{"id":147243,"date":"2021-03-12T04:00:51","date_gmt":"2021-03-11T22:30:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=147243"},"modified":"2021-03-11T23:29:19","modified_gmt":"2021-03-11T17:59:19","slug":"how-russia-and-china-are-moving-forward-with-their-cbdc-projects","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\/","title":{"rendered":"How Russia and China are moving forward with their CBDC projects"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Among nations in hot pursuit of a digital currency of their own, Russia <\/span><span style=\"font-weight: 400;\">is in the news again. Its <\/span><span style=\"font-weight: 400;\">central bank <\/span><a href=\"https:\/\/1prime.ru\/finance\/20210310\/833204392.html\"><span style=\"font-weight: 400;\">announced <\/span><\/a><span style=\"font-weight: 400;\">plans to start testing a pilot version of the digital ruble by the end of 2022. Bank of Russia\u2019s Deputy Chairman of the Central Bank Alexey Zabotkin said that users can expect a prototype of the digital ruble by the end of this year. This version will not be able to support real transactions and will only serve as a testing ground.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Based on this prototype, including refinement, the central bank of Russia intends to start rolling out trial rounds by next year. By 1 April, the bank expects to prepare a concept for the selected model of the digital ruble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bank of Russia has been involved in much exploratory work in the course of launching a CBDC, from holding key meetings with major banks to seeking <\/span><a href=\"https:\/\/eng.ambcrypto.com\/bank-of-russia-digital-ruble\/\"><span style=\"font-weight: 400;\">feedback<\/span><\/a><span style=\"font-weight: 400;\"> on the prospects of introducing the digital Ruble. The central bank reached out to the country\u2019s banking community to hear their concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously, the Bank of Russia had <\/span><a href=\"https:\/\/www.kommersant.ru\/doc\/4530303\"><span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> that the digital Ruble should combine capabilities of cash and non-cash currency. It expects to allow online payments to be made remotely as well as offline purchases. The bank could even develop \u201cspecial technologies\u201d that will make it possible to use the digital Ruble in the absence of an Internet connection.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, China, which has been equally eager to launch a digital currency of its own, has taken yet another leap in this project. Recently, two major banks in China facilitated <\/span><span style=\"font-weight: 400;\">digital yuan pilot trials at some Shanghai-based department stores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of Communications and China Construction Bank <\/span><span style=\"font-weight: 400;\">conducted the e-yuan transactions which were accepted by <\/span><span style=\"font-weight: 400;\">New World City and New World Daimaru Department Store, and food caterer Taikang Food Store. <a href=\"https:\/\/www.shine.cn\/biz\/economy\/2103085621\/\">According<\/a> to reports, the local retail outlets handled \u201cseveral thousand virtual yuan transactions over the weekend.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among nations in hot pursuit of a digital currency of their own, Russia is in the news again. Its central bank announced plans to start testing a pilot version of the digital ruble by the end of 2022. Bank of Russia\u2019s Deputy Chairman of the Central Bank Alexey Zabotkin said that users can expect a<a href=\"https:\/\/ambcrypto.com\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\/\">Continue reading <span class=\"sr-only\">&#8220;How Russia and China are moving forward with their CBDC projects&#8221;<\/span><\/a><\/p>\n","protected":false},"author":34,"featured_media":147246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,20],"tags":[],"class_list":["post-147243","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Russia and China are moving forward with their CBDC projects - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Among nations in hot pursuit of a digital currency of their own, Russia and the People&#039;s Republic of China are in the news again.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Russia and China are moving forward with their CBDC projects - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Among nations in hot pursuit of a digital currency of their own, Russia is in the news again. Its central bank announced plans to start testing a pilot\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-11T22:30:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/03\/umbrella-3380192_1280-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alisha Roy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/reporteralisha\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alisha Roy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/\"},\"author\":{\"name\":\"Alisha Roy\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/4ac3cc6b13b31aee74a8cfe6a269f2ce\"},\"headline\":\"How Russia and China are moving forward with their CBDC projects\",\"datePublished\":\"2021-03-11T22:30:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/\"},\"wordCount\":327,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/umbrella-3380192_1280-1.jpg\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/how-russia-and-china-are-moving-forward-with-their-cbdc-projects\\\/\",\"name\":\"How Russia and China are moving forward with their CBDC projects - 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