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Bank of Russia to start testing digital ruble with real users on April 1 – Finance Bitcoin News
Russia’s central bank plans to start test operations with digital ruble transactions between real customers in early April. More than a dozen banks will join the upcoming phase of the pilot project, a senior representative of the bank announced to Russian media.
Russia’s monetary authority to try actual settlement with digital ruble
The Central Bank of the Russian Federation (CBR) is going to move on to the next phase of the digital ruble pilot project on the first day of April. Testing will involve real transactions with the new form of national fiat, Deputy Governor Olga Skorobogatova told reporters.
The plan is to start with transfers between individuals and payments between trading and service companies, says the CEO. Skorobogatova emphasized that these will be “real transactions” and “real customers” of 13 banks that are ready to participate.
However, she also noted that the initial number of these transactions, as well as the number of participating customers, will be limited. Ordinary customers will not be able to participate in the testing initially, the banker said on the sidelines of the Cybersecurity in Finance forum in Yekaterinburg.
Quoted by the Tass news agency, Skorobogatova elaborated that after completing the tests, the regulator will be able to decide how to scale the use of the central bank’s digital currency (CBDC). She also noted that the participating banks have passed all technical and operational tests to enter the trials on 1 April.
The digital ruble project was announced in October 2020 and a prototype of the CBDC platform was completed in December 2021. The pilot phase was launched in January 2022. A bill on the digital ruble was submitted to the lower house of the Russian parliament last January. , and the CBR aims for a full launch of the national digital currency in 2024.
Under pressure from Western sanctions, Russia has stepped up efforts to complete its CBDC. The opening of digital ruble wallets has already been tested, and plans for the future include using the state coin to pay for public services, implementing smart contracts and introducing offline transactions.
Do you think the Bank of Russia will fulfill its plan to launch the digital ruble next year? Tell us in the comments section below.
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