As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy.
Russia’s Central Bank Plans Digital Ruble
The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its issuance on Oct. 13. Public comments on the issuance of the digital ruble are accepted until Dec. 31.
Five Russian banks have already expressed interest in participating in the central bank digital currency (CBDC) pilot: Credit Bank of Moscow, Promsvyazbank, Bank Zenit, Dom.RF, and Russian National Commercial Bank. The State Duma, the lower house of the Federal Assembly of Russia, expects the digital ruble experiment to…