News

Russia Will Officially Launch CBDC In 2024

The Central Bank of Russia has begun testing CBDCs and is expected to officially roll out in the 2024 presidential election year.

Russia Will Deploy CBDC By 2024

According to an update from the Central Bank of Russia, the authorities will start connecting all banks and credit institutions with the digital ruble between now and 2024. That will be an important milestone for Russia. because the country is scheduled to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to be re-elected.

By 2023, the Central Bank of this country will conduct beta testing of smart contracts for the digital ruble with a select group of people/institutions.

They are expected to roll out the CBDC gradually, unlocking new tests and features year after year. As soon as the Federal Treasury is ready, the digital ruble will also feature consumer-to-government, business-to-government, government-to-consumer and government-to-business payments.

The central bank will also introduce an offline mode for the digital ruble by 2025 along with integrations with non-bank financial intermediaries, financial platforms and exchange infrastructure.

“The phased introduction of the digital ruble will provide market participants with the opportunity to adapt to new conditions,”

The Central Bank of Russia will cooperate with other central banks to develop their own digital currencies to carry out cross-border operations and foreign exchange with digital currencies, the authorities said. more.

As previously reported, Russia launched its first digital ruble trials in February 2022, after announcing the official CBDC roadmap last year. The Bank of Russia once established a group of 12 banks to test the digital ruble, including Sber, VTB, Tinkoff Bank, etc.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

22 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

51 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.