What is a digital ruble and how does it differ from the usual one in Statistics

The Central Bank launched a separate page, to which they answered all their questions about the ordinary ruble.

starting from April 1, 2023, a part serves clients providing services to the digital ruble. This type of electronic currency will be available to most of the population.

We understand what it is and how to use it.

What is a digital ruble

The digital ruble is a digital currency developed by the Bank of Russia, the third form of the Russian national currency in addition to the existing one: cash and non-cash.

The difference between them is only in the form of storage, nothing more..

As in the case of the Central Bank, such rubles will be stored in special digital wallets of citizens and companies. Wallets, in turn, will be on the platform of the Central Bank. The same applies to operations with digital rubles. Access to digital wallets is carried out through mobile applications of banks and Internet banks.

Only the Central Bank is engaged in issuing digital rubles. Unlike cryptocurrency, the ordinary ruble has a consequence of the issuer and, therefore, the center that assumes obligations for it.

A person can use his representation. While the system is running test protocol. However, such operations are quite real.

In practice, you can pay for public services, purchases in marketplaces, housing and communal services, make transfers between individuals, and so on. Gradually, after working out all the technical nuances, this practice will expand and spread to the public and business, the population. For example, it will be possible to sell products in stores.

How the digital ruble works

This is a combined system in which there is an element of decentralization, as stated on the website of the Central Bank.

The main operations were carried out on the platform of the Bank of Russia. The rest of the banks are part of this system, making payments on behalf of their clients on the platform of the regular ruble.

Banks connect to the system via a special API via secure channels. They also have a separate API for participating in credit institutions and clients. The Central Bank always remains the operator of operations.

All transactions and access to them are available through the software module of the Bank of Russia: distributed registry checking nodes and geographical components that process settlements.

How to use the digital ruble

In order to start using it, you need to open a wallet. This can be done inside applications or on the website of any bank.

Only one wallet can be registered per user. It is replenished at the rate of one to one: how many rubles you transfer to it, you will receive the same amount in digital form.

To pay for a purchase using digital money, you need:

📲 open bank app

📲 scan to product QR code

📲 in-app purchase confirmation

It is noted that if you use the transfer of a digital ruble to a non-cash currency, then this can be done at the same rate, by possession you replenished your wallet. There is no transaction fee.

The wallet itself will be on the platform of the Bank of Russia and will not belong to any potential bank.

Any replenishment of ordinary wallets occurs exclusively in a non-cash format. It is impossible to replenish this wallet through an ATM or withdraw money from it. You need to make a transfer to an impersonal bank account.

At the same time, you can transfer digital money from one wallet to another source. Translation takes seconds.

Denis Polyakov, Deputy Director of the Department of the National Payment System of the Bank of Russia, noted that banking secrecy will be observed in relation to the joint currency. However, this is not a decentralized currency, which means that all your needs must be tracked.

In fact, if we talk about total control. First, no one has canceled banking secrecy. The digital ruble will obey the law in the same way.

— Denis Polyakov

At the same time, the Central Bank of the economy that the amount of information about citizens in transactions with digital rubles will not exceed the information that has already been established for transactions with non-cash rubles. Information about balances on digital wallets and information about digital rubles protected by banking secrecy in the same way as information about bank accounts.

Are there any bonuses for using the regular ruble

No.

Bank of Russia for Finance. In case of occurrence, now.

In addition, this money cannot be used as credit. Interest on it will not be accrued, therefore, loans in digital currency will not be issued either.

Is the digital ruble translated into other currencies

When developing the platform architecture, an external platform was used.

Currently, various models are being developed that can be used for cross-border settlements in digital currencies. This is both the integration of the platform of the two countries, and the decision to connect the national platform to a single integration platform, marked in the Central Bank.

Can digital rubles “burn out”

The digital ruble is an obligation of the Bank of Russia. This is one of the forms of payment, and the Central Bank takes responsibility.

All information about the operation on the account will be communicated to the client using the current information transfer (SMS notification, in the application).

Digital rubles have no expiration date, and they cannot burn out, just like non-cash rubles in bank accounts. [Центробанк]