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- October 16, 202612°
- BIST10011,722-2.89%
- USD49.42+0.06%
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- INTEREST37.00%-1.00
- BITCOIN81,246-1.08%
- October 16, 202612°
Nabiullina explains digital ruble issues as EU bans related transactions
Russian Central Bank Governor Elvira Nabiullina said the digital ruble was experiencing technical issues at the 23rd International Banking Forum in St. Petersburg. As work continues on using the digital ruble for international payments, the European Union banned transactions involving the currency in its 20th sanctions package.
Russia's digital ruble project is experiencing technical issues. Russian Central Bank Governor Elvira Nabiullina made remarks on the system's implementation at the 23rd International Banking Forum in St. Petersburg.
Nabiullina said customers did not always fully understand the digital ruble system. She said the customer experience needed to be improved and added that technical issues were natural in projects of this scale.
Nabiullina said the banks participating in the project were working quickly with the Russian Central Bank to resolve the problems they encountered. She also noted that they did not aim to keep large amounts of money in digital ruble wallets.
New phase for wider use begins on September 1
A new phase in expanding the use of the digital ruble in Russia will begin on September 1. From that date, the country's largest banks will be required to offer customers the ability to open digital ruble accounts, make money transfers and make payments.
The digital ruble issued by the Russian Central Bank is not classified as a cryptocurrency. It is described as the third form of the national currency, with the same value as cash rubles and rubles held in bank accounts.
Plan for international payments with the digital ruble
The Russian Central Bank is working to enable the digital ruble to be used in connection with the digital currency systems of foreign central banks. The model aims to reduce dependence on intermediaries, costs and sanctions risks in international payments.
On April 23, the European Union banned transactions involving the digital ruble in the 20th sanctions package it adopted.
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