Russia's Central Bank to Begin Testing Digital Ruble for CBDC Project - COINTURK NEWS
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Russia’s Central Bank to Begin Testing Digital Ruble for CBDC Project

8:04 pm (47 days ago)
August 9, 2023

The Central Bank of Russia has announced that it will start testing with the digital ruble for its central bank digital currency (CBDC) project, with testing set to begin on August 15. The announcement from the Central Bank of Russia stated that 13 banks and a limited group of their customers will participate in the pilot tests.

Expected Adoption by 2025

According to Olga Skorobogatova, Deputy Governor of the Central Bank of Russia, the launch of pilot operations using the real digital ruble represents a significant milestone within the project. This step facilitates the examination of the functionality of the digital ruble platform in an industrial context, the improvement of basic procedures in collaboration with customers, potential process adjustments, and the assurance of a user-friendly and understandable customer experience.

Skorobogatova added that the bank’s strategy includes the widespread introduction of the digital ruble, depending on the results of gradual tests and the successful execution of comprehensive trials encompassing all operational possibilities related to the digital ruble. It is expected that as of 2025, citizens and businesses will be able to actively use the national digital currency according to their own preferences.

Details of the Pilot Initiative Revealed

According to the announcement, the initial stage of the pilot program will focus on improving basic processes, including the creation and funding of digital ruble accounts, digital ruble transactions between individuals, the use of a QR code for simple automated payments, and purchases and services. Participants in the pilot initiative will have the opportunity to use digital ruble for payments in 30 retail outlets across 11 cities in Russia. The aim is to expand the pilot participant list to include both individuals and businesses by the end of 2023.

In 2024, a transaction series will be developed that includes an additional payment scenario using a dynamic QR code to facilitate transfers between legal entities. Additionally, the scope of templates for simple automated payments will be expanded.

The launch of the pilot application for the digital ruble was previously postponed indefinitely due to the legislation only passing the first reading in the State Duma, the lower house of the Federal Assembly. However, with President Vladimir Putin enacting the digital ruble legislation on July 24, Russia has continued its central bank’s digital currency initiative.

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