MNBC: Russia advances on its digital currency thanks to a bill

At the end of last week in Russia, a bill was tabled in the State Duma in order to advance the development of an MNBC. The digital ruble could thus be tested with real customers as early as next April, according to the advanced schedule.

Russia has a bill for its MNBC

Like many countries, Russia is carrying out work to acquire its own central bank digital currency (MNBC). To this effect, the local news agency Tass reported that a bill had been tabled at the end of last week in the State Duma, the equivalent of the National Assembly in France.

This bill was presented by Anatoly Aksakov, the chairman of the State Duma, along with other deputies from his political group. The MNBC in question would include both a version dedicated to retail and wholesale paymentsnamely for individuals and institutions:

β€œThe objective of the bill is to expand the payment infrastructure by broadening the use of digital technologies by citizens, businesses and the state, increasing the availability, speed […] and payment security while reducing costs […]. Β»

πŸ‘‰ To go further – What is a central bank digital currency?

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An ambitious provisional timetable

As we can see with each experimentation of each central bank, adopting a digital currency can turn out to be a long process. But the Bank of Russia, however, has an ambitious timetableand hopes to test its digital ruble next April with real customers.

A few months ago, in August 2022, the goal of the year 2024 had been advanced to deploy the future system to the country’s banking institutions:

β€œIn 2024, the Bank of Russia will begin to gradually connect all credit organizations to the digital ruble platform, it will increase the number of available payment options and its transactions using smart contracts. Β»

If it is necessary to wait before being able to judge whether or not the deadlines are met, such rapid projections in the forecasts can make sense in Russia’s closure to the West since its invasion of Ukraine. A collaborative project with China for the digital ruble had also been mentioned last Septemberin order to gain independence from the dollar.

While the prototype of this MNBC would have been unveiled at the end of 2021, these are twelve banks that have already been connected to this first version before a large-scale generalization.

πŸ‘‰ Also in the news – MNBC: Turkey announces a first successful test with its digital book

Source : Mug

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MNBC: Russia advances on its digital currency thanks to a bill