The Bank of Russia has decided on a model for introducing the digital ruble – it was supported by 84% of the banks participating in the discussion of the project. The concept was presented by the first deputy chairman of the Central Bank Olga Skorobogatova and deputy chairman Alexei Zabotkin, RBC reports.
The digital ruble will be issued by the Bank of Russia and stored in electronic wallets in the Central Bank. Banks will act as intermediaries between the regulator and users: they will attract customers and interact with them, open and replenish wallets, execute transfer orders, as well as carry out anti-money laundering and terrorist financing procedures.
Customers will be able to access their digital wallet from any bank mobile application. For off-line digital ruble payments, a second digital wallet will be created directly on the client’s mobile device. To top up, you will need to transfer digital money from the wallet in the application and then pay. The recipient of the funds also transfers them from their offline wallet to the online wallet.
The digital ruble platform, which will be used to issue and open wallets, will consist of components of a centralized system and distributed ledgers.
The creation of a prototype platform for the digital ruble is scheduled for December; in January 2022, the development of changes to the legislation necessary for the launch of the project will begin. Testing of the project itself is scheduled for 2022.
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