Russian Central Bank Head: CBDC Will Become Part of Daily Payments by 2031
TechFlow Selected TechFlow Selected
Russian Central Bank Head: CBDC Will Become Part of Daily Payments by 2031
Nabiullina recently said in a speech to the Federation Council that CBDC has significant benefits for payments.
Navigating Web3 tides with focused insightsSource: cryptoslate
Compiled by: Blockchain Knight
Elvira Nabiullina, head of the Central Bank of Russia, reiterated that the regulator believes Russia's central bank digital currency (CBDC) will see widespread adoption within the next five to seven years.
According to local media reports on July 30, Nabiullina recently stated at the Federation Council that CBDC brings significant benefits to payments.
Nabiullina emphasized that by 2031, the digital ruble will become a familiar part of daily life. She noted that advantages of the digital ruble—such as free transfers for individuals and reduced transaction costs for businesses—will drive its adoption.
The digital ruble is currently in an advanced pilot phase, designed to operate alongside cash and non-cash rubles, offering a new method for payments and transfers without accruing interest on balances.
President Putin signed the digital ruble bill into law last year, officially authorizing its implementation starting August 15, 2023. The law designates the Central Bank of Russia as the operator of the digital ruble infrastructure, responsible for processing all related transactions.
The pilot phase involves 13 local banks testing core functionalities such as opening digital wallets and conducting peer-to-peer transfers, with plans to scale up following successful trials by 2025.
In addition to advancing the digital ruble, Russia has also taken significant steps to integrate crypto assets into its economy.
Russia’s State Duma recently passed a bill legalizing Bitcoin mining and allowing the use of crypto assets in international trade.
The legislation aims to address challenges faced by Russian banks due to regulatory restrictions and international sanctions, which have disrupted trade relations with key partners such as China, India, the UAE, and Turkey.
At the same time, the new law establishes a regulatory framework to oversee crypto asset mining activities, ensuring compliance with tax regulations and preventing illicit operations. The bill stipulates that mining activities will be supervised by the government and the Central Bank of Russia, with federal agencies ensuring compliance.
The bill allows the sale of crypto assets obtained through mining without using Russia’s information infrastructure, thereby exempting these transactions from domestic monetary regulatory laws. However, the use of crypto assets for domestic payments remains prohibited.
Additionally, Russia is considering formally legalizing stablecoins for use in international transactions to streamline cross-border payments for Russian companies under ongoing sanctions.
The Ministry of Finance recently proposed allowing traditional exchanges to handle digital asset trading for specific investors and outlined the possibility of establishing special regulations for trading digital currencies classified as commodities.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@CryptoSlate
