Read

Bank of Russia’s chief signals a slow path to digital ruble adoption, as scaling is expected no earlier than 2025, with mass usage transition anticipated over five to seven years. 
Scaling of <a href="https://crypto.news/tag/russia/" target="_blank" rel="">Russia</a>‘s digital ruble following the pilot project is anticipated no earlier than 2025, with the transition to mass usage expected to take five to seven years, The Moscow Times <a href="https://www.moscowtimes.ru/2024/04/08/masshtabirovanie-tsifrovogo-rublya-proizoydet-ne-ranshe-2025-goda-nabiullina-a127101" target="_blank" rel="">reports</a>, citing Bank of Russia Governor Elvira Nabiullina. 
Speaking on the matter, Nabiullina emphasized that the timeline for scaling would hinge on the outcomes of the ongoing pilot project. She underscored that regardless of the project’s results, substantial scaling would not occur before the mentioned timeframe. 
<blockquote class="wp-block-quote"> 
 “We plan to expand the pilot project on the digital ruble, and based on its results, we will determine the timelines for serious scaling of the digital ruble. However, in our view, this will not happen before 2025.” 
 Elvira Nabiullina 
</blockquote> 
 You might also like: <a href="https://crypto.news/russia-hopes-to-interlink-its-cbdc-with-foreign-banks-in-2025/" rel=""> Russia hopes to interlink its CBDC with foreign banks in 2025 </a> 
Nabiullina added that widespread implementation of the digital ruble will likely take five to seven years, noting that it will be a “natural process because the choice of people and businesses is crucial, and it must be convenient for them.” 
As crypto.news <a href="https://crypto.news/russias-central-bank-is-set-to-launch-digital-ruble-by-2025/" target="_blank" rel="">reported</a> earlier, the Bank of Russia considers the digital version of the ruble as an addition to its current set of payment methods: the Faster Payments System, the country’s Mir payment cards, QR code/NFC payments, biometrics-based payments, and cash. The Bank of Russia&nbsp;<a href="http://www.cbr.ru/statichtml/file/113008/consultation_paper_201013_eng.pdf" target="_blank" rel="">reassured</a>&nbsp;citizens that the digital currency will be used “alongside individuals’ and businesses’ cash rubles” and is not meant to replace cash. 
However, China — Russia’s main benchmark for economic digitization — <a href="https://www.scmp.com/news/china/politics/article/3217996/chinese-city-changshu-plans-pay-employees-using-digital-yuan" target="_blank" rel="">has already begun</a> paying civil servants in Changshu state salaries in digital yuan to promote the usage of the state-controlled currency. 
 Read more: <a href="https://crypto.news/russias-central-bank-does-not-rule-out-crypto-investments-with-focus-on-risk-evaluation/" rel=""> Russia’s central bank does not rule out crypto investments with focus on risk evaluation </a>

Russia’s central bank foresees full-scale CBDC implementation post-2029

crypto.news

المزيد من المقالات نُشرت في ٨ أبريل ٢٠٢٤

NiceHash Celebrates 10 Years with Bitcoin-centered Conference in Maribor

BTC Nears Breakout, Relies On Dollar Index Pullback To Continue Rallying

Bitcoin Block Reward Halving Spurs Market Expectations

Fantom Protocol Founder Considers Memecoins Integration

W3WC Dubai Event: Where Visionaries Unite for Web3’s Tomorrow

Digiverse Price Prediction: DIGI Drops 24% In A Month As Investors Pivot To This World-First AR/V...

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.