The Bank of Russia presented a new concept for the digital ruble, a central bank digital currency the regulator has been contemplating since late last year, at a press conference on Thursday.
A prototype of the digital ruble will be created by this December, said Bank of Russia First Deputy Governor Olga Skorobogatova. The regulator also published a fresh report on the current state and future plans for the project.
The digital ruble will live in a hybrid technological platform combining distributed ledger technology (DLT) and centralized control by the Bank of Russia. The regulator hasnt picked any particular DLT platform yet, Skorobogatova said, adding that the Bank of Russia will likely use open-source code to build its own proprietary product.
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In 2022, the Bank of Russia will draft the necessary regulatory norms for integrating its version of a central bank digital currency (CBDC) into Russias financial system, as well as pilot the prototype with banks and other financial institutions, according to the report.