Russia’s Central Bank has announced that the anticipated pilot testing program for its central bank digital currency (CBDC), known as the digital ruble, is set to kick off on August 15, 2023.
According to the Bank, this testing phase is crucial because it allows them to see how well the digital ruble works in real-life situations and identify parts of its operation that needs to be adjusted to ensure a user-friendly experience when the currency is rolled out to the public.
Olga Skorobogatova, First Deputy Governor of the Bank of Russia, explained,
“The start of pilot testing of the digital ruble on real transactions is a critical stage of this project. We will be able to test how the digital ruble platform operates in real-life conditions, check all necessary procedures with the participation of clients, adjust the processes where needed, and make sure that the customer journey is convenient and easy-to-understand for users.”
Throughout the pilot program, the Central Bank will meticulously evaluate all possible transactions with the digital ruble, including opening digital ruble accounts (digital wallets), fund transfers to the accounts, peer-to-peer transfers, simple automatic bill payments, and QR code-based payments for goods and services. Once these scenarios of digital ruble transactions are successfully tested, the Bank intends to release the currency for broad public use.
The pilot initiative will kick off with the participation of 13 banks and a select number of their customers. These participants will be able to conduct digital ruble transactions at 30 points of sale across 11 major Russian cities. The Central Bank also revealed its intention to progressively expand the list of participants with more individuals and companies until the end of the year.
The pilot program was initially scheduled to begin by April 1, 2023, but was postponed indefinitely due to delays in passing the legislation required to authorize the program.
The digital ruble is expected to be available to the public as early as 2025 so that individual consumers and businesses can potentially integrate the national digital currency into their financial operations.
The development of the Digital Ruble was first reported in 2022, with testing slated for 2023 and a public launch anticipated before 2030.
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