So far, the project is in the creation phase, but if everything goes well, then the digital ruble will be given for testing to several of the country's largest banks as part of the verification. This number includes Credit Bank of Moscow, Promsvyazbank, Zenit, Dom.RF and a number of others.
Unlike conventional tokens and cryptocurrencies, it is traditional financial institutions that will work with the digital ruble. They will create and maintain custom crypto wallets, as well as provide some additional services. For this, of course, new infrastructure will be needed - representatives of the Central Bank of the Russian Federation will be responsible for its development and implementation.
According to the developers of the project: “Individuals and enterprises will be able to purchase digital rubles, buying them for cash or funds from accounts. And use them for transactions. The possibility of issuing salaries and various benefits in this currency is also being considered. "
At the same time, it is planned that it will be possible to pay with such currency offline - for this, however, it will need to be transferred to a mobile phone - in an application specially created for this purpose.
Why is this needed? Due to the lower transaction costs, especially when compared to other non-cash payment methods. At the same time, unlike cryptocurrencies, in which you are solely responsible for security, the Central Bank of the Russian Federation will be responsible for the safety of digital rubles.
It is planned that testing of the Russian CBDC will begin in the first half of 2021. As in other similar cases, the “new” ruble will be directly linked to the national currency. And it does not imply a complete displacement of cash from circulation.
A rather interesting situation is developing. The worldwide trend of issuing national digital currencies is obvious. As well as trying to dominate this new market. Ideally - to squeeze the dollar from the position of "the leader in the cryptocurrency space." However, unlike the United States, Europe and Southeast Asia, Russia will follow the path of China. Since, in a rather strict form, it prohibits the use of any cryptocurrencies to make real purchases on its territory. But CBDC is different because it is under full government control.
On the other hand, any progress towards the real use of blockchain technologies and cryptocurrencies in the territory of the post-Soviet space is a positive moment. Because the infrastructure provided for working with CBCD will be much easier to adapt in the future to use other tokens.
As for testing on the basis of commercial banks, this approach is somewhat different from that adopted in the West. We remind you that the digital euro, for example, will be tested within the framework of a specially created "sandbox" based on the European infrastructure of blockchain services, and the United States is giving its project not only to federal banks but also to specialists from Boston and MIT. Time will tell which approach will be more effective.
Published on the EXBASE.IO based on materials from forklog.com