Crypto ruble

In the wake of the development of cryptocurrencies, in October 2017, a draft government decree was prepared on the technological implementation of the creation of the "crypto ruble".

According to the Bank for International Settlements, by 2020 more than 80% of all central banks are developing their own digital currency.

In October 2020, the Central Bank of the Russian Federation released a report on the creation of a digital ruble (Central Bank Digital Currency, Central Bank). It was emphasized that the Central Bank of Central Banks would not become a cryptocurrency, since it would be centrally issued by the Bank of Russia, which would become a guarantor of the security of settlements. Units of the digital ruble will be identified by a unique digital code. The Central Bank of Central Banks should combine the functions of non-cash and cash money - it will be possible to pay for it both remotely and through an offline wallet; The digital ruble will be converted into cash and non-cash at the rate of 1:1. The report presents 4 possible models for the implementation of the Central Bank's appeal, depending on who, how and to whom opens wallets and makes settlements. At the same time, Presidential Press Secretary Dmitry Peskov estimated the timeframe for the introduction of the digital ruble at 3-7 years.

Sberbank criticized the report, estimating the flow of funds into the digital ruble at 2-4 trillion rubles, which could lead to an increase in lending rates. About half of the banks at that time considered the creation of a digital ruble pointless.

Experts consider the main advantage of the digital ruble to facilitate the fight against illegal circulation of funds, since all information on transactions will be stored in the Bank of Russia; to track them, it will no longer be necessary to contact each bank-link in the chain of bank transfers.

In April 2021, the Central Bank of the Russian Federation reported on the current stage of the project. A model was chosen where the Bank of Russia opens and maintains wallets for financial institutions, which, in turn, open and maintain wallets for clients. By the end of 2021, it is planned to create a platform where testing of the digital ruble should begin next year.

In June 2021, the Central Bank identified 12 banks that will take part in testing the digital ruble in January 2022: Ak Bars Bank, Alfa-Bank, DOM.RF Bank, VTB Bank, Gazprombank, Tinkoff Bank, Promsvyazbank, Rosbank, Sberbank, SKB- bank, SOYUZ Bank, TKB bank

On January 19, 2022, testing was started.