The Central Bank of the Russian Federation has announced the creation of a digital ruble!

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(Edited)

The Central Bank on its website announced the creation of a digital ruble, which should become the third means of payment in Russia.

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It is noted that the final decision on the issue of the digital ruble has not yet been made, this requires public consultations. Currently, the society has formed a request to "increase the speed, convenience and safety of cash payments using modern technologies."

All three forms will be absolutely equal - as now 1 ruble in cash is equivalent to 1 non-cash ruble, and 1 digital ruble will always be equivalent to each of them. At the same time, owners of money will be able to freely transfer rubles from one form to another, ”the report says.

The Central Bank said that like cash and non-cash rubles, the digital ruble will perform all the functions of money - a means of payment, a measure of value and a store of value.

Data on transactions with the digital ruble will contain more limited information about the purpose of the payment and its recipient than existing payment systems, which reduces the risks of using personal information about consumer preferences,” the document says.

The digital currency will be "in the form of a unique digital code" and stored in a special electronic wallet. The regulator also notes that many central banks around the world are now developing their own digital money. They differ from non-cash ones in several parameters at once: storage and accounting in a special wallet, and not in a bank account, the ability to make payments offline without access to the Internet.

At the same time, the digital ruble will not be a cryptocurrency, since it is equated as a means of payment to the cash and non-cash ruble and is issued by the Central Bank. Technically, the digital ruble will be a unique digital code stored in an electronic wallet. Its use is expected to reduce transaction costs and increase financial inclusion, as well as open up opportunities for the use and development of new financial services and instruments. In this regard, according to the report of the regulator, it is necessary to ensure the safety and convenience of the new currency.

The implementation of the initiative involves several stages, including holding public consultations, developing the concept of a digital ruble and a special platform, and then testing on a limited circle of users.

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It’s not the mechanism that counts but who controls it. It’s like putting lipstick on a pig. And it is still centralized fiat not controlled by the people.

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At least they don't lie that this is a cryptocurrency - this is already good)

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Interesting but sad that's centralized and belong to the central bank. It's a little improvement, I hope they will be soon also being open for the mother BTC 😉

Have a great Sunday, hugs.

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