Russian central bank head Elvira Nabiullina announced at an online conference that, according to the Russian news agency TASS, the digital ruble’s pilot test process could be launched before 2021 expires.
“After the discussion of the consultation report takes place, we collect feedback by the end of the year. Then we will process them. If a decision is made on the feasibility of launching the digital ruble, we will prepare a full-fledged concept.”
Then, for it to be sorted out, there should be a pilot stage with a small number of users to know how it functions. Such a pilot is considered to be feasible somewhere by the end of next year.
The head of Russia’s central bank also stressed that replacing paper money is not the digital ruble’s target.
There will be no anonymity feature for the digital debris in terms of data privacy, Nabiullina points out.
The digital ruble’s growth is a step in the direction of digital transformation, the regulator says.
“In our opinion, it fits very organically into what is called the development of the digital economy as a whole. Digital transformation is taking place. Of course, there must be a transformation of the settlement system.”