says.
The regulator stressed that, if necessary, it is possible to impose restrictions on operations with the digital ruble. For example, it will be possible to limit the amount of digital currency that can be stored in the wallet, or the maximum amount of the transaction.
As for the risks for the traditional financial system, the regulator does not see any problems and does not expect a large-scale outflow of funds from bank deposits, because they attract “interest income or bonus programs.” But for banks, the introduction of the digital ruble should become “an additional incentive to increase the attractiveness of bank accounts.”
“Unlike funds in digital wallets, the advantage of funds placed in bank accounts is the income accrued on them. Based on this, in order to avoid competition with the banking sector, the Bank of Russia decided not to accrue interest on funds in digital wallets on the platform of the Bank of Russia,” the Central Bank reports.
Earlier it became known that testing of the digital ruble on real transactions is scheduled for April 2023.
Source: Bits
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