The Central Bank of Russia announced that it plans to implement a digital ruble for 12 previously chosen banks in 2024.
A document issued by the CNR establishes that the comprehensive implementation is scheduled to begin within two years, in said document the monetary policy priorities for the 2023-2025 period are established.
“In 2024, the Bank of Russia will begin to gradually connect all credit institutions to the digital ruble platform and increase the number of available payment and transaction options using smart contracts,” states part of the report.
The first phase of the use of the central bank’s digital currency will allow the participants of the pilot program to be able to adapt to the new conditions, according to the Central Bank of Russia.
The institution does not expect a large-scale outflow of funds from bank deposits, as traditional financial institutions attract capital by offering interest payments and bonus programs. For Russian banks, the digital ruble should serve as “an additional incentive to increase the attractiveness of bank accounts.”
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