CB RF: Full -scale connection of banks to a digital ruble platform will begin in 2024 year – Bits Media

The Bank of Russia published a draft of the main directions of the unified state monetary policy for 2023 and period 2024-2025 years, where he reported, that the introduction of the digital ruble will begin in 2024 year.

The document notes, that the platform for government work cryptocurrencies continue to develop, and the connection of banks to it will begin in 2024 year. Launch of offline mode of the digital ruble, connection to the system of various financial platforms, non-banking organizations and exchange infrastructure are planned for 2025 year.

"IN 2024 This year, the Bank of Russia will begin to gradually connect all credit organizations to the digital ruble platform, will increase the number of available payment options and transactions using smart contracts. The step-by-step process of introducing the digital ruble will give market participants the opportunity to adapt to new conditions.”, - says the report.

The regulator emphasized, that, if necessary, it is possible to introduce restrictions on transactions with the digital ruble. for instance, it will be possible to limit the amount in digital currency, which can be stored in a wallet, or the maximum transaction amount.

Regarding the risks for the traditional financial system, then the regulator does not see any problems and does not expect a large-scale outflow of funds from bank deposits, after all, they attract with “interest income or bonus programs”. But for banks, the introduction of the digital ruble should become “an additional incentive to increase the attractiveness of bank accounts”.

“Unlike funds in digital wallets, advantage of funds, placed in bank accounts, is the income accrued on them. Guided by this, in order to avoid competition with the banking sector, the Bank of Russia decided not to charge interest on funds in digital wallets on the Bank of Russia platform", – reports the Central Bank.

Earlier it became known, that testing of the digital ruble on real transactions is planned for April 2023 of the year.