RUSSIAN RUBLE BECOMES DIGITAL: It will not be like Bitcoin, it will be supported by traditional money with a minimal risk

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The Central Bank of Russia will launch a prototype of the digital ruble by the end of this year, confirmed by the highest Russian monetary institution.

“We have just published a report on the recommendations together with the concept of digital ruble,” said the first deputy governor of the central bank, Olga Skorobogatova, at the meeting of the working group of the State Duma Committee for the Financial Market.

She also stated that the monetary regulator will develop a prototype crypto platform by the end of the year and will monitor the market to plan the next phases of the project.

Russia’s central bank introduced the concept of a national digital currency at the end of 2020. The new form of money is expected to coexist with cash and non-cash rubles. Unlike virtual currencies like Bitcoin coins, the digital ruble is designed to minimize risk, because it will be issued by the state monetary regulator and will be supported by traditional money.

The latest research, conducted by the Skolkovo Center for Research on Financial Technologies and Digital Economy, showed that approximately half of the participants in the survey support the idea of ​​digital ruble, while almost 40 percent of respondents were against it.

By: Deya – Gossip Whispers