Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing – Bitcoin News

The Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project.

Not all participating banks are technically ready to join the tests right now, Skorobogatova admitted.

During that stage, the CBR plans to launch operations involving payments for goods and services with the digital ruble as well as government transfers.

The digital ruble is the third incarnation of Russia’s national fiat currency, after paper cash and electronic — bank money — which will be issued by the Russian central bank.

As Russia is struggling with effects of expanding western sanctions over the Ukraine war, calls have been heard in Moscow to turn to cryptocurrencies as a means to circumvent the restrictions and finance international trade.

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On March 29, Polygon, the layer two scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID.

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