The central bank doesn't want crypto ETFs on the country's capital markets.
The digital ruble will live in a hybrid technological platform combining distributed ledger technology and centralized control by the central bank.
Russia's central bank told CoinDesk that over 80% of feedback on the digital ruble was supportive of the project.
A Russian cryptocurrency and blockchain association warns the Bank of Russia against centralizing the digital ruble.
Russian banks and financial brokers are worried the digital ruble will be a burden for them.
Russian banks fear being left out of the central bank's proposed digital currency system, according to a report.
Central banks meeting in Russia said the coronavirus pandemic is a driving force behind growing interest in national digital currencies.
The Bank of Russia might launch its own CBDC, a digital ruble, after piloting the project at the end of next year, its chairwoman said.
Non-qualified investors would be able to buy no more than 600,000 rubles worth of digital assets in one year, or about $7,740.
The Bank of Russia proposed a potential CBDC project Tuesday, but wants public comments before proceeding.
The Russian central bank said it's starting public consultations on the possibilities of issuing a CBDC.
Russia's is eyeing use cases for blockchain even as proposed legislation will clamp down on crypto.
The new bill would allow the creation of “experimental regulatory regimes” for companies working on cutting-edge technologies like AI and distributed ledgers.
The central bank is in favor of digital securities, but maintains cryptocurrencies shouldn't be allowed in Russia.
The Bank of Russia has successfully concluded an experiment in conducting ICOs, though questions remain as to their legality in the nation.