The Bank of Russia will test the digital ruble during 2022

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The Central Bank of the Russian Federation will begin testing the digital ruble in 2022. Based on the results of testing, a decision will be made to continue the project.

According to a TASS publication with reference to the first deputy chairman of the Bank of Russia Olga Skorobogatova, the Central Bank will allocate the entire next year for testing the digital ruble, after which the regulator will determine a roadmap for the further implementation of the project.

“For this entire stage of testing, we expect to spend a year, the whole of 2022. And only based on the results of testing, we will understand which roadmap for the implementation of the target platform will be implemented and in what time frame, ”Olga Skorobogatova said at a press conference.

According to
document The Bank of Russia, describing the concept and development plan of the project, by December 2021, a prototype of the digital ruble platform will be created, and the development of amendments to the legislation is planned until January 2022. Testing of the digital ruble will begin in the first quarter of 2022. The Central Bank plans to use a hybrid architecture of the digital ruble platform, which simultaneously consists of the components of a centralized system and a distributed ledger.

According to Olga Skorobogatova, solutions for the prototype of the digital ruble have not yet been created, and the development will be carried out within the Bank of Russia. In addition, there is still no solution for offline translations, which are also provided for in the concept.

At the next stage of the project, the Central Bank plans to establish uniform rules and tariffs for operations in the digital ruble. According to the preliminary decision, transfers between individuals will be free of charge. At this stage, it is not planned to set limits on digital wallets of citizens and businesses.

Deputy Chairman of the Central Bank Alexey Zabotkin also commented on the initiative. He does not exclude that at the stage of introducing the digital ruble, there may be restrictions associated with the volume of digital wallets and the need for a gradual release of digital currency. According to Alexei Zabotkin, the digital ruble will become a universal payment instrument. For example, the Central Bank admits the possibility of using it to pay taxes.

“It is quite possible that the digital ruble will be accepted even for tax payments. In this sense, it will be a more universal means of payment than cash, ”Zabotkin said.

The Deputy Chairman of the Bank of Russia also explained why the Central Bank does not plan to add the possibility of calculating interest on balances in digital rubles. According to him, this is a means of payment, and it should not become an alternative instrument of savings, in this regard, the accrual of interest is an unjustified measure.

In March, Anatoly Aksakov called for a distinction in the law on the CFA between cryptocurrencies, stablecoins and the digital ruble. At the end of last year, Olga Skorobogatova said that the emergence of the digital ruble will help companies and citizens of Russia in making payments and reduce the cost of such operations.

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