According to the Strategy for the Development of the Russian Financial Market, published by the Ministry of Finance of the Russian Federation, the launch of the digital ruble will become one of the priority tasks in the field of digitalization until 2030.
As stated in the posted
document, the digital ruble will become the third form of money issued by the Central Bank of Russia. The tasks of the digital ruble will be the development of a payment infrastructure and innovative financial instruments, an increase in the availability of banking services for organizations and individual users, as well as a reduction in transaction costs.
The launch of the digital ruble will allow the Bank of Russia “to prevent the use of monetary surrogates that pose high risks to citizens.” These “surrogates” obviously mean public cryptocurrencies.
To ensure consumer protection, the international standards of the Committee on Payments and Market Infrastructure (CPMI), the International Organization of Securities Commissions (IOSCO) and the Financial Stability Board (FSB) will be taken into account. With the help of the digital ruble, the government will be able to more quickly fight the crisis and inflation, maintaining the stable functioning of the Russian economy.
As part of the initiative, it is planned to continue the development of the Mir payment system, the Bank of Russia payment system, the Fast Payment System and the Financial Messaging System. In addition, for a more efficient analysis of transactions, the Bank of Russia will use SupTech technology, and for monitoring compliance with regulatory requirements by market participants – the RegTech solution. The Bank of Russia believes that these technologies will make it possible to effectively manage risks and ensure information security.
According to a recent survey conducted by HeadHunter, only 11% of Russian citizens are ready to receive their salaries in digital rubles.
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