Russia has decided to create its own digital currency, the Central Bank of Russia recently proposed its monetary policy for the next three years, preparing plans for the introduction of the central bank digital currency Digital Ruble by 2024.
2024 is an important year for Russia because in March of that year Russia will also have a presidential election. But people expect Putin to win another presidential vote.
Russia to launch Digital Ruble
The Russian central bank has revealed that it will adopt a technology called “Targeted,” meaning its central bank digital currency can be programmed to be used to pay for goods and services.
The central bank is expected to test the project in transactions between Customer:customer, customer:business and business:customer by 2024.
Digital Ruble is expected to be released in the next two years, while other modes such as offline mode, connections to non-banking organizations and exchanges may be released. Coming in 2025, according to Bits.media data.
All in all, is Russia accepting crypto?
The Russian Central Bank has said that the bank It is open to crypto and can be used for cross-border payments as well as allowing transactions involving digital assets.
According to a report by Chainalysis, Russia is the second most active country in crypto in 2020, while Singapore research and research organization estimates that 17.4 million Russians hold crypto. Ripto is 12% of the total population of Russia.
Some conservatives have commented that the CBDC could pose a risk to the stability of the banking industry in Russia, but the Russian central bank doesn’t seem concerned and doesn’t think there will be any money out of traditional banks. So much because interest payout programs and other incentives exist.
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