[Taklimakan Blog] What Is the Digital Ruble and How It Will Change the Future of Russia?
Countries around the world are developing digital counterparts for national currencies. Russia is no exception.
What is the digital ruble?
Here is what the Bank of Russia writes about the digital ruble:
“The digital ruble is an additional form of the Russian national currency that will be issued by the Bank of Russia in digital form. The digital ruble combines the properties of cash and non-cash rubles. “
In other words, the digital ruble is a virtual analog of the national currency of Russia. Technically, the financial instrument belongs to the class of central bank digital currencies (CBDC).
Who is developing the digital ruble?
The Russian CBDC is being developed by the Bank of Russia. Sometimes he consults with market participants and engages industry experts to work on the new version of the ruble.