Russia's Digital Ruble Model to Get Bank-Friendly Redesign

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.
Discussions around the creation of a state-backed digital currency started in October, but concerns were raised by commercial banks that liquidity could be drained from their balance sheets as a result.
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.

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