This will make it possible to track the use of funds more effectively, said the chairman of the Central Bank, Elvira Nabiullina in the State Duma.
«Indeed, the digital ruble will provide new opportunities. In addition to being convenient, it also provides programming capabilities, tracking the target nature of using digital rubles. We are discussing with the government that such a» target ruble «will be used for government state programs, and then the government will more effectively monitored the targeted use of funds allocated to support certain sectors of the economy for social support, ‘said Nabiullina.
Answering the MP’s question about the possibility of using digital rubles for target emissions, the president of the Central Bank said that the regulator as a whole is against the target emissions because it cannot be kept in the planned amounts. «Here, state programs can be controlled in a targeted manner, and targeted issuance will continue to leak into inflation and the outflow of resources,» noted Nabiullina.
The prototype of the ruble digital platform was created in December 2021. The pilot activity started in February 2022, 12 banks were included in the pilot group. Only three of them were then able to connect to the platform. Two banks (PSB and VTB) were the first to successfully complete a full cycle of digital ruble transfer transactions between citizens using banking mobile applications. The largest Russian bank, Sberbank, has reported that it is unable to connect to the platform and is taking the necessary organizational and technical measures to this end.
Earlier it was reported that the testing of the ruble digital platform will take place in several stages throughout 2022. As part of the first stage, in 2022 it is planned to connect credit organizations to the platform and launch C2C transfers (between natural persons). In the second stage, it is planned to connect to the Federal Treasury platform, launch smart contracts and C2B, B2C (between natural and legal persons), B2B (legal entities), C2G, G2C, G2B, B2G (between citizens, legal entities and the state) operations. Digital ruble payments for goods and services are scheduled to begin testing in the fall of 2022. In the future, the Central Bank plans to ensure the conversion of the digital ruble to foreign currency to allow non-resident customers to open wallets. In addition, it is planned to connect to the platform of financial intermediaries (NPPU), financial infrastructure (exchanges, brokers, exchanges, insurance companies, etc.) and the introduction of offline mode.
In October 2020, the Bank of Russia published a consultation report on the digital ruble. The regulator is considering the possibility of extending the monetary circulation system by adding two forms of the Russian ruble (cash and non-cash) to the third — digital one.
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