Digital Ruble Can Help Track Government Spending, Bank of Russia Says

Digital Ruble Can Help Track Government Spending, Bank of Russia Says


Russia’s central bank, the Bank of Russia, issued a report about potentially launching a digital ruble.

The new report, published on the Bank of Russia’s website on Tuesday, does not promise an immediate launch. According to the report, the regulator is open to feedback on the idea until Dec. 31. Then it will evaluate the data and possibly pilot a digital ruble with a limited set of users. Only at that point will they make a decision on whether or not such a project will be officially launched. 

The report proposed a central bank digital currency (CBDC) that will complement other forms of money, namely cash and bank accounts. Whether it will use a distributed ledger, a centralized system or a hybrid is an open question. The report underscores the value of smart contracts, which were pioneered on the Ethereum blockchain. 

CBDCs, or central bank digital currencies, have been a buzzword for a while. Various

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