On November 17 news, Elvira Nabiullina, Chairman of the Central Bank of the Russian Federation (CBR), said at an important meeting of the Financial Market Committee of the State Duma (lower house of parliament).
The bank may test the digital ruble for more than a year before finally launching CBDC. The head of the regulator insists that the digital ruble project will only be realized if certain criteria are met.
The first requirement is that the digital currency must be able to compare with the other two forms of Russian legal tender at a one-to-one ratio. That is, cash and bank currency are freely convertible. When answering questions about the risks of introducing the coin. Elvira Nabiullina emphasized that this matter involves currency circulation and the financial authorities need to be very cautious.
The central bank executive further explained. A prototype of the digital ruble may be launched early next year, and then it will be tested for at least 12 months to see how the CBDC works. The president also said. Another key condition for the success of the digital ruble is to ensure that it does not accelerate inflation.