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Bank of Russia Released Its 3-Year Strategy and the Digital Ruble Plays an Important Role

The digital ruble, the Russian version of a state-backed digital currency, is now sure to have an important role in the future of payments in the largest country on the globe. According to a new report released by the Central Bank of Russia (CBR), the digital rubble has to be available both online and offline and has to be integrated with ease into the already existing payment system.

Russia joins China in its efforts of analyzing a CBDC in order to keep ahead of the digital payments curve. In March, the CBR confirmed that it would release a digital ruble prototype later this year. While the pilot test is in place, the CBDC wouldn’t be able to support real-time transactions.

But now that the CBR has released its detailed strategy for the payment industry for the next three years, fans of the digital market have been pleasantly surprised to notice what a great emphasis the bank has put on the digital ruble and what it expects to do over the next three years.

The bank reiterated some of the ideas that it had made before, such as the CBDC needing to be available both online and offline. China is also working on this; meanwhile, the Bahamas has already released its Sand Dollar.

The CBR also wants the digital ruble to include APIs that would make it easier to integrate the CBDC into already existing payment systems. The first pilots are listed to be available in 2022.

This accelerated rhythm for the digital ruble isn’t a coincidence – recently, the Biden administration has imposed new sanctions on Russia that target both individuals and companies. Naturally, this affects Russia, and the best way it can escape sanctions may be the digital rubble.

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