Russia's central bank has finalised its plans for the issuance of the digital rouble, which is tentatively scheduled to be launched in 2022.

Based on discussions involving various interested parties, the regulator decided that digital currency will be stored in digital wallets issued by the central bank, while commercial banks will ensure access to the wallets for their customers. To be able to make offline payments, a user will have to install another wallet to their smartphones.

At a news conference held in early April, central bank officials said that the adopted format of the digital ruble had been supported by the vast majority of potentially involved parties, including finance associations, experts, the trade and industry chamber and the consumers' union.

Incidentally, although sometimes referred to as the "crypto-ruble," the central bank's digital ruble shouldn't be confused with cryptocurrencies, the use of which the regulator has generally opposed. The digital ruble will be basically a digital form of the fiat ruble, issued and controlled by the central bank.

In this scheme, commercial banks will play the role of intermediaries, selling the idea of the digital currency to their customers and subsequently running transactions with users' wallets.

A customer will have access to the digital ruble wallet within their bank app. However, they wouldn't be able to use bank apps for offline payments. For that purpose, a separate wallet will have to be installed.

Olga Skorobogatova, first deputy head of the central bank, told the press conference that the regulator will develop its own solutions enabling users to transfer funds from the digital ruble wallet to the other wallet and make payments.

Alexei Zabotkin, deputy head of the central bank, explained that the digital ruble's emission will be similar to that of regular cash.

"If you want cash, you withdraw it from an ATM," he said. "But prior to that, a commercial bank buys these fiat rubles from the central bank in exchange for the same amount of rubles that it has in a correspondent account. The same will apply to the digital ruble."

According to Zabotkin, the regulator will deposit digital rubles to a commercial bank's wallet in exchange for withdrawing cash from a correspondent account. Subsequently, if a customer wants to exchange non-cash funds for digital rubles, the bank will transfer the latter from its wallet to the customer's.

Zabotkin added that the digital ruble is not expected to be used for storing value, but will be used exclusively as a payment tool with instant liquidity.

"This will be an asset that you'll be able fully, at any time – 24 hours a day – transfer to anyone," he said.

Digital ruble transfers between private individuals are expected to be exempt from any fees, while stores accepting the digital currency will pay fees that don't exceed those currently used in the fast payment system, or between 0.4% and 0.7% of the price of a product or service, depending upon their category.

According to the regulator, the platform for the digital ruble emission and wallet operation will be of a hybrid nature, combining elements of a centralised system and those of distributed ledgers.

The prototype of the digital ruble is anticipated to be ready by December 2021, and in January 2022, legislative changes will begin to be developed that are needed for the project's launch some time in 2022.

Meanwhile, according to a survey run by the centre for financial technology research and digital economy at the Skolkovo tech hub, about one half of Russians are interested in using the digital ruble, while 20% of the respondents oppose the idea.