The Bank of Russia targets 2024 as the launch year for its digital currency.
According to a report by a Russian crypto media outlet
, the Bank of Russia targets the comprehensive implementation of the digital ruble in 2024.
A draft document
reveals that the Bank of Russia aims to "gradually connect all credit institutions to the digital ruble platform and increase the number of available payment options and transactions using smart contracts" two years from now.
Not all features will be available immediately, though. An offline mode and connecting non-banking financial organizations and exchanges are only scheduled for 2025, according to Bits.media.
The Bank of Russia aims to allow market participants to ease into new conditions with a gradual digital ruble implementation, and could impose further restrictions on maximum amounts held in wallets. It also emphasized the advantages of keeping money in bank accounts, such as generating income through interest.
According to Deputy Governor Olga Skorobogatova, a roadmap for the full implementation of the digital ruble is to be expected by the end of next year. Skorobogatova also added that financial sanctions after the start of the Ukraine war accelerated Russia's launch of its own CBDC.
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