Bank of Russia will accept the use of The “digital ruble” of the central bank’s digital currency (CBDC) can be completely “if a number of conditions are met in the pilot test,” Governor Elvira Nabiullina said.
Nabiullina spoke about the digital ruble before the Financial Markets Duma on Monday. It has revealed more details about the Cbdc launch, according to local news outlets. Interfax report
The Bank of Russia will adopt the CBDC after the bank is sure it will be able to convert the ruble from cash to digital ruble. easily and only in a one-to-one ratio
“It should really be a ruble, no discount or anything else,” Nabiullina said, adding that the central bank expects to test the digital ruble for at least a year before its actual launch.
Nabiullina emphasized that the digital ruble should not affect local inflation. “Our assumption is that the adoption of the digital ruble must not accelerate inflation in any way. and it will not affect inflation,” she said.
Russia suffers high inflation amid coronavirus pandemic According to official data by the National Bureau of Statistics of Rosstat, inflation in the country hit its highest level in nearly six years.more 8.1% in October and reportedthatThe Russian central bank will cut inflation to 5% or 6% by 2023.
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