The Bank of Russia Published Their Concept of the Digital Ruble

The Bank of Russia published their concept of the digital ruble and also the results of the public consultations. According to their data, 84% respondents preferred the two-level retail model of the new CBDC.

This means the financial institutions will be opening the digital wallets for the Russian citizens. They will be able to have only one wallet of this kind and won’t receive the interest rate on their balances. In the case of a financial institution’s bankruptcy, their funds will be available in any other institution.

The digital ruble will be tested throughout the entire 2022. The transactions between individuals are expected to be free of charge. The Central Bank still didn’t comment on RACIB’s question why they don’t want to test the already existing solutions. 

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