Prototype of Digital Ruble to Be Created in Late 2021, Russian Central Bank Says

MOSCOW (Sputnik) - The prototype of the digital ruble will be created by the Bank of Russia at the end of this year, further stages will be worked out in contact with the market, the bank's first deputy governor, Olga Skorobogatova, said on Tuesday.

"We have now released a consultative report, we have now released the concept of the digital ruble. ... We are making a prototype at the end of the year and then, with the market, we will look at the stages through which we will do this project," Skorobogatova said, speaking at an open meeting of the working group of the State Duma Committee on the financial market.

The Bank of Russia presented the idea of ​​the digital ruble in mid-October. It is assumed that it will be in the form of a unique digital code, which is stored in a special electronic wallet, and will become a full-fledged means of payment along with a regular ruble.