8 Apr 2021 12:16

CBR to create prototype digital ruble platform by year's end, test it in 2022

MOSCOW. April 8 (Interfax) - The Central Bank of Russia (CBR) will create a prototype digital ruble platform by the end of 2021 and test it in 2022, CBR first deputy chairman Olga Skorobogatova said at a press conference.

"We believe that we need to create a prototype digital ruble platform by the end of the year, and next year try to test out this prototype with market participants specifically in a test mode," she said.

The CBR said in a presentation that it plans to create the prototype by December 2021 and start testing it in the first quarter of 2022. Development of changes to legislation is planned for January 2022.

"In the first stage we will launch and test transactions with the digital ruble with credit institutions for the simplest payments and transfers, such as transfer from individual to individual and payment for services from an individual to a legal entity," Skorobogatova said.

"Subsequently, if we see that these transactions work well, we see that the testing participants understand and manage their operating systems, and we understand how liquidity is managed, we can move on to testing other transactions, such as transfers for tax payments, receiving some sort of budget payments and so on," she said.

The CBR plans to spend all of 2022 on the testing stage. "Only based on the results of testing will we understand what kind of roadmap will be implemented for the rollout of the platform and within what timeframe," Skorobogatova said.