The central bank of Russia recently met with some of the country’s commercial banks to discuss the proposed digital ruble. The discussions centered on the regulator’s role in digital ruble issuance, whether it would replace or supplement paper cash, and the need to protect banks against an outflow of liquidity. Olga Skorobogatova, the Bank of Russia’s deputy chair, met with the country’s top banks’ representatives to discuss the digital ruble. Central banks across countries are actively working on digital currencies.
The regulator is reportedly collecting early feedback from the industry.
According to the Russian newspaper Kommersant report, the meeting was the regulator’s way of collecting early feedback from the industry. However, it revealed a huge difference between the regulator and commercial banks in their CBDC outlook. One of the main concerns that came up was the issuance of the digital ruble. As reported earlier, the Bank of Russia had indicated it was considering different approaches. One of them would see the Bank of Russia issue the digital ruble directly to the public and host their digital wallets.
Central banks across countries explore CBDCs.
Many major central banks worldwide are now actively researching central bank digital currencies and making real-world testing plans. Though many smaller economies have already launched versions of their digital currencies, China is the only major country to complete the development and initiating a full-fledged plan to test the digital yuan. The Cayman island launched a national digital currency this year. Countries including Canada, Japan, the Philippines, and many others are actively exploring CBDCs. As reported earlier, Suzhou is all set to become the next city to trial China’s digital yuan, as the People’s Bank of China prepares to roll out central bank digital currency infrastructure in the coming weeks.