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Digital Ruble: Opportunities and Options

Articles
20 October 2020
Цифровой рубль: возможности и варианты
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Release date
10/13/2020
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The challenge of the possibility of issuing a Central Bank Digital Currency (CBDC) has attracted increasing attention from many Central Banks around the world over the past two or three years. By early 2020, according to a survey by the Bank for International Settlements (BIS), this or that type of work on the CBDC — from potential studies to pilot projects — was carried out in four out of every five Central Banks in the world, which together account for 75% of the world’s population and 90% of global output. By mid-2020, according to the BIS, at least 36 central banks, including the Bank of Russia, published analytical papers on their CBDC studies. Testing of the national digital currency has been completed in three countries (Ecuador, Uruguay and the Ukraine), and pilot projects are underway in six more countries, including China, South Korea and Sweden.

The Bank of Russia’s Digital Ruble advisory report presents possible options and ways to implement such a solution, as well as the necessary functional requirements. Taking into account that the introduction of the digital ruble will become a significant event for the economy and society, the Bank of Russia considers it crucial to discuss key aspects, advantages, possible risks, stages and terms of this project with the financial sector, expert community and all interested parties.

The full text of the article is available at the link: https://econs.online/articles/regulirovanie/tsifrovoy-rubl-vozmozhnosti-i-varianty/

For more information about construction as a sector with a sizeable share in many economies, rising level of digitalization, and shifts in consumer sentiment in real estate, please see the Monetary policy, Digitalization and Financial market.

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