The Bank of Russia Plans to Limit the Balance of Digital Rubles in Users’ Wallets
The Bank of Russia plans to limit the balance of the asset on wallets at the first stage of testing the digital ruble. Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, has said.
Decisions will be made to increase the limits or to completely cancel them as the platform develops.
Skorobogatova has noted that testing will allow the regulator to determine the best mechanism for conducting operations and tools for them. She has added:
“This is exactly what we need for the pilot testing time that we have identified for ourselves this year.”
So far, three banks from the pilot group have passed technical testing and connection to the digital platform, and two more banks have successfully completed client transactions.
The second stage is scheduled to start in autumn 2022. During it, the Central Bank will launch smart contracts, pay for goods and services, as well as government payments using the digital ruble.
