The CryptoRuble is a digital currency currently in development, commissioned by Russian President Vladimir Putin. The Russian government has made it known that the digital ruble would be available in 2024.
Recently, the Central Bank of the Russian Federation (CBR) released a draft proposal outlining the primary monetary policy parameters for the next three years.
The anticipated launching in 2024 would take place in a significant year for the country as it is set to hold presidential elections in March of that year.
The CBR said that its CBDC would permit the use of a so-called “targeted” technology, which means that certain digital currencies may be programmed to exclusively pay for particular goods and services.
The central bank anticipates completing pilot tests of “real money” customer-to-customer transactions and customer-to-business and business-to-customer settlements by 2024.
Some of the characteristics of the Russia digital ruble include offline mode and the linking of non-banking financial organizations and exchanges.
Meanwhile, the central bank has long expressed skepticism over cryptocurrencies, one of the reasons being volatility. The CBR urged for a complete ban on trade and mining, in contrast to a government intent on regulating the sector.