Russian Lawmakers Urge Central Bank to Rethink Digital Ruble Plans
Russian lawmakers want the country’s Central Bank to ditch its current retail model digital ruble in favor of a wholesale alternative.
Per Interfax, three State Duma committees submitted a joint response to the Central Bank’s monetary policy report for 2024-2026.
The committees said they want the Central Bank to “return to considering” introducing a wholesale digital ruble model.
Lawmakers said this type of coin could help businesses and financial firms in the country make interbank payments.
The Central Bank initially considered a wholesale model, but in April 2021 decided to scrap the idea and “give preference to a retail model.”
The bank has since launched real-world pilots for its retail model, and hopes to expand these early next year.
The bank wants to make a nationwide rollout by early 2025, and also hopes the CBDC will soon make a debut on the international stage.
But Interfax reported that the a passage in the committees’ joint statement reads:
“The retail digital ruble is intended to expand the payment capabilities of the public and business. The committees note that some foreign nations are experimenting with […] digital currencies that are intended for wholesale settlements between banks, with a view to cross-border use.”
The MPs claimed that switching to a wholesale model would be a “timely turn” for the nation and its economic plans.
And they claimed the move “would help Russia avoid missing out on flexibility and adaptability boosts.”
The lawmakers claimed that launching a wholesale CBDC would help Russia steal a march on its international rivals.
They said that while other wholesale CBDCs “remain in experimental phases,” a Russian wholesale digital ruble could help supercharge the nation’s economy.
According to
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