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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.