An executive of the Bank of Russia stated that the Bank of Russia is expected to release its central bank digital currency, or digital ruble, in 2022.
Alexey Zabotkin, deputy governor of the Bank of Russia, announced the plan at an online event organized by the Moscow New Economic Institute. He stated that the bank plans to complete the creation of a digital ruble prototype by the end of 2021.
He added that this prototype is utilized as a starting point for establishing an ecosystem and does not support real transactions. Improvements will be made later, and the pilot will begin next year.
The Central Bank of Russia formally announced its CBDC plan at the end of 2020 and issued a consultation document on the development of a digital ruble in October last year.
In January of this year, the Russian Banking Association launched a feedback report on the project and warned that all models proposed by the Bank of Russia may contain risks related to cybersecurity and fraud.
(Via)
