Russia's central bank says preparations for the digital ruble are complete ahead of a September launch, with systemic banks and major retailers set to plug into the network. Governor Elvira Nabiullina is also weighing private-bank wallets and smart-contract payments to widen the currency's reach.
The Central Bank of Russia says everything is in place to roll out its digital ruble, the country's central bank digital currency, which is set to launch next September. Governor Elvira Nabiullina said the main banks and large trading businesses are prepared to receive it, meant to complement electronic money and cash.
Systemic banks connect to the network
Nabiullina pointed to the scale of the preparation. She described a huge preparatory effort for this stage, according to TASS: "Everything is ready for the wide use of the digital ruble." She has been signaling readiness since March, when she said the project was on schedule and that the platform's core transfer and payment functions were working with multi-level protection against cyber threats.
The central bank is not stopping at the base network. Nabiullina said the institution is examining the possibility of opening digital ruble wallets on the balance sheets of private banks, which she said would expand the reach and functionality of the currency.
Smart contracts eyed for business
Beyond payments, the bank is studying smart contracts for the digital ruble for payments and other use cases. Nabiullina said the bank sees great potential in using smart contracts for business and is working on the ideas.
Separately, she said the goal is for the digital ruble to be genuinely in demand by people and businesses, and that the bank remains in constant discussion with banks.
Source: Bitcoin News
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