The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers in early April. More than a dozen banks will join the next stage of the pilot project, a senior representative of the bank announced to Russian media.
Russia’s monetary authority will test real deals with digital ruble
The Central Bank of the Russian Federation (CBR) will move to the next phase of the digital ruble pilot project on the first day of April. The tests will include real transactions with the new form of the national fiat, Deputy Governor Olga Skorobogatova told reporters.
The plan is to start with transfers between individuals and payments between commercial and service companies, the senior official explained. Skorobogatova emphasized that these will be “real transactions” and “real customers” of 13 banks that are ready to participate.
However, he also noted that the initial number of these transactions, as well as the number of participating clients, will be limited. Ordinary clients will not be able to participate in the tests at the first stage, the banker said on the sidelines of the Cybersecurity in Finance forum in Yekaterinburg.
Quoted by the Tass news agency, Skorobogatova explained that by completing the tests, the regulator will be able to determine how to scale the use of its central bank digital currency (CBDC). She also remarked that the participating banks have passed all the technical and operational tests to enter the tests on April 1.
The digital ruble project was announced in October 2020 and a prototype of the CBDC The platform was finalized in December 2021. The pilot phase was launched in January 2022. Last January, a bill on the digital ruble was introduced in the lower house of the Russian parliament, and the CBR is aiming for a full launch of the national digital currency. in 2024.
Under the pressure of Western sanctions, Russia has intensified its efforts to terminate its CBDC. The opening of ruble digital wallets has already been tested, and plans for the future include the use of the state-issued currency to make payments for utilities, implement smart contracts, and introduce offline transactions.
Do you think the Bank of Russia will follow through on its plan to launch the digital ruble next year? Tell us in the comment section below.
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