In April A central bank official said that digital ruble payments would be introduced for retail sales and peer-to-peer transactions.
Olga Skorobogatova, the Bank of Russia’s deputy governor, said on Friday that the digital ruble, the central bank digital currency (CBDC) being developed by the Bank of Russia is ready for its pilot phase.
Skorobogatova told reporters at a fintech conference in Russia that the initiative will be introduced for P2P transactions and retail trade.
According to TASS, the Russian news agency stated, “The pilot will operate on actual activities for real individuals, but only for a restricted number of them, with the 13 banks who have indicated they are ready.”
She also revealed that the CBDC would be tested out on a small set of clients by the central bank. According to TASS, the Bank of Russia will evaluate the pilot’s success and then determine how to scale up the initiative.
In October 2020, the Bank of Russia issued a consultation document discussing possible designs for the digital ruble, marking the first time the bank has publicly suggested a CBDC project. The bank subsequently said that the initiative had the potential to lessen Russia’s reliance on the U.S. dollar and reduce the impact of the sanctions imposed on the nation after its invasion of Ukraine.
Others in Russia’s financial sector are worried that the digital ruble’s infrastructure rollout would be too costly for lenders and lead to a less diverse banking system, both of which have delayed the pilot’s projected 2021 launch. Bank of Russia subsequently promised to make changes to the plan to ensure it would not undermine the established order.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.