With China's Digital Yuan, Russia has now plans to test central bank digital currency, Digital Ruble. The Bank of Russia decided to limit the amount of retail investors can buy.
The central bank of Russia have already an outline of their plans to conduct an experiment using digital ruble. They announced that the development will be issued on Octoboer 13. Public comments will be accepted until the end of the year.
Russian banks like Credit Bank of Moscow and Bank Zenit have expressed their interest towards the plan. The plan will be expected to start on the first half of 2021.
The wallet for digital ruble can be used to pay for goods and services in store, some terminals will be soon configured to accept this kind of payment. The central bank said that if it really were adopted, receiving salaries will be more convinient.
They have also said that this may possibly reduce the dependence towards dollars. The Russian government have already started exploring the possiblities way back in 2017 that there was even a bill to make it legal. Unfortunately, it have been rejected since the central bank opposed on the proposition.
The proposed purchase limits of this digital rubles that investors can buy will be up to 600 thousand rubles.
