Russia Postpones Launch Of Digital Ruble

It’s not news that Russia likes to stay ahead of the wave when it comes to technology, but it looks like they’ll have to wave goodbye to their plans for an official digital Ruble…at least for now.

What Did They Have Planned?

Under the original plans, the digital Ruble was set to be launched in 2021. It would’ve been an official cryptocurrency, designed as an easier and safer way to store and access money. People would be able to make payments using digital wallets, similar to the cryptocurrency Bitcoin.

What Happened?

Unfortunately, the launch of the digital Ruble was postponed. It turns out that the technical specs weren’t quite ready for the launch: the digital Ruble wasn’t able to register to a certain amount of transactions. Whoops!

The situation today

Fortunately, Russia isn’t all doom and gloom about the digital Ruble. In fact, it looks like the launch is just being postponed, not canceled. According to the Bank of Russia, they are “analyzing the possibilities of integrating digital technologies” into the country’s financial system.

Apparently, the plan is still in motion and they just need a bit of extra time to work on it. And if we know anything, it’s that Russians are iconically patient and persistent, so they’ll probably just keep trying until they get it perfect.

Conclusion

So, while the official launch of the digital Ruble isn’t happening yet, it looks like it’s only a matter of time. And in the meantime, we can all continue to dream about how much easier it would be to store and access money without all that pesky physical cash.

Let’s just hope the second launch goes better than the first!