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In 2025, Russians will have new money – the digital ruble. In this article, BeInCrypto has collected all the information available on this project
We tell you what the digital ruble is, how it will work, when it appears, and what to prepare for. All the news on the digital ruble in one material.
In the global financial market, the trend of creating digital analogues of their fiat was born. To date, more than 50 countries are engaged in their development, and some are already introducing the new technology into everyday life. And Russia, too, decided not to stand aside.
Digital Ruble — it is the same ruble, only in a different form. In terms of functions, it is no different from a cash ruble in your pocket or from a non-cash ruble on a bank card. They can pay for purchases, pay taxes and repay loans, only it will be stored in the form of a program code in special digital wallets.
The principle of the wallet will be familiar to those who have worked with PayPal, QIWI Wallet or UMoney is an application on your computer or phone. It stores coins that do not exist outside of this wallet.
The digital ruble will be built on the same technology as cryptocurrencies, only as opposed to free decentralized digital assets, it will be issued, provided and controlled exclusively by the Central Bank of the Russian Federation. That is, the digital ruble belongs rather to the class CBDC – digital currencies of central banks.
Why is it needed?
In addition, the digital ruble is easier to control. The regulator will always know who, where and for what spent the money. Moreover, you can even specify what exactly the recipient can spend it on.. In a word, the digital ruble deals a blow to the entire shadow economy.
The Central Bank believes that the digital ruble will make the financial system more efficient and reliable. Transfers will reach faster and cost less, because many operations are performed automatically on the basis of smart contract. This means that you can eliminate intermediaries and save on commissions.
When it’s ready
The pilot version of the digital ruble is already ready, it is being tested by 15 banks. From next year, the Central Bank plans to start piloting with the participation of real customers.
If everything goes according to plan, then we will be able to use the new ruble in 2025.
Digital ruble in figures
The concept of the digital ruble appeared back
Real testing underway
Cost his security system
What all this means
At first glance, little will change for ordinary citizens, except that there will be
another app on your phone. But there are nuances.
Forward, to a cashless future. As the First Deputy Chairman of the Bank of Russia noted,
already now the share of cashless in the country is 75.5% with a tendency to grow. It is expected that with
with the introduction of the digital ruble, we will forget about paper money and will begin to carry out everything
financial transactions in digital format.
Pay cheaper. According to the idea of the Central Bank, a crypto wallet can be created in
mobile application of any bank participating in the digital ruble platform. In
unlike e-wallets, which you can have as many as you want in
different banks, digital wallet only one. So, commissions for interbank
and cross-border transfers will be a thing of the past – now any transactions will be
carried out quickly, cheaply and directly.
Banks are on the way out. The emergence of a digital ruble will displace commercial ones from the market
Banks. The digital ruble and everything related to it will be in the hands of the Bank of Russia, so
intermediaries will not be needed.
No personal life. The central bank will see every transaction made.
This means that hiding your income from the state will become much more difficult.
Exit the gray area. The ruble will drastically reduce the shadow economy,
financial fraud and corruption will also be difficult.
What the community thinks
Banks and bankers did not approve of the initiative. For them, the prospect of the digital ruble still looks not only unclear, but also potentially dangerous.
“What is described there is fulle can be solved by available funds, and first of all it is necessary to determine what it is needed for, and not with the forms of project implementation, “said Maria Mikhailova, executive director of the National Payment Association.
Companies, on the contrary, were interested in the idea of the Central Bank. According to some Russian mobile operators, linking a digital wallet to a subscriber’s number would simplify the management of digital currency.
«… with the help of a smartphone, it will be possible to store funds, transfer and pay with them, “MegaFon noted.
The SKOLKOVO-NES Center for the Study of Financial Technologies and the Digital Economy has come to Conclusion that every second Russian is not interested in the digital ruble.
According to the results of the survey, 36% of respondents answered “rather yes” to the question of whether they are going to use the digital ruble. Only 14% of respondents said they would definitely use the digital ruble.
Chronology of events
Cryptoruble will not be allowed on the Russian market. Forecast from Elvira Nabiullina
The head of the Central Bank of the Russian Federation called the timing of the pilot testing of the digital ruble
Moody’s predicts an outflow of capital from banks due to the digital ruble
Banks do not believe in the potential of the digital ruble
Sberbank has calculated how much it costs to create a digital ruble
The digital ruble will make settlements more reliable and faster – Elvira Nabiullina
How Russia “reached” the digital ruble
Russian banks supported the creation of a digital ruble
Gref considered the appearance of the digital ruble “inevitable”
The Bank of Russia called the timing of the public discussion of the digital ruble
The Bank of Russia called the timing of testing the digital ruble
The Bank of Russia presented the concept of the digital ruble
The digital ruble has become the main point of digitalization of the Russian economy until 2030
The Central Bank of the Russian Federation hopes to replace SWIFT with a digital ruble
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