Bank of Russia Considers Issuing Digital Ruble, Starts Public Consultations

The Russian central bank said it's starting public consultations on the possibilities of issuing a CBDC.

By Kevin Reynolds

Oct 13, 2020 at 1:23 p.m. UTC

Updated Sep 14, 2021 at 10:08 a.m. UTC

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The Bank of Russia – the central bank of Russia – said it's exploring the possibilities of issuing the central bank digital currency (CBDC), a digital ruble.

In an advisory report, the Russian central bank said it doesn't see the digital ruble as a replacement for cash or non-cash rubles, but as a supplement.
The central bank said it hasn't yet decided whether to issue a CBDC but will hold a public consultation period on the matter. The bank said it considers it vital to discuss key aspects, advantages, possible risks, stages and timing of a digital ruble project "with the financial sector, the expert community as well as with all stakeholders."

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