Bank of Russia to Start Testing Digital Ruble With Real Users on April 1

The Central Bank plans to launch test operations with digital ruble transactions between real clients in early April. More than a dozen banks will join the upcoming phase of the pilot project, a senior bank official told Russian media.

The Russian Monetary Authority will check real settlements with the digital ruble

The Central Bank of the Russian Federation (CBR) is set to launch the next phase of the digital ruble pilot project on the first day of April. Testing will take place in real transactions with a new form of national currency, Deputy Governor Olga Skorobogatova told reporters.

It is planned to start with transfers between individuals and settlements between trade and service companies, the high-ranking official specified. Skorobogatova stressed that these will be “real deals” and “real clients” of 13 banks that are ready to take part.

However, she also noted that the initial number of these transactions, like the number of participating customers, will be limited. Ordinary clients will not be able to participate in testing at the first stage, the banker said on the sidelines of the Cybersecurity in Finance forum in Yekaterinburg.

As quoted by TASS, Skorobogatova specified that after the completion of the tests, the regulator will be able to determine how to scale the use of its central bank’s digital currency (CBDC). She also noted that the participating banks have passed all technical and operational tests in order to enter the tests on April 1.

The digital ruble project was announced in October 2020, and the prototype CBDC The platform was completed in December 2021. The pilot phase was launched in January 2022. The bill on the digital ruble was submitted to the lower house of the Russian parliament in January this year, and the Central Bank of the Russian Federation is aiming for a full-fledged launch of the national digital currency. in 2024.

Under pressure from Western sanctions, Russia stepped up efforts to complete its CBDC. The opening of digital ruble wallets has already been tested, and plans for the future include the use of the state coin to pay for public services, the introduction of smart contracts and the introduction of 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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