Declaration of the digital ruble of the Central Bank of Russia

Declaration of the digital ruble of the Central Bank of Russia

The president of the Central Bank of Russia, Elvira Nabiullina, stated that studies on the digital ruble continue and that they plan to expand the pilot program in 2024. “Technologically, our systems are ready to interact with the systems of other countries, we are holding consultations and negotiations with some countries,” he said.

Nabiullina made a statement to journalists in the capital, Moscow, on several agenda items.

Nabiullina noted that Russian investors managed to “save” approximately $4 billion of foreign securities and said: “Therefore, the risk has been reduced by this amount. We have always warned that owning foreign securities carries certain risks. “For this reason, unqualified investors are prohibited from purchasing foreign securities,” she said.

Warning that the seizure of Russian assets abroad would have negative consequences, Nabiullina said: “We will take all necessary steps to protect our legitimate interests. “However, I believe this will have negative consequences that will set a precedent for the development of the global financial system in general,” she said.

Nabiullina stated that Western countries are also evaluating the possibility of imposing sanctions on the Moscow Stock Exchange and said: “We are constantly evaluating the dangers of the financial infrastructure, various sanctions and models that will reduce these dangers. The Moscow Stock Exchange offers not only foreign instruments but also different types of trading. “We evaluate these dangers and know what precautions we should take in different situations,” she said.

IT WILL BE MASSIVELY IMPLEMENTED IN 2025

Referring to the test studies that the Central Bank of Russia has been carrying out for some time on the digital ruble, Nabiullina said: “Currently, the tests are going according to plan. Important technological details and basic operations are being worked on. Next year we plan to expand this pilot in terms of number of participants and types of operations. “So far, our plans are to do a more massive rollout in 2025, but we will only do so if we successfully pass all stages of testing,” she said.

Nabiullina noted that they are also holding discussions on the use of the digital ruble in international transactions and said: “Technologically, our systems are ready to interact with the systems of other countries, we are holding consultations and negotiations with some countries. But this decision is made by mutual agreement. “Not only our wishes are important, but also the wishes of our partners in other countries,” she said. (AA)

Source: Sozcu

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