Can the Bank of Russia be the first in the world to issue a regulated digital currency?

The Russian authorities want to speed up work to create their own digital currency.

During her speech at a press conference last Friday, 23 October, Elvira Nabiullina, Head of the Central Bank of the Russian Federation, said that testing of the digital ruble may begin as early as 2021.

The project will start in experimental mode if the Central Bank does decide to launch the token. Testing will be carried out with a limited number of users.

Nabiullina specified:

We believe such piloting [testing of the digital rouble] will be possible somewhere by the end of next year.

Let’s remind, the Bank of Russia in the middle of October has renewed discussion about prospects of creation of a so-called cryptoruble.

By the end of this year the regulator is ready to accept suggestions and comments from the expert community on this issue. It will then decide whether to create a new payment instrument or refrain from doing so.

The Head of the Central Bank noted that the authorities are interested in the appearance of a digital rouble. The token introduction process will entail a qualitative upgrade of the entire financial infrastructure of the country.

Chairman of the State Duma Finance Committee Anatoly Aksakov earlier also predicted that testing of the digital rouble may begin by the end of next year.

In addition, he said that the Russian authorities are constantly interacting with the expert community. This is necessary in order to create comfortable working conditions for cryptocompanies in our country.