(The Sun) – Russia could become the first country to make its entire currency digital, as cryptocurrency booms. Discussions are underway about the launch of the digital ruble with local banks and the country’s financial watchdog has reportedly said it would present a more detailed concept by summer.
The head of the Central Bank of Russia, Elvira Nabiullina, said the regulator had received detailed feedback from the banking community about the prospect in a report back in October. According to an RT report, most lenders expressed their support over a two-level model of the digital ruble.
The model would allow banks to open wallets for their clients on the central bank’s platform and conduct operations with the currency. Nabiullina said: “We will develop a more detailed concept and start discussing it with the public,
market participants, and banks at the beginning of summer.” The next step would involve launching and testing a special platform. The adoption of the new form of currency would also require amending legislation. READ MORE