Digital ruble could be a reality in a few years, says Russia

A Russian official says there is no rush to create a digital ruble, which could be used to fight poverty.

According to him, learning from the mistakes of others will help strengthen the digital ruble

In October, the Bank of Russia released a report regarding the digital ruble amid growing crypto regulation.

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The Russian government says that a Russian ruble will arrive in three to seven years.

He believes that a central bank-backed Immediate Bitcoin scam could help make payments transparent, thus fighting corruption and poverty. Another official estimates that a pilot project could be launched by the end of 2021.

Although Russia has been lukewarm on digital currencies in the past, the president’s special spokesperson Dmitry Peskov believes that the Russian Federation sees no rush to digitize the ruble. Peskov told RIA Novosti that a digital ruble will be developed in three to seven years.

The former diplomat said it was not important to be the world leader in digital currencies and the use of the right technology was more important. Peskov added that being a „quick second“ would be better than a rushed first, citing high financial risk and the benefit of learning from others‘ mistakes.

Either way, he added, to become the world leader in CBDCs, Russia would have had to “start four years ago”

In a seemingly contradictory statement, Bank of Russia Director Elvira Naibullina told an October 23 online press conference that a pilot digital ruble could emerge by the end of 2021. She also has pointed out that the final decision to create a CBDC was still in the air.

In October, the Bank of Russia released a compression report on the possible creation of the digital Russian ruble. The report included questions remaining for public discourse, including when and if to support digital currency.