The Russian central bank plans to start testing the central bank’s digital currency in 2022, said a top executive.

Bank of Russia Deputy Governor Alexei Zapotkin said the bank plans to complete the prototype of the digital ruble by the end of 2021, a local news agency reported on Wednesday.

Zabotkin announced his plans at an online event hosted by the Moscow School of Economics.

Zabotkin stated that the prototype will not support “real transactions”, but will serve as a starting point for building an ecosystem. “Based on this prototype, including improvements, we will start rolling out test rounds next year,” said Zabotkin.

As previously reported, the Bank of Russia officially announced its plans for digital central bank currencies at the end of 2020, and in October last year issued an advisory document on the development of the digital ruble. In January, the Association of Russian Banks published its project notes, warning that all models proposed by the Bank of Russia may contain a number of cyber security and fraud risks.

In late February, Olga Skorobogatova, First Bank of Russia’s First Vice-Guide, announced that the bank plans to develop a concept for the model chosen for the digital ruble. According to her, the bank does not rule out the possibility of claiming a commission for transfers to digital rubles.

Source: CoinTelegraph

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