Many central banks, especially China, are working to issue their own digital currency. However, it seems that China, which took this step first, will issue the digital yuan earlier than other countries. At the Central Bank of Russia announced plans to test the digital version of its currencies.
Elvira Nabiullina, President of the Central Bank of Russia, stated in the conference he gave online that before the end of 2021, the testing phase of his digital currencies will be completed.
“First we will collect the consultation report and then discuss it again. If the feasibility of introducing the digital ruble to the market is decided, we will prepare a full-fledged concept. ”
Stating that there should be trials on a limited number of pilot users to understand how everything works, Nabiullina stated that such an application could be completed at the end of next year.
The President of the Central Bank of Russia also emphasized in his speech that the purpose of the digital ruble is not to replace paper money.
“We do not see this project as a kind of fund-raising. It will be the third form of money for us, along with the cash and non-cash currently available. ”
Stating that the digital ruble planned to be created will be built on the principle of maximum privacy, Nabiullina stated that crypto coins are an important step in the direction of digital transformation.