Russia’s central banker behind CBDC steps down

The key figure behind Russia’s central bank digital currency initiative has resigned from the central bank, ending his leadership role in the country’s digital currency initiative.

Olga Skorobogatova, the head of the Bank of Russia’s digital currency, also known as the digital ruble, and the country’s domestic digital payment infrastructure, has resigned from her post as the first deputy governor of the Bank of Russia, the regulator announced. Press release.

While the reasons behind Skorobogatova’s resignation remain unclear, central bank governor Elvira Nabiullina praised her strategic vision and noted that the “real value” of the Mir National Payment System infrastructure developed under Skorobogatova’s leadership “will be revealed in 2022.”

“His strategic vision and ability to implement complex technological solutions have been instrumental in creating an advanced payment infrastructure in Russia, of which the country can be justifiably proud. The real value of this infrastructure will be revealed in 2022.”

Elvira Nabiullina

Skorobogatova, who joined the central bank in 2014 following her executive role in the Russian arm of Société Générale, was instrumental in the rapid digitalization of Russia’s banking sector. He led work on the digital ruble, a government-controlled digital version of the Russian ruble designed to “serve as an additional means of payment and transfer that will not be subject to banking restrictions such as fees and limits.” central bank.

In a consultation document dated October 2020, the central bank assured citizens that the digital ruble will complement, not replace, existing cash and non-cash rubles in circulation. In contrast, China, a key reference point for Russia’s digitalization efforts, has begun paying Changshu provincial salaries to civil servants using its own CBDC (digital yuan) to encourage the adoption of its state-controlled currency.

In September 2022, the US Treasury Department imposed sanctions on Olga Skorobogatova, citing her role in enabling Russia’s efforts to circumvent international sanctions. The Office of Foreign Assets Control noted risks linked to the Mir payment system and Russia’s broader financial infrastructure, which are increasingly targeted by sanctions due to rising geopolitical tensions.