The Central Bank of Russia plans to launch a pilot operation in early April to conduct digital ruble transactions between real customers. More than a dozen banks will participate in the upcoming stage of the pilot project, a high-ranking representative of the bank told Russian media.
Russian FSA to trial real payments in digital rubles
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The Central Bank of the Russian Federation (CBR) will proceed to the next stage of the digital ruble pilot project on April 1. Deputy Governor Olga Skorobogatova told reporters that the bank will “test actual transactions with the new ruble.”
The plan is to start transfers between individuals and payments between trade and service companies, the top official elaborated. Skorobogatova stressed that these would be “actual transactions” and “actual customers” of the 13 banks ready to participate.
However, she also noted that the initial number of these transactions as well as the number of participating customers would be limited. Ordinary customers will not be allowed to participate in the test in the first phase, the banker said on the sidelines of the “Cybersecurity in Finance” forum in Yekaterinburg.
Skorobogatova, quoted by TASS, elaborated that once the test is completed, regulators can decide how to expand the use of central bank digital currency (CBDC). She also remarked that participating banks have passed all technical and operational tests to enter the test on April 1.
The digital ruble project was announced in October 2020, withprototypes completed; the CBDCplatform was completed in December 2021; the pilot phase began in January 2022; and the digital ruble project was launched in January 2022. A bill on the digital ruble was submitted to the lower house of the Russian parliament this past January, and the CBR aims to fully launch the national digital currency in 2024.
Due to Western sanctions pressure, Russia is increasing its efforts to complete the CBDC. The opening of a digital ruble wallet has already been tested, and future plans include using state-issued coins to pay for public services, implementing smart contracts, and introducing offline transactions.
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