The Russian Federation will soon launch the first prototype of the “digital ruble”. While the digital ruble to be introduced is expected to be carried out with a separate legal regulation, Russian officials commented on the future of the digital ruble.
The digital ruble, whose prototype will be introduced this year, is expected to be discussed in detail and legally regulated after “experiments” to be carried out in 2022. According to Izvestia, according to Alexey Minaev, deputy director of the Digital Economy Development Department of the Ministry of Economic Development, the digital ruble will be used as a legal tender, unlike traditional digital currencies.
According to Minaev, the digital ruble is not very linked to mainstream cryptoassets.
Anatoly Aksakov, chairman of the Committee on Financial Markets of the Russian State Duma, told the press that the development of the legal basis will begin in January 2022, and changes will be proposed in at least eight laws and five laws.
A digital concept of the official currency was announced by the Central Bank of Russia at the end of last year. It is estimated that the digital ruble to be launched will be positioned somewhere between cash rubles and non-cash (bank-traded, etc.) rubles. Unlike other crypto assets, the digital ruble will be regulated by the Russian government and will be a directly linked currency. Due to this feature, it is expected that the digital ruble will be launched and exist in the market with minimum risk.
The Russian Ministry of Finance said earlier this year that the introduction of the digital ruble will help further develop payments infrastructure, increase competition and spread new innovative financial instruments.
The ministry also promises to increase availability for people and businesses and reduce the costs of services.