Russia's Digital Ruble Model to Get Bank-Friendly Redesign
Banks had feared being drained of liquidity under the original concept for the digital currency.
Updated Sep 14, 2021 at 12:13 p.m. UTC
![Elvira Nabiullina, governor of the Bank of Russia.](https://www.coindesk.com/resizer/TaGbwZeq71NQNn3BJ-wEKsauHlo=/567x321/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SE553AUVOVHXBCCBCWD6RLH7MY.jpg)
Russia's central bank will present a modified concept for a central bank digital currency (CBDC) later this year following discussions with banks.
- Most institutions favor a two-level model for a digital ruble in which banks open wallets on clients' behalf on the central bank's platform, Bank of Russia chair Elvira Nabiullina said Thursday, according to an RT report.
- The new model will be presented for discussion with the public and stakeholders at the start of this summer, Nabiullina said.
- Launching and testing a special platform would be the next step, according to RT's report.
- While the Bank of Russia is pushing on with its own digital currency plans, public crypto assets are set to be ruled out as a legal means of payment.
- Russia's State Duma is currently introducing legislation that would also recognize cryptocurrency as property for tax purposes. The bill passed its first reading Wednesday.