Bank of Russia will appreciate the prospects for the release of the digital ruble

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The Central Bank of Russia will examine the need for a digital ruble and possible options for its implementation.

According to the published report, the regulator will evaluate the economic and technical prospects of the digital ruble, which will complement cash and electronic money. By the end of the year, the Central Bank wants to collect the opinions of experts on this issue.

The document provides a brief description of the basic characteristics of the new system. According to the Bank of Russia, the digital ruble can improve the security of payments, reduce their cost, increase competition among financial organizations, contribute to macroeconomic and financial stability.

At the same time, it will complement the existing forms of money, and not replace them, to be freely converted into a physical or electronic type of 1: 1, and serve as a legitimate means of payments. However, the regulator notes that transactions will not be anonymous, since identification will be needed for the transfer of funds, and all data will be recorded on the PCB platform.

Other advantages also include the ability to perform operations in offline mode, by transferring a digital code directly between devices, which will improve financial infrastructure in remote and small areas.

The Central Bank already has a specific database for this project, since

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