Central Bank of Russia deputy governor Alexey Zabotkin has confirmed that it is planning on launching digital currency tests in 2022.
He spoke during a forum hosted by the Moscow's New Economic School and gave further details as to how the currency implementation would happen. The news comes months after Russia formally recognized cryptocurrencies.
According to Zabotkin, there will be a prototype which will support what he described as “real transactions”. However, the prototype would just lay the groundwork for the bank to build on and develop a more advanced solution.
While not too specific about the timeline, Zabotkin confirmed that trials should begin “around next year”.
Russia has been intent on creating a digital currency as a form of independence from international finance. Late in 2020, the Central Bank announced plans to develop a central bank digital currency.
However, the Association of Russian Banks has issued a warning that so far, all pitches by the Central Bank could face issues with overall security and cyber fraud. The Central Bank in the meantime said that it even considered taking fees from people for digital transfers of currencies.
Digital currencies would make finances more transparent, but also limit the individuals' right to privacy. If you want to already use digital currencies recreationally, though, it's good to know that you can do so at crypto casinos such as 1xBit, BitStarz and Bitcasino.io.