Beginning in April, the Central Bank of Russia intends to start testing genuine consumer transactions using digital rubles. The next phase of the pilot project will include more than a dozen banks, and it is intended to begin with payments between businesses and trade organizations.
At the initial testing stage, regular customers won’t be able to participate, but after the tests are finished, the regulator will be able to decide how to scale the use of its central bank’s digital money (CBDC). A prototype of the CBDC platform was completed in December 2021, while the digital ruble project was first revealed in October 2020. he CBR is aiming for a full launch of the national digital currency in 2024.
Bank of Russia to Start Testing Digital Ruble with Real Users on April 1
