The First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, spoke about the prospect of the mass implementation of the digital ruble. According to her, this will happen around 2025-2027.
"I think that all citizens will be able to open wallets, receive digital rubles and use them on the horizon of 2025-2027. But this also depends on the banks which we will connect to the platform. This process is also in stages", said Olga Skorobogatova.
"Let me remind you that we are implementing a retail model. Namely: a client will be able to open a wallet in digital rubles through a mobile application from any of his banks and initiate transfers there, and the Central Bank, receiving these requests, will carry out operations on its platform", she added.
Olga Skorobogatova noted that 13 banks will participate in the pilot project, which have passed all the technical stages of preparation, and emphasized that the digital ruble is not a cryptocurrency.
"The Central Bank is responsible for the issuance and circulation of digital rubles. We will carry out operations on our platform, which also acts as a guarantee of reliability and uninterrupted operation. We put a lot of effort and technical means into the platform so that it would be as protected as possible and the operations would be secure", she stated.