### As early as 2020, preparations were being made by the Bank of Russia, the central bank of the Russian Federation, to issue a central bank digital currency (CBDC).

According to Olga Skorobogatova, the central bank’s deputy governor, the digital ruble is set for its trial phase by April.



In late 2020, the Bank of Russia released a consultation paper on the potential issuance of a digital ruble, which would be a digital version of the Russian ruble that is backed by the central bank. The Bank of Russia has noted that a digital ruble could have a number of potential benefits, including improved payment efficiency and security, increased financial inclusion, and reduced reliance on foreign payment systems.



Russia’s central bank also indicated that it is exploring different technical solutions for its CBDC, including both centralized and decentralized architectures, therefore prioritizing security, speed, and accessibility in any CBDC design.



It is also worth noting that Iran and Russia are working together to find a new medium for international settlements that will be backed by gold and is currently being developed through a collaborative effort between the Central Bank of Iran and the Russian government.



Russia is working toward making its currency independent of comparisons to the dollar by tying the value of the ruble to gold, and may impose requirements on other nations that they must purchase their desired key exports with the ruble.



In any case, the Bank of Russia's priority is to maintain the stability of the Russian ruble and ensure the safety and efficiency of the country's payment and settlement systems. The bank’s decision to issue a gold-backed stablecoin or CBDC would likely be part of a broader strategy to modernize the country's financial infrastructure and enhance its role in the global economy.





As of 2020, preparations were being made by the Bank of Russia, the central bank of the Russian Federation, to issue a central bank digital currency (CBDC).

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