The Central Bank of Russia, Russia’s monetary authority, intends to launch a pilot program for its digital ruble, with the first settlements expected by 2022.
The Digital Ruble will play a crucial role in the Russian economy, especially given the country’s current sanctions.
The construction of the country’s central bank digital currency (CBDC) will begin in 2023, and it is scheduled to be launched and available to the public before 2030. Once testing begins in 2023, the government will be able to say with certainty when it will be launched. The Governor of the Central Bank of Russia, Elvira Nabiullina, announced in the State Duma that the test will begin in 2023.
Reports state that,
“The digital ruble is among the priority projects.”
She added, “We have fairly quickly created a prototype—now we are holding tests with banks, and next year we will gradually have pilot transactions.”
At the moment, a digital ruble prototype exists, and it has been used in some transactions between individual wallets. This trial is being conducted by five banks, and seven more are anticipated to join before the end of 2022.
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