Russia has begun testing a new type of money called the Digital Ruble. Its prototype is expected to be ready by the end of 2021. While the benefits of the digital national currency are still being discussed, it has a number of advantages. For example, it is easier to use, makes payments more convenient, and is safer than cash. The Bank of Russia is planning to introduce the digital currency in phased fashion.
The bank will introduce the digital ruble slowly and in collaboration with other central banks to conduct foreign exchange and cross-border transactions. The banks are working on a prototype platform, which is expected to be ready in December and tested by January 2022. If the test is successful, the Bank of Russia plans to launch the central bank digital currency.