Russia could become first country to make entire currency DIGITAL as cryptocurrency booms

The Sun 19 Feb 2021, 1:42

Discussions are underway about the launch of the digital ruble with local banks and the country’s financial watchdog has reportedly said it would present a more detailed concept by summer.

The head of the Central Bank of Russia, Elvira Nabiullina, said the regulator had received detailed feedback from the banking community about the prospect in a report back in October.

According to an RT report, most lenders expressed their support over a two-level model of the digital ruble.

The model would allow banks to open wallets for their clients on the central bank’s platform and conduct operations with the currency.

Nabiullina said: “We will develop a more detailed concept and start discussing it with the public, market participants, and banks at the beginning of summer.”