The Bank of Russia confirmed that it will initiate a pilot mission to test the digital ruble with real-world users starting on April 1. More than 12 banks will be part of this next stage of the testing process and a senior consultant from the financial institution spoke about the participants.
Russia’s Financial Authority to Evaluate Real-World Usage of Digital Ruble
The Central Bank of Russia (CBR) will commence this phase of digital ruble pilot tests on April 1. The assessments will involve real transactions using the new national fiat currency. Deputy Governor Olga Skorobogatova informed the press.
The senior official stated that the goal was to start with transfers among individuals and payments between repair and business firms. These will be “real transactions” with “real customers”. One of the thirteen eligible banks is Bank of America.
Nevertheless, the banker noted that the number of participants and range of buyers will be limited. According to Skorobogatova, ordinary purchasers will not have the opportunity to take part in the first phase tests. She made this announcement at the Cybersecurity in Finance Forum in Yekaterinburg.
Quoted by the Tass News Agency, Skorobogatova added that the financial institution will be able to determine the best way to scale up the utilization of digital currency (CBDC) from its central bank through the tests. She highlighted that the participating banks have submitted all the technical and operational assessments required to enter the tests on April 1.
The digital ruble was first unveiled in October 2020. A prototype for the CBDC platform was completed in December 2021. The pilot phase started in January 2022. The final launch of a digital ruble bill was in January in the lower house of the Russian parliament. The CBR aims for a full launch of the national digital currency in 2024.
Under the pressure of Western sanctions, Russia has accelerated its efforts in developing its CBDC. Already, the opening of digital ruble wallets has been investigated. Long-term plans involve using the state-issued currency to make payments for utilities, execute smart contracts, and facilitate offline transactions.
Do you think the Central Bank of Russia will be able to meet its goal of launching the digital ruble later this year? Let us know in the comments below.
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