Russia’s Central Bank Joins the CBDC Bandwagon; Issues Consultative Paper on Digital Ruble Consideration

2020-10-14 00:22

Russia’s Central Bank is the latest monetary authority to issue a CBDC consultative paper amidst the ongoing craze; the bank confirmed its interest in issuing a digital ruble, noting that it can operate alongside cash or non-cash forms of money that already exist in the country. This development comes barely a week since the BIS and 7 major central banks published a report highlighting the key principles that should guide CBDCs at least for now.

According to the consultative paper released on Oct 3, a digital ruble will require Russia’s central bank to develop advanced payment ecosystems. Consequently, the bank intends this digital asset to carry along the properties of money, given its prospective fundamentals as part of the state-backed legal tender in circulation. The paper further notes that the digital ruble will be instrumental in making payments seamless based on its underlying architecture.

In terms of a macroeconomic and political outlook, the bank also plans to curb capital outflow with its prospectus digital ruble,

“The national digital currency will also limit the risk of reallocation of funds into foreign digital currencies, contributing to macroeconomic and financial stability.”

Notably, the digital ruble will be accessible to all Russian economy agents, including government agencies, businesses, financial market stakeholders, and private citizens. These digital assets will be storable on mobile devices and e-wallets, with the holders having an option to use their CBDC tokens both online and offline. The digital ruble's main functions, as per the paper, will include a medium of exchange, a unit of account, and a store of value.

Given the ongoing CBDC momentum, Russia’s debut at the party further suggests that monetary authorities are taking more interest in the evolving digital currency space. China is currently the most progressive jurisdiction; the digital yuan pilot has been ongoing for some months with scaling recently done to prominent cities. The EU also filed for a ‘digital euro’ trademark as it gears up to join the CBDC bandwagon in preparation for the paradigm shift to digital ecosystems.

The post Russia’s Central Bank Joins the CBDC Bandwagon; Issues Consultative Paper on Digital Ruble Consideration first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0021051 (-100%)

bank paper digital russia consultative ruble cbdc

bank paper → Результатов: 112


Investors With Low Financial Literacy Are Twice As Likely to Own Crypto vs Market Gurus: Bank of Canada Report

A new study released by the Bank of Canada has revealed that folks with lower financial literacy are more likely to own Bitcoin than those with higher literacy levels. The paper’s main point of the research was the use of ‘Cash Alternatives’ in Canada throughout 2019; some of the points highlighted include the adoption of […] The post Investors With Low Financial Literacy Are Twice As Likely to Own Crypto vs Market Gurus: Bank of Canada Report first appeared on BitcoinExchangeGuide.

2020-9-25 21:10


Over 20% Of Central Banks Are Looking to Launch A CBDC In The Next 1-6 Years: BIS Report

In research published over the weekend, the Swiss-based BIS reports the growing attention by global central banks on research and development of central bank digital currencies (CBDCs) in 2020. The paper states the motivations, technical developments and policy approaches towards the launch of CBDCs vary across the central banks with the more innovative countries taking […]

2020-8-26 18:25


Bank of Thailand Extends Testing Of Digital Baht; Integration With Hong Kong Later In 2020

Thailand is currently in its third developmental phase of building its central bank digital currency (CBDC), a local newspaper, and Nation Thailand reported on Thursday. The paper stated that the Assistant Governor of the Bank of Thailand, Vachira Arromdee, who said the bank is already rolling out its CBDC to large companies. The Bank of […]

2020-7-17 17:21


Cambodia’s Central Bank Rolls Out Blockchain Payment System Whitepaper; It’s Not A CBDC

After three years of development, the Cambodian national digital currency may be out later this month, according to a recently released whitepaper. The permissioned blockchain-based payments system differs from the central bank digital currencies, also known as CBDCs, being offered by several states, including China and Russia, the paper states.

2020-6-22 21:04


Фото:

In-Depth CBDC Report Published by Federal Reserve Bank of Philadelphia

Researchers at the Federal Reserve Bank of Philadelphia recently published a paper exploring the potential impact of a Central Bank Digital Currency on our financial system. The report noted that in addition to eliminating the need for cash, a CBDC should prevent future bank runs by giving the US Federal Reserve a monopoly on deposits.

2020-6-5 10:21


Фото:

South Africa: Government Panel Proposes Strict Crypto Regulations

An intergovernmental panel in South Africa comprising the central bank, treasury, and financial regulators is calling for the enactment of strict crypto regulations in the country. Strict Crypto Policing in South Africa In a paper published by the Intergovernmental Fintech Working Group (IFWG) in South Africa, the government panel argued for the establishment of aRead MoreRead More.

2020-4-18 17:00


BIS Latest Report Discusses How Payment Are Evolving With Tokenization and CBDC’s

Bank of International Settlements (BIS) researchers focusing on the payments’ future, reveals their latest quarterly report released on Sunday. The paper has 138 pages and looks at what’s on the horizon in the financial sector, especially since tokenization, central bank digital currencies (CBDCs) and cross-border payments are starting to be more and more in trend. […]

2020-3-3 01:48


Фото:

Coronavirus Forces China to Sanitize Billions in Paper Money, Bitcoin Avoids Such Precautions

China’s central bank, The People’s Bank of China (PBoC), plans to sanitize billions of yuan notes in areas that are worst affected by the coronavirus. The epidemic, which has hit China’s political, economic, and education systems very hard, has pushed the nation’s authorities to take extreme actions to curb the spread of the virus.

2020-2-19 23:20


New Research by Deutsche Bank Analyst Projects Bullish Future for Crypto Industry

Jim Reid, an analyst for Deutsche Bank, recently published a research paper titled “Imagine 2030,” examining the cryptocurrency industry for the next decade. The paper has a more bullish perspective for cryptocurrency’s future, as Reid expresses that the asset class could see major success in the 2020's as fiat money becomes more inflated and less […]

2019-12-6 00:10