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.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SE553AUVOVHXBCCBCWD6RLH7MY.jpg)
Elvira Nabiullina, governor of the Bank of Russia.
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.