what is it and how to use
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By words Finance Minister Anton Siluanov, the Central Bank will put the digital ruble into circulation by the end of the year. This will happen after the adoption of relevant laws. How the alternative national currency will operate – in the material “Kommersant”.
What is a digital ruble
The digital ruble is an additional form of the Russian national currency. It is a digital code and is stored in a special electronic wallet. Unlike cryptocurrency, it is issued exclusively by the Bank of Russia, whose reserves it is provided with.
The Central Bank announced a pilot project of the digital ruble in January 2022. 15 commercial banks were selected for testing. By the end of March this year, eight of them had completed testing such transfers between individuals. It is assumed that The digital ruble will enter consumer circulation in seven years, by 2030. It will be used along with other types of payments, cash and non-cash.
Why do we need a digital ruble
The digital ruble can be used to pay for goods and services, make payments, money transfers, pay for transactions with financial instruments and assets.
Transactions with the digital ruble will be carried out both online and offline. For offline operations, without access to communication networks, users will be able to pre-reserve a certain amount of digital rubles in their electronic wallet. And in online mode, transactions can be performed similarly to non-cash payments.
Every person or company There can only be one digital wallet.
How can I replenish a digital wallet and withdraw money from it
According to the head of the Central Bank Elvira Nabiullina, the Russians will be able to replenish the wallet with digital rubles for 300 thousand per month.
If the client has non-cash rubles in a bank account, they can be exchanged for digital rubles in a one to one ratio.
If the client has cash, they must first be deposited into a bank account (through an ATM or cash desk), and then exchange for digital ones by replenishing a digital wallet from a bank account through a familiar mobile application.
If a client needs to withdraw money from a digital wallet, first they should be transferred to your bank account. This can also be done through a familiar mobile application, and then withdraw cash from an ATM or bank cash desk.
Open a digital wallet and continue to use it You can use any mobile application of the bank of which you are a client. The wallet itself is located on the platform of the Bank of Russia and will not be tied to any particular bank.
There will also be no commission for transferring digital money from one bank to another.
What are the benefits of the digital ruble
The Bank of Russia calls the advantages of the new form of the ruble:
Availability. The wallet is not tied to a bank, but is available in any application or mobile banking if a financial institution is connected to the platform.
Efficiency. The regulator promises 24/7 support without delay. Payments must be made instantly.
Cheapness. Maintenance and support of the platform will cost the financial sector less than other forms of the ruble.
Safety. Operations with digital rubles will take place on one platform, protected by cryptography. The Bank of Russia will track the transactions of digital wallets and guarantee the safety of money.
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