Moscow, July 30 (SocialNews.XYZ) The digital Ruble may be widely introduced in 2025 if it is successfully tested, Russian Central Bank Governor Elvira Nabiullina said Tuesday.
"Now I can say that if everything goes as we plan further on, with pilots implemented successfully, we will be able to shift from tests to massively introducing the digital Ruble from July 2025," she addressed the Federation Council, adding that it will be a gradual process.
Russian President Vladimir Putin said earlier that the digital Ruble platform showed efficiency and reliability as it was tested, local media reported.
The central bank launched a pilot programme of the digital Ruble in August last year. It is set to become the third form of Russia's national currency, which the bank plans to issue in addition to cash and non-cash Rubles, Xinhua news agency reported.
Meanwhile, Nabiullina said Russia will conduct its first cross-border payments in cryptocurrencies by the end of 2024.
"The State Duma is considering a law that would allow settlements in cryptocurrency under an experimental framework," she said, adding that the terms of the experiment are being discussed with relevant ministries and businesses.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz