The Central Bank of Russia will create a prototype of the digital ruble by the end of this year and will devote the next year to testing it with banks, Forbes reports. According to the First Deputy Chairman of the Central Bank, Olga Skorobogatova, Russians will be able to transfer digital rubles to each other without commissions.
As Skorobogatova explained, the stages of the project implementation will be distributed “very carefully”. In particular, the prototype will be developed by the end of this year. The Bank of Russia will engage in comprehensive testing of the currency together with market participants. She noted that the new form of money requires confidence that all the tools for security, liquidity management, and a seamless transition from non-cash rubles to digital and vice versa are developed and used to the maximum.
It is specified that the development of draft changes in legislation in connection with the creation of a digital prototype is scheduled for January 2022, and the launch of testing is scheduled for the Q1 of 2022.